MIAMI, March 21, 2022 (GLOBE NEWSWIRE) -- Mycotopia Therapies Inc. (OTC Pink: TPIA) (the “Company”), a biopharma company focused on research, technology, and the development of medical psychedelics, announced today plans to enter the $13 billion medicinal mushroom market with HAVN Life Sciences' biopharmaceuticals and Ei.Ventures MANA products. In advance of its acquisition of Ei.Ventures and plans to form PSLY.COM, Mycotopia Therapies has expanded its supply agreement with HAVN Life Sciences to include functional mushrooms, HAVN Life’s recently launched natural health products, and its line of white label products. PSLY.COM will also be the name of the recently acquired 12x 12 estate in The Sandbox, a virtual world where players can build, own, and monetize their gaming experiences on the Ethereum blockchain. This purchase, valued at $2.2 million, represents the third largest land sale in the Metaverse, and was the subject of a January 5, 2022 article in Forbes by A.J. Herrington titled Startup Plans Psychedelic Trips In The Metaverse With Sandbox Virtual Land Deal.
Under the existing agreement, HAVN Life supplied naturally-derived psilocybin compounds to Mycotopia for U.S.-based universities, researchers and companies. The expanded agreement will provide Mycotopia Therapies with HAVN Life’s functional mushrooms, as well as the white label supply and distribution of HAVN’s line of natural OTC health products currently being registered with the Jamaican Ministry of Health. Jamaica’s Ministry of Health, together with its Regional Health Authorities, make up the public health system and are responsible for health care delivery across the island. In addition to Jamaica, other CARICOM countries are currently considering psychedelic medicine.
“We are delighted to grow our partnership with Mycotopia through the expansion of our supply agreement,” says HAVN Life CEO, Tim Moore. “We welcome the opportunity to see our products reach a broader market and look forward to working with Ben and his team in their development of plant-derived, therapeutic treatment options that address global mental healthcare needs,” he adds.
In December Mycotopia Therapies announced it had entered into a letter of intent regarding a potential acquisition of botanical psilocybin pioneer, Ei.Ventures. Mycotopia Therapies and Ei.Ventures are moving forward with the acquisition, and Ei.Ventures has announced plans to end its Reg A filing with the SEC on March 22, 2022. Post-acquisition, the name of the company will be changed to PSLY.COM, and management intends to pursue a NASDAQ listing. When a definitive agreement is reached, the combined companies will pool their resources to develop regulatory approved, plant-derived, psychoactive therapeutic treatment options and non-psychoactive nutritional supplements and related products that address global mental healthcare needs. One of the first things the combined companies will focus on is using HAVN products with PSLY.COM’s MANA products, its line of whole-plant based medicinal mushroom nutraceuticals being developed for the consumer market.
The medicinal mushroom market is a $13 billion market, with an expected growth rate of 9.4% CAGR through 2026. PSLY.COM’s flagship product will be Psilly, a whole-plant Botanical Psilocybin-based formulation, which is currently in the pre-clinical phase. The near-term goal is to get Psilly through pre-clinical and into phase 1 trials. In addition to targeting the medical and therapeutic markets with its psychedelic solutions, as more states and cities legalize Psilocybin for therapeutic use, PSLY.COM plans to target the consumer markets with its line of non-psychoactive mushroom nutraceuticals, MANA. The first whole-plant based medicinal mushroom nutraceutical to be released from PSLY.COM is called Brain MANA, which is designed to help improve and support brain health, mental clarity and overall well-being. PSLY.COM’s other MANA formulations will target improving immune health, sexual function, sleep quality, joint health and vitality. Just as different strains of cannabis have therapeutic properties, the same will hold true for MANA. Revenues from PSLY.COM’s MANA line will help reduce overall cash burn.
As part of its Mental Wellness platform, PSLY.COM is also planning to launch a Telepsychiatry App, which will be designed to support patients and wellness-seekers on their healing journeys. The demand for Telepsychiatry services is $5.5 billion dollar market with untapped potential. It is expected to grow at a compound annual growth rate (CAGR) of 24.7% from 2020 to 2027. Ehave, Inc. currently owns a majority of Mycotopia Therapies shares. Post-acquisition, Ehave plans to distribute some of its shares to its shareholders. Ehave is focused on psychedelics healing properties, and will provide various technology related services for PSLY.COM in its technology offerings.
Ben Kaplan, CEO of Mycotopia Therapies, said, “Mushrooms are the second highest growing natural health supplement and are underserved in the market. This expanded agreement supports our ambitious product development and R&D milestones by offering a potential alternative to synthetic derived psilocybin at a fraction of the cost.” Mr. Kapan continued, “With HAVN supplying Mycotopia Therapies with functional mushroom, it helps address potential supply chain issues and enables Mycotopia to get to the distribution and revenue generation phase of our business plan, as we join forces with Ei.Ventures and form PSLY.COM.”
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 HAVN Life Sciences Inc.
HAVN Life Sciences is a biotechnology company pursuing standardized extraction of psychedelic compounds for the creation of APIs, the development of natural health products, and innovative therapies to support brain health and enhance the capabilities of the mind.
Through its research division, HAVN Labs, the company has developed an end-to-end supply chain of GMP naturally derived psychedelic compounds for research that will define the future of modern medicine. With its new line of natural health products, HAVN Life offers a full range of high-quality mushroom and plant extracts that help boost immune function, reduce inflammation and support a healthy lifestyle. Additional information on HAVN Life Sciences can be found on the Company’s website at: yourhavnlife.com.
About Ei. Ventures
Emotional Intelligence Ventures, a company dedicated to research and production of botanical psychedelics, announced a public stock offering using the Reg A+ Framework. Ei. Ventures’ main differentiator in the space is a self-imposed directive to work exclusively with non-synthetic, plant and fungi-based ingredients for both is psychedelic and non-psychedelic products. https://www.Ei.Ventures
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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