February 6, 2020 – Vancouver, BC: The Yield Growth Corp. (CSE:BOSS) (OTCQB:BOSQF) (FE:YG3) announces its subsidiary Flourish Mushroom Labs Inc. has completed an acquisition of approximately 18% of the outstanding shares of Translational Life Sciences Inc. (“TLS”).
TLS is a biotechnology company focused on developing proprietary formulations that contain restricted substances such as psilocybin and cannabis to serve unmet medical needs in the market. This includes opioid dependence, psychotic illness, pain management and traumatic brain injuries such as concussions. The company also offers services to design and oversee clinical trials of restricted substances for third parties.
The TLS team is comprised of physicians and scientists who are recognized thought leaders in the fields of Neurology, Pharmacology, Pain Management, Addiction and Biochemistry and have significant experience in the clinical application of cannabinoid compounds.
The company’s principal medical team includes
- Dr. William Honer: Head, Scientific Advisory Board at TLS and an Internationally recognized translational scientist and physician. He is a Psychiatrist and the previous Head of the Department at UBC. He is Fellowship trained at Columbia University and the Albert Einstein College of Medicine. He has published over 300 peer-reviewed manuscripts including primary clinical trial authorship works in journals such as the New England Journal of Medicine.
- Dr. Caroline MacCallum is the Chief Medical Officer of TLS. She is a pharmacist and internal medicine physician with deep expertise in complex pain and medical cannabis. She is a medical director of a Vancouver- based private cannabis clinic and an internationally sought after speaker and world recognized leader in cannabis education, policy, clinical guideline development and research.
- Dr. William Panenka, MD, MSc, FRCPC (Neurology and Psychiatry). The founder of TLS, Dr. Panenka, is a dually boarded Neurologist and Psychiatrist and a Canadian Institute of Health Research funded academic faculty member at the University of British Columbia. He did a post doctoral fellowship at UBC and Harvard University. He maintains an internationally recognized research program in brain injury, mental health and addictions.
Yield Growth subsidiary Flourish Mushroom Labs issued 15,000,000 units of Flourish, consisting of 15,000,000 shares (approximately 10% of Flourish outstanding shares) and 15,000,000 warrants to acquire additional Flourish shares at $0.50 per share, and in consideration Flourish acquired approximately 18% of the TLS outstanding stock, at a deemed cost of $750,000.
No shares or warrants in Yield Growth were issued as part of the transaction.
“As a founder in TLS, we will now work with TLS to increase the value of our investment by helping it build out its management team, raise additional capital and complete its plans to develop intellectual property in plant based medicine,” says Yield Growth and Flourish CEO Penny White. “We believe our alliance with TLS will help establish us a leader in the emerging industry of psychedelic medicine.”
Psychedelic medicine involves research and investigations into mind-altering substances to treat illnesses. On January 13, 2020 COMPASS Pathways, a mental health care company, announced that it had been granted a US Patent relating to methods of treating drug-resistant depression with a psilocybin formulation.
According to CNBC, German company ATAI Life Sciences, a major investor in COMPASS, announced in March 2019 that it has raised more than $40 million in new financing, valuing the company at $240 million. ATAI is also targeting a potential initial public offering, for which, according to Bloomberg, ATAI provided a valuation target figure of $800 million to COMPASS.
The Centers for Disease Control and Prevention estimated that the total “economic burden” of prescription opioid misuse alone in the United States is $78.5 billion a year, including the costs of healthcare, lost productivity, addiction treatment, and criminal justice involvement.
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.