Toronto, Ontario–(Newsfile Corp. – May 4, 2021) – Psyched Wellness Ltd. (CSE: PSYC) (OTCQB: PSYCF) (FSE: 5U9) (the “Company” or “Psyched“) a life sciences company focused on the production and distribution of artisanal functional and psychedelic mushrooms, is pleased to announce the Company has entered into a two year supply agreement (the “Supply Agreement“) with MB MEMEL GOODS, a Lithuanian company owned and operated by principals with over fifteen years of expertise, experience and know-how in gathering, processing and distributing various wild mushrooms, including Amanita muscaria and Chaga, and wild berries. The Supply Agreement provides for an initial supply of 200kg of Amanita muscariadried mushroom caps (the “Initial Supply“).
It is currently anticipated that the Initial Supply will be picked between September and December 2021 and be delivered intermittently to the Company over the four month period. The Company intends to use the Amanita muscaria dried mushroom caps as raw material for the AME-1 extraction process.
“We have sampled and tested a number of different suppliers from around the world and believe that MB MEMEL GOODS provides us with the highest potency and best quality product,” said David Shisel COO of Psyched Wellness. “After preforming various tests and trials, we are confident that the raw material that we will receive from MB MEMEL GOODS will help us more towards AME-1 commercial production.”
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