PSYC and Digital Acorn Ltd. Aim to Bring a First-of-its-Kind Psychedelic Hospitality-Focused Platform to Market

Rhea-AI Summary

PSYC Corporation provided an update on its joint venture with Digital Acorn Ltd. for the development of the PsycheDev digital mental health platform. Launched in Q4 2021, the partnership aims to enhance mental health technology by integrating emerging insights from the psychedelic sector.

CEO David Flores emphasized a deliberate approach to development, prioritizing community and education. The reimagined concept, Psychedelic Hospitality, aims to meet evolving consumer needs in digital mental health without rushing to market. This venture is characterized as low cost and high reward.

Positive

• Collaboration with Digital Acorn is positioned as low risk and high reward for stakeholders.
• Focus on meticulously developing the PsycheDev concept to ensure long-term value.
• Integration of community, education, and connection into the new Psychedelic Hospitality concept addresses market gaps.

Negative

• None.

PSYC Provides an Update on the “PsycheDev” Digital Mental Health App Concept

LAS VEGAS, NV, July 06, 2022 (GLOBE NEWSWIRE) -- PSYC Corporation (OTCPink: PSYC) (“PSYC” or the “Company”) a media leader for the emerging sector of medicinal psychedelics and authorities behind Psychedelic Spotlight, a top ranking psychedelic news and information platform, is pleased to provide an update on the progress and status of its joint venture partnership with Digital Acorn Ltd. and ongoing co-development between the companies of the “PsycheDev” digital mental health platform.

In the Fourth Quarter (Q4) of 2021, PSYC entered into a joint venture partnership agreement with Digital Spore, LLC, a wholly owned subsidiary of Digital Acorn Ltd., a private investment group focused on early stage and emerging growth companies. The expressed intent of the partnership has been on advancing the digital mental health technology concept known as “PsycheDev,” which the Company has been invested in since January 2021.

Throughout the first few months of 2022, the companies elected to strategically reevaluate the core functionality and purpose of “PsycheDev” to identify a concept that they believe will more effectively serve the digital mental health and psychedelic sectors, both of which evolved significantly over the past year.

“Our decision to develop this concept at a deliberately meticulous and methodical pace is something that we’re confident will prove to be advantageous for both PSYC and Digital Acorn in terms of the long-term value we believe each company can realize through this venture,” said PSYC CEO David Flores. “Our focus has always been to develop and deliver a digital resource which meets the long term needs of our target audiences, as opposed to rushing an untested piece of tech to market in a shortsighted attempt to capitalize on short term trends.”

Flores continued, “Over the past few months, we took time to note changes in the landscape of the digital mental health and psychedelic sectors, and more specifically the unique connection evolving between the two. Moreover, we’ve been listening to professionals and individuals immersed within each of these communities to better understand the shortcomings, challenges, and benefits they’re experiencing with tools and resources on the market today. Community, education, and connection at a human level all emerged as crucial elements, and we’re currently integrating them into an entirely reimagined concept, “Psychedelic Hospitality”, reaching beyond the original scope, intention, and functionality of PsycheDev.”

“We’re excited about the paradigm of Psychedelic Hospitality that’s evolved from the PsycheDev concept,” said Madison Ayer, a Managing Director of Digital Acorn. “Millions of people worldwide are intrigued by the potential of using altered states to enhance their mental wellness, but they remain hesitant because they’re overwhelmed by misleading information, lack of practical tools, or just don’t feel welcomed. The product team identified as well as focused on specific underserved needs and is building a valuable platform to serve this market.”

PSYC CFO Craig Schlesinger concluded with, “This JV remains a low cost, low risk, high reward scenario for all involved, from the development companies to community involvement. PSYC & Digital Acorn leadership further demonstrate and distinguish their strength as well as dedication to creating an effective, practical, and economically viable technological application, connecting several emerging markets by adjusting to rapidly changing dynamics across multiple sectors, and effectively meeting consumer needs.”

About PSYC Corporation (OTCPink: PSYC)

At PSYC Corporation we are integrating media, creativity, and technology to develop and deploy thought-provoking ideas and solutions that are fostering and transforming the approach to some of society’s most pressing matters.

PSYC has expressed its intent and commitment to positioning itself at the forefront of the psychedelic revolution and as a resource center for discovering and understanding the latest research and business opportunities surrounding psychedelic inspired medicines. In conjunction with the FDA’s more open-minded approach to psychedelic medicines, and as several major U.S. cities continue to approve the decriminalization of psilocybin, we believe investors are speculating that the psychedelic boom could be bigger than that of cannabis. PSYC is your source for current investment related news specific to psychedelic medicines and cutting-edge research improving overall health, moving this sector into the mainstream.

We are dedicated to a forward-thinking approach that embraces groundbreaking new technology and innovations and through the vision of business development we intend to continue to evolve into these unchartered territories as the industry leaders of the future.

Forward-Looking Statements Disclaimer:

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors, including the effect of COVID-19 and the success of the current vaccine distribution, the adverse effect of the Omicron variant, that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are disclosed on the OTC Markets.com website and is not incorporated by reference into such reports.

Disclaimer: PSYC Corporation does not in any way encourage or condone the use, purchase, sale or transfer of any illegal substances, nor do we encourage or condone partaking in any unlawful activities. We support a harm reduction approach for the purpose of education and promoting individual and public safety. If you are choosing to use psychedelic substances, please do so responsibly.

Corporate Contact:
PSYC Corporation (PSYC)
www.psyccorporation.com
(702) 761-6716
info@psyccorporation.com
OTCPINK: PSYC

FAQ

What is the latest update from PSYC Corporation regarding PsycheDev?

PSYC Corporation announced an update on the development of the PsycheDev platform, revealing a strategic shift towards a new concept called Psychedelic Hospitality.

When did PSYC Corporation enter into a joint venture for PsycheDev?

PSYC Corporation entered into a joint venture partnership agreement in the Fourth Quarter of 2021.

What are the objectives of PSYC Corporation's PsycheDev platform?

The objectives include enhancing digital mental health technology and addressing consumer needs through community and education.

How does the new concept, Psychedelic Hospitality, differ from PsycheDev?

Psychedelic Hospitality focuses on meeting underserved needs in the mental health space, integrating community and education rather than solely delivering a tech product.

What is the risk associated with the joint venture between PSYC and Digital Acorn?

The joint venture is characterized as low cost and low risk, with high potential rewards for involved parties.