Optimind Pharma Corp. ('Optimind' or the 'Company') provided an update on the Company's joint venture with Manitari Pharma Corporation ('Manitari Pharma'), which is 40% owned by Optimind. Manitari Pharma, which has submitted an application to Health Canada for a Controlled Substances Dealer's License for Psilocybin Research Purposes, has begun the process of permitting and planning the build-out of its facility in accordance with the guidance of Health Canada.

Health Canada has approved Manitari Pharma's plan, pending final inspection, to install a Security Level 3 vault and grow rooms based on the Health Canada Directive on Physical Security Requirements for Controlled Substances and Drugs. A Dealer's License would permit Manitari Pharma to perform the following activities: procure controlled substances, including by import, synthesis, propagation, cultivation, and harvesting of psychedelic mushrooms for Psilocybin extraction; research and manufacture controlled substances such as Psilocybin and Psilocin; business-to-business sale of controlled substances, including by export; and sale of controlled substances via pharmacies. Optimind is an emerging provider of psychedelic therapy focusing on two key business verticals: its ReadyToGo Clinic in London, ON, with plans for future locations; and, Psilocybin research via its joint venture with Manitari Pharma, a First Nations focused company whose mission is to provide care to the First Nations community.

Optimind offers psychedelic-assisted treatment to patients suffering from PTSD, anxiety, depression, and other mental illnesses and disabilities by providing ketamine assisted treatment and other psychedelic enhanced psychotherapy modalities. The joint venture with Manitari Pharma aims to help bring awareness to the benefits of psychedelic-assisted psychotherapy and advocate for federal approvals to treat depression and anxiety which remains a disproportionately large issue for the indigenous community. There is an urgent need to address the rates of depression, PTSD, anxiety, phobias and addictions in First Nations communities.