February 20, 2020 – Vancouver, BC: The Yield Growth Corp. (CSE:BOSS) (OTCQB:BOSQF) (FE:YG3) subsidiary Flourish Mushroom Labs Inc. announces that it has acquired technology rights from its parent company The Yield Growth Corp. and filed a U.S. provisional patent for the invention of a method of manufacture for a mushroom extract that may be used in a variety of therapeutic and pharmaceutical formulations.
The patent application covers the invention of a unique mushroom extract which may have unique medicinal properties, as well as a method of manufacturing the extract from mushrooms including Psilocybe mexicana, and formulations and emulsions containing the mushroom extract. The mushroom extract may be in the form of an aqueous solution, or it may be a freeze or spray dried powder.
“Our proprietary extraction technology was initially invented to extract compounds from the root of the cannabis plant to manufacture hemp root oil, which we use in a number of our products, including our Urban Juve skincare line,” said Penny White, CEO of The Yield Growth Corp. and Flourish Mushroom Labs. “There is now also great interest in using this technology for medicinal mushrooms and psychedelic mushrooms when and where they are legal.”
As previously announced, Kingdom Brands Management Inc. will pay $500,000 to Flourish in exchange for the rights to use and sub-license the extraction technology in the United States. Kingdom Brands leases a property in California which may be suitable to cultivate medicinal mushrooms and sell and use mushroom extracts for products.
“The method is able to extract both water soluble and non-water soluble compounds, which enables us to get the full spectrum of compounds available in the mushrooms including both triterpene extract and beta glucans,” added White. “In a commercial setting, the mushroom extract process is complex due to the pressure, temperature and surface area of raw material, so we are excited about the potential for use of our proprietary technology in mushrooms.”
There has been a recent renaissance of psychedelic research with over a dozen universities currently engaged in clinical trials using psychedelics. According to CTV news, the team at Johns Hopkins is expanding its testing of psilocybin and other psychedelics for conditions including obsessive compulsive disorder, post-traumatic stress disorder, opioid use disorder, alcoholism and anorexia nervosa. “Other research is examining the benefits of microdosing, which uses small doses of psilocybin to treat anxiety and depression. A survey of people self-managing mental and substance use disorders by microdosing found 44 percent of them perceived their mental health was “much better” as a result.”
According to the Financial Post, a number of psychedelic drug companies are gearing up to list on Canadian stock exchanges. Mind Medicine Inc., which is undertaking clinical trials of psychedelic-based drugs, intends to list on Toronto’s NEO Exchange and is targeting a valuation of approximately US$50 million. Mind Medicine counts former Canopy Growth Corp. co-chief executive officer Bruce Linton as a director and Shark Tank star Kevin O’Leary as an investor.
About Flourish Mushroom Labs Inc.
Flourish Mushroom Labs aims to legally and safely commercialize psilocybin (magic) mushrooms. Flourish Mushroom Labs is planning to build a psilocybin mushroom laboratory in St. Vincent and the Grenadines and is conducting research into potential therapeutic benefits of compounds found in magic mushrooms. It has filed a U.S. patent application for the use of psilocybin to aid in weight loss and treat obesity, diabetes and to help prevent heart disease. Flourish also plans to be a leader in the fast-growing medicinal mushrooms market—and improve life by offering high-quality mushroom-infused products. Flourish Mushroom Labs is a majority owned subsidiary of The Yield Growth Corp.
About The Yield Growth Corp.
The Yield Growth Corp. develops and manufactures plant-based products and conducts research for plant-based therapeutics in what the Global Wellness Institute reports is a $4.2 trillion-dollar global wellness market. It owns the cannabis wellness brands Urban Juve, Wright & Well and Jack n Jane. The Yield Growth management team has deep experience with global brands including Johnson & Johnson, Procter & Gamble, Skechers and Aritzia. Its all natural hemp skincare brand, Urban Juve, has signed agreements for distribution in Canada, Colombia, Brazil, Costa Rica, Panama, Argentina, El Salvador, Ecuador, Peru, Greece, Cyprus, Bulgaria, Romania and Serbia. Yield Growth’s Wright & Well brands have manufactured a THC/CBD line of topical and edible products in Oregon. Through its subsidiaries, Yield Growth has over 200 proprietary beauty, wellness, edibles and beverage formulas for commercialization. It has filed 13 patents to protect its extraction method and other intellectual property. Yield Growth earns revenue through multiple streams including licensing, services and product sales.
Investor Relations Contacts:
Penny White, President & CEO
Kristina Pillon, Investor Relations
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking information and statements (collectively, “forward looking statements”) under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, intellectual property protection, the potential for not acquiring any rights as a result of the patent application and any products making use of the intellectual property may be ineffective or the company may be unsuccessful in commercializing them; and other approvals will be required before commercial exploitation of the intellectual property can happen. The laws around cultivating, selling and using psychedelic mushrooms would need to change in most jurisdictions in order for the use of psychedelic products to be legal and sale of, and demand for, Urban Juve, Wright & Well, Flourish Mushroom Labs, Jack n Jane and UJ Beverages products, general business, economic, competitive, political and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets. Yield Growth cautions readers not to place undue reliance on forward-looking statements provided by Yield Growth, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Yield Growth expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.