Better Plant Sciences Inc. (CSE: PLNT) (OTCQB: VEGGF) (FSE: YG3) (“Better Plant”) or (the “Company”) is pleased to announce that its majority owned subsidiary NeonMind Biosciences (“NeonMind”) has entered into a definitive agreement with Psygen Labs Inc. (“Psygen”) for the supply of psilocybin for NeonMind’s planned preclinical, and clinical trials to study the use of a drug product including Psilocybin for the treatment of food cravings and anxiety. The agreement was signed on September 28th, 2020.
Figure 1: Better Plant Sciences Subsidiary NeonMind Signs Psilocybin Supply Agreement for Clinical Trials
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Psygen is currently acting as broker between NeonMind and a licensed dealer of restricted drugs (the “Licensed Dealer“). The Licensed Dealer holds a dealer’s licence issued under Part J of the Food and Drug Regulations (a “Dealer’s Licence“). The Supply Agreement provides that Psygen will supply the psilocybin directly once Psygen holds a Dealer’s Licence. Psygen currently has a pending application for a Dealer’s Licence.
“Psilocybin is known to activate serotonin receptors,” says Dr. William Panenka, lead scientific advisor to NeonMind. “As a neurotransmitter, serotonin helps to relay messages from one area of the brain to another. Serotonin is responsible for some of the drivers which govern eating. We are very interested in furthering studies to test various dosing regimens for NeonMind to see the effects that psilocybin may have on the serotonin receptors that regulate food cravings.”
“Psygen’s mission is to fill a supply gap for restricted drug substances and restricted drug products for use in clinical trials and in pre-clinical research,” says Danny Motyka, CEO of Psygen Labs Inc. “We have brokered supply of various restricted drugs for pre-clinical studies and clinical trials through our relationship with a Licensed Dealer. Psygen is currently building out a commercial manufacturing facility designed for high-volume output of psychedelic drug substances and drug products, filling a niche in the evolving psychedelic medicine ecosystem. Today these psychedelic drug substances are classified as restricted drugs, meaning no recognized medical use in Canada, and we are playing our part in moving those substances to the controlled drugs schedule of the Food and Drug Regulations or otherwise providing compliant access to psilocybin and other psychedelics.”
In December 2019, NeonMind filed a U.S. provisional patent application in the United States for the invention relating to therapeutic administration of psilocybin to provide weight loss benefits and potential treatment or regulation of diabetes, and regulation of blood glucose, and to reduce susceptibility to cardiovascular disease, high blood pressure, diabetes mellitus, hypertension, multiple sclerosis, erectile dysfunction, urinary incontinence, chronic renal failure, sleep apnea, asthma, and certain forms of cancer.
In May 2020, NeonMind completed the design of a preclinical trial to confirm that psilocybin is an effective treatment for weight loss and food cravings (the “Trial“). In July 2020, the scientific investigator chosen to lead NeonMind’s preclinical trial submitted a Section 56 Exemption application to Health Canada for the use of psilocybin in the Trial. An exemption must be granted and a final agreement entered into with the laboratory before the Trial can begin.
According to the World Health Organization, in 2016, more than 1.9 billion adults or 39% of adults, 18 years and older, were overweight. Grandview Research projects that the global weight management market is expected to grow at a compound annual growth rate of 8.3% from 2019 to 2025 to reach USD $442.3 billion by 2025.
About Psygen Labs Inc.
Psygen is a privately held company based in Calgary, Alberta. Psygen specializes in synthetic manufacture of psychedelic drug substances and drug products. Psygen provides non-exclusive access to GMP compliant psychedelic drug substances and drug products for clinical trials, therapeutic applications and pre-clinical studies. Psygen has entered into a number of definitive agreements for ongoing supply of drug substances and is positioned to be a lead supplier in the emerging commercial market for psychedelic drug substances and drug products. Psygen has sponsored a Licensed Dealer who holds a license for the manufacture, sale, import, export, and analysis of LSD, psilocybin, MDMA, DMT, 2C-B, and mescaline. Chemists working with Psygen currently operate from a manufacturing laboratory at the University of Alberta. Psygen has applied to Health Canada for a Dealer’s License that will allow Psygen to manufacture, possess, sell, import, export, research, develop, and analyze psychedelic drug substances and drug products. Psygen is currently building out a 6,000 square foot lab capable of large-scale synthesis, formulation and distribution of the above and additional psychedelics to a GMP standard. Psygen intends to be the leader in psychedelic medicine supply chain solutions and is committed to supporting the renaissance in use of psychedelics for research and clinical treatment of a wide variety of mental health issues.
About NeonMind Biosciences Inc.
NeonMind is engaged in research and development of products that use medicinal and psychedelic mushrooms to optimize human health and performance. The company is launching a line of coffees infused with health optimizing medicinal mushrooms including reishi, cordyceps, lion’s mane and turkey tail mushrooms. NeonMind is also engaged in research into developing a psilocybin (psychedelic mushroom) based product for weight loss and has applied for a Section 56 Exemption to begin preclinical trials to study its pending psychedelic medicine patents. NeonMind owns 18% of Translational Life Sciences Inc. Better Plant Sciences owns approximately 69% of the issued and outstanding stock of NeonMind.
