Optimi Health Signs First International Mushroom Supply Agreement with UK-based Avida Global

Rhea-AI Summary

Optimi Health Corp. (OTCQX: OPTHF) has entered a large-scale international distribution agreement with Avida Global, a UK-based wellness products producer. Optimi will supply Avida with its functional mushroom supplement formulations, making Avida the exclusive distributor in several countries including the UK, EU, and Japan. The functional mushroom market in Europe is projected to reach USD 107 million by 2028. This partnership aims to leverage Avida's distribution network while aligning with Optimi’s goal to become a top supplier in the industry and exploring future sales of psilocybin mushrooms.

Positive

• Entry into a large-scale international distribution agreement with Avida Global.
• Expected growth in the functional mushroom market, projected at USD 107 million by 2028 in Europe.
• Avida will exclusively distribute Optimi's products in multiple significant markets, enhancing global reach.

Negative

• None.

EU-GMP, operational, and service excellence to drive world-class sales pipeline

VANCOUVER, British Columbia, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN) (“Optimi” or the “Company”), a Canadian-based company licensed by Health Canada to produce natural, scalable, and accessible psychedelic and functional mushroom products for transformational human experiences, is pleased to announce that it has entered into an agreement with Avida Global (“Avida”), a privately-held UK-based producer of high-quality wellness products, including nutraceuticals and medicinal cannabis oils, for the global well-being and medical markets.

In its first large-scale international distribution agreement, Optimi will supply Avida with an extensive catalog of Optimi Life functional mushroom supplement formulations. The supplements will be available for distribution to clients and partners worldwide via Avida Labs, Avida’s white-labelling and manufacturing business.

Avida will function as the exclusive distributor for Optimi’s line of functional mushroom products in the United Kingdom, the European Union, Switzerland, India, Japan, Indonesia, Thailand, and Israel.

The Europe functional mushroom market is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.6 percent in the forecast period (2021 to 2028) and reach USD $107 million by 2028. The UK market is forecast to grow at a CAGR of 7.5 percent between 2021 - 2027.

Optimi CEO, Bill Ciprick, says the partnership unlocks a significant market opportunity to synergize Avida’s impressive worldwide distribution network with Optimi’s position as the top functional and psychedelic mushroom producer in North America.

“Optimi’s objective has consistently been to become the world’s number one supplier of functional and psychedelic mushroom products, bar none,” said Ciprick. “We are now significantly closer to achieving that goal by globally elevating our Optimi Life functional mushroom brand with an industry-leading, EU-GMP partner such as Avida,” he added. “This is directly in line with our goal to commercialize and generate revenue.”

The terms of the agreement further stipulate the potential for the sale of psilocybin mushrooms via the same distribution networks in response to the still-evolving demands of international markets.

With operations in the UK and North-East Colombia, Avida Global Managing Director and Head of UK Operations, Paul Parkinson, says the international agreement with Optimi marks a significant expansion for Avida in the plant-based medicines category and will bring mutual benefits and exposure for both companies.  

“Both Avida and Optimi share similar synergies putting quality and science at the heart of everything we do,” said Parkinson. “Our partnership with Optimi complements the increasing global demand for natural, organic mushroom products and presents a unique opportunity for Avida Global in this nascent category. We are pleased to be building a strong and innovative product pipeline backed by exemplary service delivery and some of the most rigorous and stringent operational standards in the world,” he added.

Ciprick and Parkinson jointly expressed their agreement that new generation, health-smart mushroom enthusiasts are reshaping the whole functional mind and body experience.

“Great products are supported by consumers who investigate the experience as much as the science behind these formulations,” they added. “The unique thing about this partnership is that we are aligned and driven to meet those expectations as we further develop our product and service footprint in emerging health markets across the world.”

Optimi recently announced the signing of a retail and e-commerce distribution agreement for Optimi Life nutraceutical products with Canadian outlets Well.ca, Vitasave, and Healthy Planet.

