Psyched Wellness Ltd (CSE:PSYC, OTCQB:PSYCF) said it has signed two long-term supply agreements for Amanita Muscaria mushrooms which should provide the company with enough raw material for its projected 2023 forecast, moving it from a research and development company to a consumer packaged goods company.
In a corporate update, Psyched chief operating officer David Shisel said the addition of two high-quality suppliers of raw materials is a key development for the commercialization of the company’s products.
"After working with these suppliers, we found them to be very professional and the raw material they've previously supplied has yielded very positive results, which comply with our strict standards,” he said.
READ: Psyched Wellness enters eCommerce fulfillment partnership with ShipHero for its Amanita Muscaria mushroom extract Calm
“Concurrently, the company is working to build its own team of foragers in the United States of America to source raw material locally within North America."
Psyched also announced that it anticipates launching its first Amanita Muscaria mushroom-derived product Calm in the coming months. It can be pre-ordered here.
Further, the company announced that it had onboarded its online eCommerce store with a new payment processor Zank Payments, a well-established credit card processing brokerage with numerous bank partners and the ability to approve 99% of merchants.
“Zank Payments proved to be able to secure banking partners with an infrastructure that plugged into our existing eCommerce store to support our needs and growth,” said Psyched CEO Jeffrey Stevens.
Psyched is a Canadian-based health supplements company dedicated to the distribution of mushroom-derived products and associated consumer packaged goods.
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