Mycotopia Therapies Inc. Update on Ei.Ventures and Strategic Investments

Rhea-AI Summary

Mycotopia Therapies (TPIA) and Ei.Ventures have announced strategic investments to advance their business plan, focusing on plant-based psychedelic therapies. The combined entity, renamed PSLY.COM, aims to develop botanical psychedelic APIs and therapeutics, differentiating itself from competitors focused on synthetic drugs. Key investments include $1.111 million in Avicanna and Odyssey Elixir, supporting their growth in the psychedelic market. As they approach a $360 million public transaction, both companies emphasize their commitment to mental wellness through natural therapies and Web 3.0 integration.

Positive

• Formation of PSLY.COM, focusing on botanical psychedelic therapies.
• $1.111 million investment in Avicanna, enhancing psychedelics focus.
• $1.111 million investment in Odyssey Elixir for mushroom beverage expansion.
• Plans to file a Drug Master File with the FDA for API development.

Negative

• None.

MIAMI, May 09, 2022 (GLOBE NEWSWIRE) -- Mycotopia Therapies Inc. (OTC Pink: TPIA), a biopharma company focused on research, technology, and the development of medical psychedelics, and Ei.Ventures Inc., a technology company empowering mental wellness through psychoactive compounds, nutraceuticals and web 3.0, are pleased to announce several strategic investments to advance the combined company's business plan. Ei.Ventures completed its Regulation A+ financing round on March 22, 2022 after announcing plans to go public in a $360 million transaction with Mycotopia Therapies on December 07, 2021.

The combined company will be renamed PSLY.COM and focus its efforts on developing fungi and plant based Botanical Psychedelic API and Therapeutics instead of single molecule synthetic drugs with the belief that research will continue to confirm the importance of a synergistic approach. This will set PSLY.COM apart from virtually every other company in the space developing synthetic versions of Psilocybin. Ei.Ventures holds the IP for the extraction process of three botanical potential API compounds, Psilocybin, DMT and MDMA. PSLY.COM plans to further develop this API and file a Drug Master File with the FDA, which will provide the opportunity to potentially sell the API to other organizations while protecting its IP.

David Nikzad, founder and CEO of Ei.Ventures explains: “It has always been – and remains to be – our mission to impact one billion people through natural therapies and remedies. I believe our recent strategic corporate actions and investments speak volumes that we are on target – and the momentum is accelerating.”

UPDATE ON RECENT ACHIEVEMENTS:

• Strategic Investment: Avicanna Inc.
  

On the recent $1.111 million investment in Toronto-based Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), Nikzad continues: “We are excited to make this strategic investment in Avicanna, and believe in the Avicanna team and their mission to develop advanced and proprietary plant-based formulations. We intend to scale our investment and bring our blockchain, Web 3.0 and Metaverse assets to increase our share of the psychedelic market while supporting the continued success of Avicanna and its products.”

Avicanna is a commercial stage, international biopharmaceutical company with existing and planned licenses in cannabis, CBD, and psychedelics. With a pharmaceutical pipeline that includes more than 50 formulations in development, Avicanna will be a strategic partner in Ei.Ventures’ development of its proprietary, plant-based formulations.

• Strategic Investment: Odyssey Elixir
  

Ei.Ventures has also made a recent investment in privately held Odyssey Elixir. The $1.111 million commitment will help Fort Lauderdale-based Odyssey scale its line of ground-breaking functional mushroom beverages, which have been well received in multiple markets across the U.S. With Ei.Ventures support, capital and community, Odyssey will be a continued strategic partner in Ei.Ventures’ development of functional mushroom products.

Further, the Ei.Ventures’ team is strategizing with both Avicanna and Odyssey to launch a retail store in the metaverse that contains all of the products from both companies, respectively.

• Update on LOI with Mycotopia:
  

As previously reported, Ei.Ventures continues to move forward with its plans to go public in a $360 million transaction with Mycotopia Therapies. The Miami-based company provides psychedelic therapies through technology-focused, data-driven, and medical-based solutions for people dealing with anxiety, depression, bipolar disorders, PTSD, ADHD, autism, and addictions.

Founder Jason Hobson explains: “With these recent corporate actions, we continue on our way to provide the healing benefits, therapies, and treatments both online and offline at a time when they are needed more than ever. We will continue to develop our presence in Web3 and Blockchain in order to achieve transparency and in keeping with our vision for 100% plant based and non-synthetic products. As Ei.Ventures becomes a public company, we will be able to provide liquidity for our shareholders, as well as gain access to the capital markets in order to fund future growth.”

According to a recent article by CNBC, the metaverse will be predominately populated by Gen Z and subsequent generations, who will have exclusively grown up in the digital world. A recent study by Razorfish and Vice Media Group indicated that Gen Z gamers spend twice as much time hanging out with friends in the metaverse than they do in real life. More than half said they would like to experience making money in the metaverse; 33% would like to experience building a career there; and 20% of their entertainment/leisure budgets will be earmarked for in-game purchases over the next five years.