FOR INTERVIEW REQUESTS OR FURTHER INFORMATION, PLEASE CONTACT:

Michael Kydd
Investor Relations
Email: investors@optimihealth.ca
Phone: +1 (902) 880 6121
Web: www.optimihealth.ca

Avida Global
Poppy Butcher
PR & Communications Director
poppy.butcher@avidaglobal.com
+44 7956 169209

ABOUT OPTIMI (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN)

Optimi Health Corp. is a Canadian-based company licensed by Health Canada to produce and supply natural, EU-GMP grade psilocybin and synthetic psychedelic substances, as well as functional mushrooms that focus on the health and wellness markets. Built with the purpose of producing scalable psychedelic formulations for transformational human experiences, the Company’s goal is to be the number one trusted, compassionate supplier of safe drug products throughout the world. Optimi’s products are grown at its two facilities comprising a total of 20,000 square feet in Princeton, British Columbia, making it the largest psilocybin and MDMA cultivator in North America.

ABOUT AVIDA GLOBAL

Avida Global is a vertically integrated Global cannabis business headquartered in Surrey, UK, with a dedicated cultivation and production facility in North-East Colombia. The company was founded in 2018 with the vision of providing the highest quality medicinal cannabis products to patients and consumers around the world in order to bring quality to life. The Avida Global Group consists of Avida Global SAS, Avida Labs UK and Green Stem CBD.

Avida Labs is Avida Global’s white-labelling and manufacturing business. Based in Surrey, UK, the company formulates and manufactures bespoke topical and ingestible white-label products, from plant to product, using the highest quality ingredients and latest manufacturing processes.

FORWARD‐LOOKING STATEMENTS

This news release contains forward‐looking statements and forward‐looking information within the meaning of Canadian securities legislation (collectively, “forward‐looking statements”) that relate to Optimi’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result,” “are expected to,” “expects,” “will continue,” “is anticipated,” “anticipates,” “believes,” “estimated,” “intends,” “plans,” “forecast,” “projection,” “strategy,” “objective,” and “outlook”) are not historical facts and may be forward‐looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward‐looking statements. No assurance can be given that these expectations will prove to be correct and such forward‐looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. In particular and without limitation, this news release contains forward‐ looking statements pertaining to activities proposed to be conducted under the Company’s approved Health Canada dealer’s licence and associated business related to Psilocybin, Psilocin, other psychedelic substances, some being synthetically formulated, and Optimi’s plans, focus and objectives.

Forward‐looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Optimi’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking statements. Such risks and uncertainties include, but are not limited to, the impact and progression of the COVID‐19 pandemic and other factors set forth under “Forward‐Looking Statements” and “Risk Factors” in the Company’s Annual information Form dated January 12, 2022, and other continuous disclosure filings available under Optimi’s profile at www.sedar.com. Optimi undertakes no obligation to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Optimi to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward‐looking statement.

Any forward‐looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. 

Photos accompanying this announcement are available at:

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https://www.globenewswire.com/NewsRoom/AttachmentNg/5adb029c-d201-40ed-b270-bad4cfd63a30

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FAQ

What is the significance of the distribution agreement between Optimi Health Corp and Avida Global?

The agreement allows Optimi Health to expand its reach into several key international markets, including the UK and EU, through Avida's extensive distribution network.

How does Optimi Health Corp plan to capitalize on the functional mushroom market?

Optimi aims to become the leading supplier of functional and psychedelic mushroom products, leveraging market growth projections to enhance revenue.

What is the projected growth rate of the functional mushroom market in Europe?

The functional mushroom market in Europe is expected to grow at a CAGR of 5.6% and reach USD 107 million by 2028.

When was the distribution agreement between Avida Global and Optimi announced?

The distribution agreement was announced on September 7, 2022.

Which regions will Avida Global distribute Optimi's mushroom products?

Avida will distribute Optimi's products in the UK, EU, Switzerland, India, Japan, Indonesia, Thailand, and Israel.