Psyence Group Announces the Commencement of Online Sales

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TORONTO and CAPE TOWN, South Africa, August 18, 2021 (GLOBE NEWSWIRE) – Psyence Group Inc. (CSE: PSYG) (“Psyence” or the “company“, A life science biotechnology company that is pioneering the use of natural psychedelics for mental health and wellbeing, is pleased to announce the start of online sales and distribution of its premium line of functional mushroom products, GOODMIND ™. The GOODMIND ™ formulas harness the power of adaptogens; non-toxic, non-psychoactive mushrooms that have been used in traditional medicine for centuries for their stress relieving effects. GOODMIND ™ was developed to nourish the mind and improve everyday life by improving mental performance and the body’s ability to adapt to stress.

Psyence has teamed up with Goodleaf, a leading wellness and lifestyle brand with a premium range of products enriched with African plants. Their products are designed to increase emotional wellbeing through inspiring acts of self-care, routine and habit that can improve the quality of life every day. Goodleaf has a proven track record of introducing new consumer products to an emerging industry. Psyence has experience in product development, scientific research, procurement, manufacturing and logistics. Both companies intend to use their knowledge and experience in the nutraceutical and nutritional supplement industry to develop premium products in the field of functional mushrooms.

Neil Maresky, Chief Executive Officer, Psyence Group Inc. Says: “We are delighted that our first nutraceutical product, GOODMIND ™, is now available for sale online in South Africa. This is an important milestone for Psyence as we seek to expand our over-the-counter nutraceutical wellness collection. Goodleaf has a proven track record of successfully introducing and distributing high quality products and we believe they are an excellent partner to successfully introduce GOODMIND ™ in this growing market. ”

“Our experience in developing and launching new consumer products will be invaluable as we advance in the functional mushroom space. There is no doubt that the demand for wellness products is growing and we look forward to working with Psyence as we bring GOODMIND ™ to market and bring a range of functional mushroom products to market, ”says Warren Schewitz, Founder and Chief Executive Officer of Goodleaf.

GOODMIND ™ will begin online sales on August 18, 2021. More information about GOODMIND ™ can be found on the website: https://foragoodmind.com/

ABOUT PSYENCE GROUP: https://psyence.com

Psyence, a public life science biotechnology company listed on the Canadian Securities Exchange (CSE: PSYG), sets the global standard for natural psychedelics. Psyence is a leader in natural psilocybin and other psychedelics for healing psychological trauma and its consequences for mental health in the context of palliative medicine. Our name “Psyence” combines the words psychedelic and scientific to reaffirm our commitment to creating psychedelic medicines that have been developed through evidence-based research.

Informed by nature and guided by science, we built and operated one of the world’s first state-licensed commercial cultivation and production facilities for psilocybin mushrooms. Our team brings international experience in business and science and includes experts in mycology, neurology and drug development. We’re working to develop advanced psilocybin products and other psychedelic breakthroughs for research institutes, clinics, therapeutic immersions, and clinical research destinations. We are also developing a nutraceutical mental wellness collection that supports improved concentration, rest and sleep.

Our four main departments (Psyence Production, Psyence Therapeutics, Psyence Function and Psyence Experience) anchor an international presence with offices in Canada, the USA, Great Britain, Jamaica, South Africa and Australia.

ABOUT GOODLEAF: https://goodleaf.co.za

Goodleaf is Africa’s leading CBD wellness and lifestyle brand with a premium range of 26 products fortified with African plants. Their products are specifically designed to increase emotional wellbeing through inspiring acts of self-care, routine and habit that can improve the quality of life every day.

Their product offering includes oils, skin care products, CBD-infused sparkling beverages, natural vapes and powder bags. Goodleaf products are available in South Africa in their three retail stores, their own online shop and from leading brands such as Woolworths, Superbalist, Wellness Warehouse, Vida e Caffè and Poetry. CBD beverages are available in over 1,000 points of sale across South Africa, including Spar, Pick ‘n Pay, Checkers and Clicks. Goodleaf products will soon be available in the UK in select UK stores as well as on Amazon UK.

Contact information:

Lisa-Marie Iannitelli, Investor Relations
Email: ir@psyence.com

Media inquiries: media@psyence.com

General information: info@psyence.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/70380e05-1e5d-4a5d-bc48-7ba338d84f72

Certain statements in this press release relating to Psyence Group Inc. and its subsidiaries (collectively “the Company”) are forward-looking statements and have a forward-looking character. Forward-looking statements are not based on historical facts but on current expectations and forecasts of future events and are therefore subject to risks and uncertainties that could cause actual results to differ materially from the future results expressed or implied in the forward-looking statements. These statements are generally identified by forward-looking words such as “may,” “should,” “could,” “intend,” “estimate,” “plan,” “anticipate,” “expect,” “believe”, “or” continue “Or the negative of it or similar variations. Forward-looking statements in this press release include statements about the perceived size and profitability of the functional mushroom market, demand for wellness products, the company’s ability to leverage Goodleaf’s existing distribution networks and obtain all such licenses, registrations and consents as it does May be required by regulatory and government agencies that regulate complementary medicine and nutritional supplements. There are numerous risks and uncertainties that could cause actual results and the company’s plans and goals to differ materially from those in the forward-looking information. Actual results and future events could differ materially from those anticipated in this information. This and all subsequent written and oral forward-looking information are based on the estimates and opinions of management at the time of their publication and are expressly restricted in their entirety by this release. Unless required by law, the company does not intend to update these forward-looking statements.

The company makes no medical, therapeutic, or health benefits in relation to the company’s proposed products. The U.S. Food and Drug Administration, Health Canada, or other similar regulators have not evaluated claims made about psilocybin, psilocybin analogues, or other psychedelic compounds or nutraceuticals. The effectiveness of such products has not been confirmed by recognized research. There is no guarantee that the use of psilocybin, psilocybin analogs, or other psychedelic compounds or nutraceuticals will diagnose, treat, cure, or prevent any disease or condition. Intensive scientific research and clinical studies are required. The company has not conducted any clinical studies on the use of its proposed products. Any evidence of the quality, consistency, efficacy and safety of potential products does not imply that the company has reviewed them in clinical studies or that the company will complete such studies. Failure to obtain the permits or investigations required by the company to commercialize its business can have a material adverse effect on the company’s performance and operations.