Psyched Wellness Ltd (CSE:PSYC, OTCQB:PSYCF) said it has entered into a purchase agreement with New York-based Choice Companies Wholesale and Distribution to supply 60,000 units of its first-to-market Amanita Muscaria mushroom product Calm over the next 12 months.
Calm is positioned in the sleep aid category and utilizes the mushroom’s 5000-plus year history of reducing stress and anxiety while facilitating restful and restorative sleep, according to Psyched.
The company said the purchase agreement was executed to ensure an orderly and efficient roll-out of Calm throughout a key market for Psyched.
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Psyched CCO Matthew Singh said Choice Wholesale was a perfect fit due to their understanding of the wellness category and the geographic market coverage they provide in New York and surrounding areas.
“Choice will be able to cover key alternative retailer verticals and is expanding their capacity to include health and wellness retailers as well,” Singh said.
He added that this deal would help move the company towards an impactful commercial scale, with Psyched to use this partnership as a template for additional distribution agreements in other markets.
“This initial purchase agreement will lead to larger bulk orders as we increase our production capacity and expand into additional business units throughout the United States,” he said.
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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