Toronto, Canada/, Cape Town March 4, 2021 – Psyence Group Inc., a leading platform in naturally derived psychedelic therapy and the development and commercialization of related technologies and products (“Psyence” or “the Company”), is pleased to announce it has launched its functional mushroom brand, “GOODMIND”, through a South African-based special purpose vehicle (“SPV”) called Goodmind (Pty) Ltd (“Goodmind”).
The SPV will be responsible for the production, commercialization and sale of GOODMIND functional mushroom products, which will include additional psilocybin containing products, subject to compliance with all applicable local laws and regulations in the jurisdictions in which the SPV operates. The primary aim of the SPV is to establish a revenue-generating business by executing on opportunities in the functional mushroom space.
The SPV is a 50/50 partnership between Psyence, via its subsidiary Psyence Biomed Corp, and Southern Sun Pharma Inc’s wholly owned subsidiary, The Goodleaf Company (Pty) Ltd, a private company incorporated in South Africa (“Goodleaf”). Goodleaf is the leading cannabis brand in South Africa with established distribution lines through retail stores, online, wholesale, and deli and coffee shops.
Goodleaf and Psyence have strong and established track records in the cannabis industry in Southern Africa. Goodleaf has demonstrated great competence in launching new consumer goods in a young industry. Psyence is experienced in procurement, manufacturing and logistics. Both companies intend to leverage their knowledge and experience in the functional mushroom space.
Jody Aufrichtig, Co-Founder, President, and CEO, Psyence Group Inc. says: “We are delighted to partner with the leading Cannabis brand in Africa, GoodLeaf, who have a proven track record of successfully launching and distributing high-quality retail and online products. GoodLeaf’s extensive distribution outlets will ensure that our functional mushroom products can quickly penetrate the growing market.”
Warren Schewits, CEO & Founder of Goodleaf added: “Our experience in developing and launching new consumer products will be invaluable as we make headway in the functional mushroom space. There is no doubt that there is a growing demand for wellness products and we are extremely excited to collaborate with Psyence as we launch GOODMIND and also bring a range of functional mushroom products to market.”
The Company is also pleased to announce the appointment of Alan Friedman to the Board of Directors. Alan Friedman is principal of Bayline Capital Partners, Psyence’s capital market advisor who has recently lead the Company through a successful listing onto the CSE. He has been associated with the North American public markets for two decades and has a depth of experience in representing, advising and assisting Canadian and global companies in acquiring assets, accessing capital, advising on mergers and acquisitions and navigating going public processes onto Canadian, US and UK stock exchanges with accompanying
equity capital raisings. During his Bay Street career, he has been involved with or facilitated financings in excess of hundreds of millions of dollars, creating billions of dollars in shareholder value.
Alan obtained a Bachelor of Commerce and post grad in Law at UNISA and is an admitted attorney of the High Court of South Africa. He also worked for Investec Bank a global banking group and is a board member of the Canada Africa Chamber of Business promoting trade relations between Africa and Canada.
The Company further announces that Ryan Roebuck has resigned from the Board effective immediately. Ryan helped facilitate the successful RTO of Psyence into Cardinal Capital Partners. The Company thanks Ryan for his contribution to Psyence’s predecessor Cardinal Capital and Psyence at its initial stages of going public.