Jeremy Szafron: Hello everyone and welcome to Investors Scene. Today on the show we are very excited to be introducing you to Jeffery Stevens. He is the CEO of Psyched Wellness, a company traded on the CSC. It’s an exciting space to be in, specifically because it’s wellness. Jeffery, welcome to the show.
Jeffery Stevens: Thank you. It’s a pleasure to be here and I welcome the opportunity.
Jeremy Szafron: We have seen a lot of psychedelic plays out there. This is a unique approach in that you have a legal mushroom product that has interesting compounds. Moreso, you have a unique team. For those in the audience who have not heard of Psyched Wellness, let’s talk a little bit about the company.
CEO of Psyched Wellness talks about the company
Jeffery Stevens: The product is a mushroom called Amanita muscaria with a tremendous history of use through indigenous culture and Siberian shamans, because of the psychedelic qualities and has been consumed through various European and Asian cultures for many years as a food. It should be considered a functional mushroom, in the sense that it is edible and there are some anecdotal suggestions of health claims.
The unique thing that we were attracted to, is that it has psychedelic qualities and was never labeled as a drug. It’s a legal psychedelic compound that we are able to work with.
When we identified this mushroom, it was important to build a team; that was critical. We have assembled on our board, what we believe, is an incredible team, to help management take this forward. Our chairman of the board is Michael Nederhoff, the present of Jewel Labs Canada, a large e-cigarette and vaping company. He was one of the first 10 employees with RedBull Canada and it’s fantastic to have him there. He has introduced us to national distributors who are willing to take on our product, even though there are no specs yet. He has opened up sales and branding.
We have been able to move forward where others in our position may not have been able to move forward. He introduced Nick Kadysh to join the board. He is the head of affairs for Jewel Labs Canada and has been a tremendous asset to the COO, David. Moving the product forward, when we do apply to Health Canada for a health product number and the FDA, for a new dietary ingredient, we have everything prepared and can go through the process smoothly.
From the board, Terry Booth, founder of Aurora Cannabis is a huge asset. He is a pioneer in the cannabis space and having his mentorship is great, to avoid the pitfalls that the cannabis industry has made.
Jeremy Szafron: It’s an interesting time. We are seeing states flipping over when it comes to psychedelics. As for the cannabis sector, we saw the destigmitatazion. This is a legal product and so you would think that the path to market is quicker here.
Jeffery Stevens: Our peers who are doing the work on the clinical side and therapy side, they are doing great work with compounds like LSD. However, those are 3-5 years of studies and take time and money. We wanted to work with a compound that is legal. Amanita muscaria is legal and has never been classified as a drug. We are able to work with it and extract it and put it in the form of a tincture.
Attracting top talent is key as you build the company
Moving that forward is key. On the advisory board, we have done a great job to bring forth some great science advisors. Professor David Nutt is one of our advisors and is a professor at Imperial College UK and brain imagery is his study. is a pharmacologist and is the head of the scientific advisory board for Compass Pathways. They went public and have brought a lot of public interest to the sector.
David has written a paper on the compound we work with and he was keen to work with us. To his knowledge, no one else in a commercial fashion has worked with Amanita muscaria. Attracting top talent is key as you build the company out. It’s also a great verification that this is a legitimate path and that this mushroom has functional qualities and psychedelic qualities.
Jeremy Szafron: You guys are really building this quickly and I look forward to more updates as the company continues to grow.
Jeffery Stevens: We are very excited. We have been trading for one full week now and we are excited for what we are going to be able to achieve with Amanita muscaria. We think beyond having a tincture in the health and wellness space. Working with our advisors we are confident that we will look at the scientific side of things and use Amanita muscaria to help people who are suffering from various ailments. There is more to the story than just a tincture.