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Psyched Wellness - The drink of the gods

Last updated: 09:59 14 Apr 2021 EDT, First published: 09:52 14 Apr 2021 EDT

Psyched Wellness is a health supplements company focussed on the production and distribution of products from medicinal mushrooms, including psychedelic mushrooms, to promote a healthier body and mind. The functional mushrooms market is a large and growing segment in consumer health, currently running at around US$30bn per year globally.

Within the sector, many companies are looking at ways to work with psychedelic mushrooms, which are believed to offer physical and mental health benefits when consumed at low doses. There are significant obstacles, however, as varieties such as psilocybe mushrooms (magic mushrooms) are illegal in most jurisdictions.

Psyched Wellness is developing products using a mushroom called Amanita Muscaria, which has psychedelic properties but which has never been a scheduled substance in the USA or Canada. Amanita Muscaria has been used since ancient times for medicinal or spiritual purposes in many different cultures, and formed the basis of the ritual beverage soma — ‘the drink of the gods’.

Business plan:

The company is developing a range of dietary supplements, starting with a tincture. The products will require regulatory approval only as novel foods, rather than a more time-consuming pharmaceutical trial process that would be required if Psyched Wellness wanted to market Amanita Muscaria products as medicines rather than wellness products. On p8 we examine the approval roadmap.

The company has plans in place for a rapid ramp-up of manufacturing via a contract manufacturing organisation, and distribution through bricks and mortar retailers and e-commerce channels. We expect first commercial revenues in Q4 2021 and scaling up during 2022.

 

What's in the report?

Financial results and forecasts
Growth drivers
Management
Market conditions
Milestones & inflection points
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