About Better Plant Sciences Inc.
Better Plant develops and acquires intellectual property and other assets related to plant-based products and therapeutics. Through its integrated business model, Better Plant develops, manufactures, markets, sells and distributes plant-based products. It has over 200 proprietary wellness formulas at various stages of commercialization, including over 20 proprietary products that are now for sale via eCommerce or brick-and-mortar retail stores. It operates websites and oversees eCommerce and Amazon sales for over 200 JUSU plant based products for body, baby and home and has announced it will acquire all JUSU Bar Inc. assets. Its majority-owned subsidiary NeonMind Biosciences Inc. is launching a line of coffees infused with health optimizing medicinal mushrooms including reishi, cordyceps, lion’s mane and turkey tail mushrooms. NeonMind is also engaged in research into developing a psilocybin (psychedelic mushroom) based product for weight loss and has applied for a Section 56 Exemption to begin preclinical trials to study its pending psychedelic medicine patents.
Investor Relations Contact:
Penny White, President & CEO
Kevan Matheson, Investor Relations
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking information and statements (collectively, “forward looking statements”) under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, brand development, availability of packaging, intellectual property protection, reduced global commerce and reduced access to raw materials and other supplies due to the spread of the Coronavirus, the potential for not acquiring any rights as a result of the patent application and any products making use of the intellectual property may be ineffective or the company may be unsuccessful in commercializing them; and other approvals will be required before commercial exploitation of the intellectual property can happen. Demand for the company’s products, general business, economic, competitive, political and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets. Better cautions readers not to place undue reliance on forward-looking statements provided by Better, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Better expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
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CanBud Distribution Corporation Closes 2M Second and Final Tranche of its Oversubscribed Private Placement Offering
CanBud Distribution Corporation (CSE: CBDX) (FSE: CD0) (“CanBud” or the “Corporation”) is pleased to announce that it has closed the final tranche of its oversubscribed non-brokered private placement for aggregate gross proceeds of approximately $4,730,000 (the “Offering”).
The Corporation issued a combined total of 39,409,346 units (each a “Unit“) at price of $0.12 per Unit, with each Unit comprised of one common share in the capital of the Corporation (each a “Common Share“) and one common share purchase warrant (each a “Warrant“). Each Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.22 within 24 months of the closing of the Offering (the “Warrant Term“), provided, however that if the closing price of the Common Shares on the Canadian Securities Exchange (the “CSE“) (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) is $0.25 or greater per Common Share for a period of five (5) consecutive trading days at any time after the closing date of the Offering, the Corporation may accelerate the Warrant Term such that the Warrants shall expire on the date which is 30 days following the date a press release is issued by the Corporation announcing the reduced warrant terms.
Thoughtful Brands Inc. (CSE:TBI)(FSE:1WZ1)(OTCQB:PEMTF) (the “Company” or “Thoughtful Brands) announces that the letter of intent with Franchise Cannabis Corp. (“FCC”), previously announced in January, has been terminated. The previously announced European joint venture with FCC will continue and allow the Company to launch and tailor its products to European consumer demands
In connection with termination of the merger transaction with FCC, the Company has agreed to pay FCC $100,000 in cash and to issue FCC 5,000,000 common shares of the Company at a deemed value of $0.05 per share. The common shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
Mergers and acquisitions (M&A) in cannabis space have helped boost the industry to new levels.
Strategic sale of non-core assets by Lobe adds non-dilutive capital and shareholder value
Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce, further to its press release dated February 23, 2021, that it has completed the sale to Ionic Brands Corp. (“Ionic Brands”) of Lobe’s non-core cannabis assets relating to Washington-based Cowlitz County Cannabis Cultivation Inc. (“Cowlitz”) held by Lobe’s subsidiary vendor, Green Star Biosciences Inc. (the “Transaction”).
Seattle Area Grocery Chain Metropolitan Market to Begin Carrying KOIOS and Fit Soda on March 22, 2021
Adding to its existing presence on the west coast of the United States, all five KOIOS™ flavours and all four Fit Soda™ flavours will be carried in Metropolitan Market stores beginning on Monday, March 22, 2021. Serving the Seattle-Tacoma area (population 3.87 million), Metropolitan Market is one of five chains under its parent firm Good Food Holdings, which has a total of 51 stores in California, Oregon, and Washington State.
Koios Beverage Corp. (CSE: KBEV; OTC: KBEVF) (the “Company” or “Koios”) is pleased to announce that beginning on Monday, March 22, 2021, Koios’ entire line of canned beverage products will be sold at all locations of Metropolitan Market, an urban format supermarket chain in the Seattle-Tacoma area of Washington State. In Q1 2021, the Company announced multiple placements of its beverage products with regional grocers in markets on the west coast of the United States including Market of Choice in Oregon Jensen’s in Southern California and major natural grocery chain Sprouts Farmers Market which has a substantial west coast presence with over one third of its locations (360+ stores across 23 states) in California as well as Washington State 1 . The Company has also recently announced other developments relating to its expansion efforts being undertaken in 2021 such as an in-house beverage canning facility and distribution agreements with regional and national wholesale partners.