Psyched Wellness Announces Purchase Agreement with Choice Wholesale for 60,000 Units of Their Amanita Muscaria Tincture, 'Calm'
Toronto, Ontario--(Newsfile Corp. - November 8, 2022) - Psyched Wellness Ltd. (CSE: PSYC) (OTCQB: PSYCF) (FSE: 5U9) (the "Company" or "Psyched"), a life sciences company focused on the production and distribution of health and wellness products derived from the Amanita Muscaria mushroom, is pleased to announce they have entered into a purchase agreement with Choice Companies Wholesale and Distribution to supply 60,000 units of their first-to-market Amanita Muscaria product "Calm", over the next 12 months. Calm is positioned in the sleep aid category and utilizes the mushroom's 5000+ year history of reducing stress and anxiety, while facilitating restful and restorative sleep.
The purchase agreement was executed to ensure an orderly and efficient roll out of Calm throughout a key market for Psyched Wellness. It gives Choice the ability to build out the most efficient routing and service plans for their retailer landscape.
Matthew Singh, CCO of Psyched, commented, "This is another step forward for Psyched Wellness, moving us towards impactful commercial scale. We are fortunate to have received many requests for distribution rights, throughout the United States. Choice Wholesale is a perfect fit due to their understanding of the Wellness category and the geographic market coverage they provide in New York and surrounding areas. Choice will be able to cover key alternative retailer verticals and is expanding their capacity to include Health and Wellness retailers as well. We are excited to use this partnership as a template for additional distribution agreements in other markets. This initial purchase agreement will lead to larger bulk orders as we increase our production capacity and expand into additional business units throughout the United States."
Choice Companies is based in New York. Led by Chief Biohacker and Principal, Darren Schwartz, Choice operates a CPG wholesale distribution company, a software development company (specializing in retail POS systems), an all-natural sweetener distribution company, a national nutraceutical product development and distribution company, a national medical device distribution company, and owns 50+ brick and mortar retail locations. They have multiple partner organizations under the same ownership group that specialize in the health, wellness, and anti-aging verticals.
Mr. Schwartz stated, "I have been blessed to invest in products and companies that support my passion for clean and vibrant health. Calm does exactly what it says. A great night's sleep is a key factor in longevity and anti-aging. We could all use that!"
To order Calm, visit shop.psyched-wellness.com.
For further information, please contact:
Chief Executive Officer
Psyched Wellness Ltd.
Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.
About Psyched Wellness Ltd.:
Psyched Wellness Ltd. is a Canadian-based health supplements company dedicated to the distribution of mushroom-derived products and associated consumer packaged goods. The Company's objective is to create premium mushroom-derived products that have the potential to become a leading North American brand in the emerging functional food category. The Company is in the process of developing a line of Amanita muscaria-derived water-based extracts, teas and capsules designed to help with three health objectives: promote stress relief, relaxation and assist with restful sleeping.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. The forward-looking information and forward- looking statements contained herein include, but are not limited to, statements regarding: the ability of the Company to develop Amanita Muscaria-derived products; the safety of Amanita Muscaria consumption and the safety and purity of any extracts thereof; and (ii) the uses and potential benefits of Amanita Muscaria.
Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company's ability to continue as a going concern; the Company's ability to continue to develop its mushroom-derived products and associated consumer packaged goods; continued approval of the Company's activities by the relevant governmental and/or regulatory authorities; and the continued growth of the Company.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; risks associated with potential governmental and/or regulatory action with respect to the Company's operations; competition within the psychedelics market; risks with respect to the safety of Amanita Muscaria consumption and the safety and purity of any extracts thereof; and the risk that there is no potential benefit of Amanita Muscaria consumption.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
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