Psyched Wellness Adds Harmons to List of Retail Partners, Engages UNFI For Distribution, and Announces Appointment of Kyle Nazareth as Chief Financial Officer

Rhea-AI Summary

Psyched Wellness (CSE: PSYC) (OTCQB: PSYCF), a company focused on Amanita Muscaria mushroom products, has expanded its retail partnerships to include Harmons, a Utah-based upscale supermarket chain. Calm, their product, will be available in 16 Harmons locations. To support this, Psyched has engaged UNFI, the largest health and specialty food distributor in North America.

The company has also appointed Kyle Nazareth as Chief Financial Officer, effective July 17, 2024. Nazareth brings over a decade of experience in managing public companies and advising on capital market transactions. He succeeds Keith Li, who served as CFO since January 2020.

Psyched Wellness continues to focus on partnering with specialty retailers offering high-quality products, aiming to differentiate itself as the first legal Amanita Muscaria-derived product for human consumption in the United States.

Positive

• Expanded retail partnership with Harmons, increasing product availability in 16 new locations
• Engagement with UNFI, North America's largest health and specialty food distributor, potentially improving distribution capabilities
• Appointment of experienced CFO Kyle Nazareth, potentially strengthening financial management

Negative

• None.

Toronto, Ontario--(Newsfile Corp. - July 17, 2024) - Psyched Wellness Ltd. (CSE: PSYC) (OTCQB: PSYCF) (FSE: 5U9) (the "Company" or "Psyched"), a life sciences company focused on the production and distribution of health and wellness products derived from the Amanita Muscaria mushroom, is pleased to update the markets with the latest list of specialty retailers that have signed on to sell Calm.

In addition to the previously announced retail partners, Erewhon, Central Markets, Good Earth Markets, and Market of Choice, we are pleased to share that Calm will be available at Harmons locations in the United States. Harmons is a Utah based upscale supermarket chain, with a strong focus on high-quality products. Calm will be on shelves at 16 of their locations across the state. To support this new partnership, Psyched has engaged with UNFI, the largest wholesale distributor of health and specialty food across the United States and Canada.

"As part of our ongoing strategy to increase sales and awareness, we are pleased to update the street on our retail and distribution partnerships," says Jeff Stevens, CEO of the Company. "Our strategy continues to be focused on working with a select group of specialty retailers that offer their customers the highest quality products. As the first, legal for human consumption Amanita Muscaria derived products in the United States, maintaining this strategy separates and elevates Psyched Wellness from the other Amanita Muscaria vendors in market."

Appointment of Kyle Nazareth as Chief Financial Officer

The Company is pleased to announce the appointment of Mr. Kyle Nazareth as its Chief Financial Officer effective July 17, 2024.

Mr. Nazareth brings over a decade of experience in managing public companies, advising on capital market transactions, and providing financial stewardship. He is the Chief Financial Officer of Branson Corporate Services, a Toronto-based firm focused on providing fractional services, strategic financial consulting, and financial compliance consulting at a high quality and on a cost-efficient basis. Mr. Nazareth brings a proven track record of success in providing extensive finance and capital markets expertise to clients in high-growth sectors.

Mr. Nazareth will succeed Mr Keith Li, who has served as the Company's CFO since January 2020. The Company would like to take this opportunity to thank Mr. Li for his role and effort over the past few years.

Psyched Wellness continues to grow their route-to-market partnerships, throughout the nation. If you are interested in distributing/listing Calm or Fly (agaric) please reach out to sales@psyched-wellness.com.

Visit psyched-wellness.com for more information about ordering the product directly.

For further information, please contact:

Jeffrey Stevens
Chief Executive Officer
Psyched Wellness Ltd.
Tel: 647-400-8494
Email: jstevens@psyched-wellness.com

Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.

About Psyched Wellness Ltd.:

Psyched Wellness Ltd. is a Canadian-based health supplements company dedicated to the distribution of mushroom-derived products and associated consumer packaged goods. The Company's objective is to create premium mushroom-derived products that have the potential to become a leading North American brand in the emerging functional food category. The Company is in the process of developing a line of Amanita muscaria-derived water-based extracts, teas and capsules designed to help with three health objectives: promote stress relief, relaxation and assist with restful sleeping.

Cautionary Statement Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the ability of the Company to develop Amanita Muscaria-derived products; the safety of Amanita Muscaria consumption and the safety and purity of any extracts thereof; and (ii) the uses and potential benefits of Amanita Muscaria.

Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company's ability to continue as a going concern; the Company's ability to continue to develop its mushroom-derived products and associated consumer packaged goods; continued approval of the Company's activities by the relevant governmental and/or regulatory authorities; and the continued growth of the Company.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; risks associated with potential governmental and/or regulatory action with respect to the Company's operations; competition within the psychedelics market; risks with respect to the safety of Amanita Muscaria consumption and the safety and purity of any extracts thereof; and the risk that there is no potential benefit of Amanita Muscaria consumption.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/216831

FAQ

What new retail partnership has Psyched Wellness (PSYCF) announced?

Psyched Wellness has announced a new retail partnership with Harmons, a Utah-based upscale supermarket chain. Their product, Calm, will be available in 16 Harmons locations across the state.

Who is the new Chief Financial Officer of Psyched Wellness (PSYCF)?

Kyle Nazareth has been appointed as the new Chief Financial Officer of Psyched Wellness, effective July 17, 2024. He brings over a decade of experience in managing public companies and advising on capital market transactions.

What distribution partner has Psyched Wellness (PSYCF) engaged to support its retail expansion?

Psyched Wellness has engaged UNFI (United Natural Foods, Inc.), the largest wholesale distributor of health and specialty food across the United States and Canada, to support its retail expansion.

What is Psyched Wellness's (PSYCF) main product derived from Amanita Muscaria mushroom?

Psyched Wellness's main product derived from Amanita Muscaria mushroom is called Calm. It is marketed as the first legal Amanita Muscaria-derived product for human consumption in the United States.