YIELD GROWTH Applauds Momentum of Recent Decriminalization Efforts for Psilocybin and Congratulates COMPASS on Patent
Vancouver, British Columbia--(Newsfile Corp. - February 11, 2020) - The Yield Growth Corp. (CSE: BOSS) (OTCQB: BOSQF) (FSE: YG3) subsidiary Flourish Mushroom Labs Inc. applauds the recent momentum toward decriminalization of psilocybin across the U.S., including Washington D.C, California, Colorado, Michigan, Vermont and Oregon.
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Denver and two California cities, Santa Cruz and Oakland, have already decriminalized psychedelics. While the legislation does not remove penalties related to the sale or cultivation of mushrooms in Santa Cruz, it does mean the city's law enforcement is unlikely to investigate or arrest individuals for possession.
In November, Decriminalize California teamed up with the Beckley Foundation to replicate the success of decriminalization in Oakland throughout the state of California. Decriminalize California has 180 days to collect at least 625,000 valid signatures as of January 2020 in order to get the issue on the November 2020 Ballot.
In Washington D.C. residents may vote in November 2020 to decriminalize certain psychedelic plants and fungi making enforcing drug laws related to psychedelics a low priority for law enforcement in the state. Proponents must gather 25,000 signatures by July 1 in order to get this on the November ballot.
In Michigan, Decriminalize Nature Ann Arbor is holding a fundraiser to support a lobbying campaign to decriminalize psychedelic plants in the city. The goal of the campaign is to make entheogenic plants, including psilocybin mushrooms, peyote, ayahuasca, mescaline, ibogaine and other plants, the lowest prosecutorial priority.
Vermont lawmakers filed a bill in January of this year that would decriminalize certain psychedelic substances such as psilocybin, ayahuasca, peyote and kratom.
The Oregon Psilocybin Services Act would allow adults to visit licensed medical facilities to have the psychedelic administered under professional supervision. In order for the initiative to qualify for the November 2020 ballot, 112,020 signatures must be collected by July 2.
"There is tremendous momentum across the United States and globally with greater awareness of the potential of psychedelics and their potential therapeutic benefits," says Yield Growth and Flourish CEO Penny White. "The Flourish Mushroom Labs team is working closely with leading organizations throughout the industry to support the forward movement of these efforts."
Last week, COMPASS Pathways announced its acquisition of U.S. Patent No 10,591,175, which covers methods of treating drug-resistant depression with a psilocybin formulation. In 2018, COMPASS received a breakthrough therapy designation for psilocybin therapy for treatment-resistant depression.
About Flourish Mushroom Labs Inc.
Flourish Mushroom Labs aims to legally and safely commercialize psilocybin (magic) mushrooms. Flourish Mushroom Labs is planning to build a psilocybin mushroom laboratory in St. Vincent and the Grenadines and is conducting research into potential therapeutic benefits of compounds found in magic mushrooms. It has filed a U.S. patent application for the use of psilocybin to aid in weight loss and treat obesity, diabetes and to help prevent heart disease. Flourish also plans to be a leader in the fast-growing medicinal mushrooms market-and improve life by offering high-quality mushroom-infused products. Flourish Mushroom Labs is a majority owned subsidiary of The Yield Growth Corp.
About The Yield Growth Corp.
The Yield Growth Corp. develops and manufactures plant-based products and conducts research for plant-based therapeutics in what the Global Wellness Institute reports is a $4.2 trillion-dollar global wellness market. It owns the cannabis wellness brands Urban Juve, Wright & Well and Jack n Jane. The Yield Growth management team has deep experience with global brands including Johnson & Johnson, Procter & Gamble, Skechers and Aritzia. Its all natural hemp skincare brand, Urban Juve, has signed agreements for distribution in Canada, Colombia, Brazil, Costa Rica, Panama, Argentina, El Salvador, Ecuador, Peru, Greece, Cyprus, Bulgaria, Romania and Serbia. Yield Growth's Wright & Well brands have manufactured a THC/CBD line of topical and edible products in Oregon. Through its subsidiaries, Yield Growth has over 200 proprietary beauty, wellness, edibles and beverage formulas for commercialization. It has filed 13 patents to protect its extraction method and other intellectual property. Yield Growth earns revenue through multiple streams including licensing, services and product sales.
Investor Relations Contacts:
Penny White, President & CEO
Kristina Pillon, Investor Relations
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking information and statements (collectively, "forward looking statements") under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, intellectual property protection, the potential for not acquiring any rights as a result of the patent application and any products making use of the intellectual property may be ineffective or the company may be unsuccessful in commercializing them; and other approvals will be required before commercial exploitation of the intellectual property can happen. The laws around cultivating, selling and using psychedelic mushrooms would need to change in most jurisdictions in order for the use of psychedelic products to be legal and sale of, and demand for, Urban Juve, Wright & Well, Flourish Mushroom Labs, Jack n Jane and UJ Beverages products, general business, economic, competitive, political and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets. Yield Growth cautions readers not to place undue reliance on forward-looking statements provided by Yield Growth, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Yield Growth expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
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