Psyched Wellness Ltd (CSE:PSYC) (OTCQB:PSYCF) (FRA:5U9) announced that it has struck a two-year supply agreement with MB MEMEL GOODS, a Lithuanian company owned by principals with over 15 years of expertise and experience in gathering, processing and distributing various wild mushrooms, including Amanita Muscaria and Chaga, and wild berries.
The Toronto-based health supplements company focused on the distribution of mushroom-derived products, said the deal provides for “an initial supply of 200 kilogramme of Amanita muscaria dried mushroom caps.”
Psyched Wellness anticipates that the initial supply will be picked between September and December 2021 and be delivered intermittently to the company over the four-month period.
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The company plans to use the Amanita Muscaria dried mushroom caps as raw material for its AME-1 extraction process. The company is pioneering a path to market for AME-1 (extract of the Amanita Muscaria mushroom) derived health and wellness products.
“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,” Psyched Wellness COO David Shisel said in a statement.
“After performing 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,” he added.
The Amanita Muscaria mushroom, which grows wild throughout the temperate and boreal regions of the Northern Hemisphere, is easily recognizable with its red and white cap and has been used in traditional healing practices for centuries, according to the company.
Amanita Muscaria has three main components that activate the nervous system: ibotonic acid, muscimol and muscazone. Isolating muscimol compounds have been shown to treat stress and anxiety, ease muscular pain and promote restorative sleep.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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