Psyched Wellness (CSE: PSYC) is the latest mushroom issue to hit the CSE, with the company set to begin trading today as per a bulletin filed by the exchange last night. The company is focused on health supplements, and is said to be “dedicated to the distribution of mushroom-derived products and associated consumer packaged goods.”
Presently, Psyched appears to be focused on the emerging functional food category, with a heavy focus on that of mushroom-derived products as a means of meeting its mission of providing products that promote stress relief and relaxation, assist with sleeping and supporting mood. The firm is said to currently be in the process of developing several products in the category, which included muscaria-derived teas, capsules and water-based extracts.
In terms of product development, it appears the company initiated research and development on the use of Amanita Muscaria as a functional mushroom supplement in the first quarter of 2020. From here, the company then completed an extraction protocol for the compound which will be used to commence pre-clinical trials on the extract as well as a product license application (PLA).
The company deck identifies that the function mushroom market is currently forecasted to hit US$34.3 billion by 2024, with a compound annual growth rate of 8.04%.
Perhaps one of the currently most notable aspects of Psyched Wellness is the leadership team behind it. Lead by CEO Jeff Stevens whom has over two decades of capital markets experience, Stevens has managed to assemble a notable board of directors, which contains current executives of Juul Labs Canada, as well as the former CEO and founder of Aurora Cannabis (TSX: ACB) (NYSE: ACB) Terry Booth.
In terms of share structure, Psyched Wellness presently has 104,642,930 common shares outstanding, with an additional 9,681,200 reserved for issuance. With the latest round of financing occurring at $0.10, the company is expected to hit the market with a capitalization of roughly $10.4 million.
Psyched Wellness is set to begin trading today under the symbol “PSYC” on the Canadian Securities Exchange.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
