Brand of functional mushrooms from the Psyence group “GOODMIND ™”

TORONTO, 02 Dec. 2021 (GLOBE NEWSWIRE) – Psyence Group Inc. (CSE: PSYG | OTCQB: PSYGF) (“Psyence“or the”Society“), a life science biotechnology company pioneering the use of natural psychedelics for mental health and wellness, is pleased to announce that its joint venture brand of functional mushrooms GOODMIND ™ has partnered with one of Africa’s largest coffee retail chains, “vida e coffee”, To begin the deployment of its GOODMIND ™ brand of functional mushrooms in some vida e caffè cafes in South Africa.

The product is available for sale as a sachet, which can be added to any beverage, or it can be ordered as a GOODMIND ™ Functional Mushroom Cappuccino. GOODMIND ™ is jointly owned by Psyence and the South African Natural Welfare Company bonfeuille.

Following the launch of our first Functional Mushroom product, GOODMIND ™ (in capsule format) in August 2021, we recognized the opportunity to extend GOODMIND ™ offer. We have now developed GOODMIND ™ sachets of powdered mushrooms soluble in water, which mix perfectly with coffee and other drinks, “said Jody Aufrichtig, executive chairman of the Psyence group. “We are proud of GOODMIND ™ products that we have developed and that we are able to generate income from by putting our wellness products on the shelves.

Goodleaf CEO and Founder Warren Schewitz said: “Collaborate with vida e coffee to launch South Africa’s first Functional mushroom cappuccino made perfect sense. vida e caffè has a network of more than 250 coffee shops across the country and the Functional Mushroom Cappuccino will be available in a selection of these shops. The brand stands for innovation and is experienced in bringing new products to market. “

Darren Levy CEO, vida e caffè says: “We are constantly on the lookout for how we can improve our coffee and health offering to the end consumer, and we are committed to staying on-trend with global coffee developments. As a result of previous collaborations in the CBD space and recent additions of collagen to our menu, we’ve found that our consumers appreciate the addition of functional benefits to their daily brew. We are delighted to collaborate with the GOODMIND team on this innovative new coffee supplement offering, promoting a healthy body and mind.. “

The global functional mushroom market was valued at USD 25.4 billion in 2020 and is expected to reach a CAGR of 8.44% during the forecast period 2021-2026. It is according to a Functional Mushrooms Market Report 2021 published by Research and Markets in October 2021. The report points out that while demand for mushroom products has been increasing for some time, functional mushrooms have been “in the spotlight” as a result of Covid-19 and the category is experiencing an acceleration in growth.

The GOODMIND ™ range of functional mushrooms has been developed from a blend of adaptogenic and non-psychedelic super mushrooms. GOODMIND ™ Mushroom Powder Sachets are a blend of eight functional mushrooms, primarily Lion’s Mane, Shiitake, Cordyceps and Chaga.

ABOUT THE PSYENCE GROUP: www.psyence.com

Psyence is a publicly traded life sciences biotechnology company listed on the Canadian Stock Exchange and (CSE: PSYG) and listed on the OTCQB (OTCQB: PSYGF), with a focus on natural psychedelics. Psyence works with natural products based on psilocybin for the healing of psychological traumas and their consequences on mental health in the context of palliative care.

Our name “Psyence” combines the words psychedelic and science to affirm our commitment to produce psychedelic drugs developed through evidence-based research.

Informed by nature and guided by science, we built and operated one of the first commercial federally licensed psilocybin mushroom cultivation and production facilities in Lesotho, Southern Africa.

Our team brings international experience in business and science and includes experts in mycology, neurology, palliative care and drug development. We are working on the development of advanced natural psilocybin products for clinical research and development. We have entered into a long-term joint venture to launch mental wellness-focused mushroom nutraceuticals, the GOODMIND ™ Collection, to promote better focus, calm and sleep.

Our key divisions, Psyence Production, Psyence Therapeutics and Psyence Function, anchor an international collaboration, with operations in Canada, United Kingdom, Jamaica, South Africa and a presence in the United States and Australia.

For more information on the GOODMIND ™ website: https://foragoodmind.com/

About vida e caffè

vida e caffè is a coffee franchise and beverage supplier in South Africa. The name vida e caffè mixes Spanish or Portuguese for “life” with Italian for “and coffee”. The coffee chain has more than 250 stores across South Africa and 22 across the rest of the African continent.

Certain statements in this press release regarding Psyence Group Inc and its subsidiaries (collectively “the company“) are forward-looking statements and are forward-looking in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections regarding future events and are therefore subject to risks and uncertainties that could result in a material difference between actual results and future results expressed or implied by forward-looking statements. Such statements can generally be identified by the use of forward-looking words such as “may”, “should”, “could”, “have” intention to “,” estimate “,” plan “,” anticipate “,” expect “,” believe “or” continue “, or the negative of it or the like variants. Forward-looking statements contained in this press release include statements regarding consumer adoption of GOODMIND ™. functional mushroom products and products in general in South Africa, product requirements, consumer demands and product market suitability in South Africa, revenue generation through GOODMIND ™ products, global Functional Mushrooms market size and growth, the effect of the COVID-19 epidemic, and market conditions and economic factors affecting the GOODMIND ™ business and deployment and the functional mushroom market in general. There are many risks and uncertainties which could cause the actual results and the plans and objectives of the Company to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in this information. This subsequent written and oral forward-looking information and all subsequent forward-looking information are based on management’s estimates and opinions on the dates on which they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.

The Company makes no medical, therapeutic or health claims concerning the products offered by the Company. The United States Food and Drug Administration, Health Canada, or other similar regulatory authorities have not evaluated claims about psilocybin, psilocybin analogues, or other psychedelic compounds or nutraceuticals. The effectiveness of these products has not been confirmed by approved research. There can be no assurance that the use of psilocybin, psilocybin analogues or other psychedelic or nutraceutical compounds will diagnose, treat, cure or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. The Company has not conducted clinical trials for the use of its offered products. Any reference to the quality, consistency, efficacy and safety of potential products does not imply that the Company has verified them in clinical trials or that the Company will terminate such trials. If the Company cannot obtain the approvals or research necessary to market its business, this could have a material adverse effect on the performance and operations of the Company.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d673f0f9-1514-4289-8b93-a593706e461b

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