Psyched Wellness Ltd. announced that the company: has signed two long term supply agreements for Amanita Muscaria mushrooms, which should supply the Company with enough raw material for its projected 2023 production forecast, has onboarded its online ecommerce store with a new payment processor, Zank Payments, and anticipates its first Amanita Muscaria mushroom-derived product, 'Calm', to launch in the coming months, which is available for pre-order at shop.psyched-wellness.com. Over the past couple of months, the Company has signed long term supply agreements with Polish and Lithuanian suppliers of Amanita Muscaria mushrooms. After sampling a number of batches from each Supplier using a high performance liquid chromatography method at a third-party lab, the company and each Supplier entered into long term supply agreements to secure the company's projected raw material needs for its projected commercial production for the fiscal year 2023. The company intends to purchase mushrooms from the Suppliers in batches of 300-500 kg.

Each Batch will be tested for toxicity, quality, and potency to ensure it complies with the company's strict standards for harvesting, handling, storing, drying and shipping. Pursuant to the terms of each supply agreement, a certain percentage of the Batch will be paid in advance in order for each Supplier to make the necessary arrangements to prepare for the shipments, with the remainder to be paid only after positive lab results are yielded from Batch processing. Any Batch that does not comply with the Company's strict standards will not be utilized by the Company, and payment will not be owed to the Supplier on that portion of the Batch.