Mycotopia Therapies Inc. TPIA announced its plans to enter the $13 billion medicinal mushroom market with HAVN Life Sciences' biopharmaceuticals and Ei.Ventures MANA products.
What Happened?
In advance of its acquisition of Ei.Ventures and plans to form PSLY.COM, Mycotopia Therapies has expanded its supply agreement with HAVN Life Sciences to include functional mushrooms, HAVN Life’s recently launched natural health products, and its line of white label products.
PSLY.COM will also be the name of the recently acquired 12x 12 estate in The Sandbox, a virtual world where players can build, own, and monetize their gaming experiences on the Ethereum blockchain.
Under the existing agreement, HAVN Life supplied naturally-derived psilocybin compounds to Mycotopia for U.S.-based universities, researchers and companies.
Why It Matters?
The expanded agreement will provide Mycotopia Therapies with HAVN Life’s functional mushrooms, as well as the white label supply and distribution of HAVN’s line of natural OTC health products currently being registered with the Jamaican Ministry of Health.
“We are delighted to grow our partnership with Mycotopia through the expansion of our supply agreement,” Tim Moore, HAVN Life CEO, said. “We welcome the opportunity to see our products reach a broader market and look forward to working with Ben and his team in their development of plant-derived, therapeutic treatment options that address global mental healthcare needs.”
Mycotopia Therapies announced it had entered into a letter of intent regarding a potential acquisition of botanical psilocybin pioneer, Ei.Ventures In December.
What’s Next?
Mycotopia Therapies and Ei.Ventures are moving forward with the acquisition, and Ei.Ventures has announced plans to end its Reg A filing with the SEC on March 22, 2022.
Post-acquisition, the name of the company will be changed to PSLY.COM, and management intends to pursue a NASDAQ listing.
Once a definitive agreement is reached, the combined companies will pool their resources to develop regulatory approved, plant-derived, psychoactive therapeutic treatment options and non-psychoactive nutritional supplements and related products that address global mental healthcare needs.
One of the first things the combined companies will focus on is using HAVN products with PSLY.COM’s MANA products, its line of whole-plant based medicinal mushroom nutraceuticals being developed for the consumer market.
As part of its Mental Wellness platform, PSLY.COM is also planning to launch a Telepsychiatry App, which will be designed to support patients and wellness-seekers on their healing journeys.
“This expanded agreement supports our ambitious product development and R&D milestones by offering a potential alternative to synthetic derived psilocybin at a fraction of the cost,” Ben Kaplan, CEO of Mycotopia Therapies, said.
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