“These strategic acquisitions made by Ei.Ventures set the stage for future growth in the psychedelic sector. As Mycotopia Therapies and Ei.Ventures combine to form PSLY.com, we intend to be the industry leader in developing synthetic versions of Psilocybin. As the digital and physical worlds come together in web 3.0, we are acquiring key assets and developing partnerships that will play a critical role in the development of metaverse platforms. These transactions will deliver compelling value for all of our shareholders, position our company to achieve our growth objectives and advance our position in the psychedelic sector as we take the combined company to the next level.”

About Mycotopia Therapies

Mycotopia Therapies focuses on helping you heal and reclaim your life. Your journey of healing is an understanding of the causes and works to mental wellness through psychedelic enhanced psychotherapy, integrated with a professional team of mental wellness practitioners and cutting-edge technology. Psychedelic therapy is a holistic and spiritual approach providing healing and has shown successful treatment for many years. Additional information on Mycotopia Therapies can be found on the Company’s website at: https://www.mycotopiatherapies.com.

About Ei.Ventures

Ei.Ventures Inc. in an early-stage tech company empowering mental wellness through psychoactive compounds, nutraceuticals and technology. Ei.Ventures is leveraging blockchain, emerging technologies and the Metaverse to deliver governmental approved therapeutic treatment options that address the current global mental healthcare pandemic. It is the goal of the company to utilize the development of these technologies, to create a safe, efficient, and secure way to provide telehealth services in general and specifically to the psychoactive therapeutics. Additional information on Ei.Ventures can be found on the Company’s website at: https://www.ei.ventures.

About Avicanna Inc.

Avicanna is a commercial-stage international biopharmaceutical company focused on the development, advancement, and commercialization of evidence-based cannabinoid-based products for the global consumer, medical and pharmaceutical market segments. In leading global cannabinoid advancements, the Company actively collaborates with leading Canadian academic and medical institutions in research and commercialization. Avicanna has established an industry-leading scientific platform including advanced R&D and clinical development that has led to the commercialization of more than thirty products across its main market segments.

Medical Cannabis & Wellness Products: Marketed under the RHO Phyto™ brand these medical and wellness products are an advanced line of pharmaceutical-grade cannabinoid products containing varying ratios of cannabidiol (“CBD”) and tetrahydrocannabinol (“THC”). The product portfolio contains a full formulary of products including oral, sublingual, topical, and transdermal deliveries that have controlled dosing, enhanced absorption and stability studies supported by pre-clinical data. The advanced formulary is marketed with consumer, patient and medical-community education and training.

Pharmaceutical Pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has created a pipeline of patent-pending drug candidates that are indication-specific and in various stages of clinical development and commercialization. These cannabinoid-based drug candidates provide solutions for unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders. Avicanna’s first pharmaceutical preparation (Trunerox™) is in the drug registration stage in South America.

About Odyssey Elixirs

Based in Fort Lauderdale, Florida, Odyssey Elixirs is an emerging, fast-growing RTD functional beverage company. Their innovative and exotic flavor-forward, functional mushroom elixirs are rich in active compounds found in the fruiting body of a mushrooms such as Shitake, Lion’s Mane, Reishi, Turkey Tail, Maitake, Chaga, and Cordyceps. These mushrooms have been revered throughout history as having medicinal qualities. 

Forward-Looking Statement Disclaimer

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements: (i) the initiation, timing, progress and results of the Company’s research, manufacturing and other development efforts; (ii) the Company’s ability to advance its products to successfully complete development and commercialization; (iii) the manufacturing, development, commercialization, and market acceptance of the Company’s products; (iv) the lack of sufficient funding to finance the product development and business operations; (v) competitive companies and technologies within the Company’s industry and introduction of competing products; (vi) the Company’s ability to establish and maintain corporate collaborations; (vii) loss of key management personnel; (viii) the scope of protection the Company is able to establish and maintain for intellectual property rights covering its products and its ability to operate its business without infringing the intellectual property rights of others; (ix) potential failure to comply with applicable health information privacy and security laws and other state and federal privacy and security laws; and (x) the difficulty of predicting actions of the USA FDA and its regulations. All forward-looking statements included in this press release are made only as of the date of this press release. The Company assumes no obligation to update any written or oral forward-looking statement unless required by law. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is contained under the heading "Risk Factors" in 20/20 Global, Inc.’s Registration Statement on Form F-1 filed with the Securities and Exchange Commission (SEC) on September 24, 2015, as amended, which is available on the SEC's website, http://www.sec.gov.

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FAQ

What are the recent investments made by Mycotopia Therapies (TPIA)?

Mycotopia Therapies (TPIA) has made significant investments of $1.111 million each in Avicanna and Odyssey Elixir.

What is the strategic focus of PSLY.COM?

PSLY.COM focuses on developing plant-based psychedelic APIs and therapeutics, departing from synthetic drug alternatives.

What is the significance of the $360 million transaction involving Mycotopia Therapies?

The $360 million transaction positions Mycotopia Therapies to go public and enhance its capabilities in the psychedelic sector.

What plans does PSLY.COM have regarding FDA filings?

PSLY.COM plans to file a Drug Master File with the FDA to protect its intellectual property and potentially sell APIs to other organizations.