Negev Capital has invested an undisclosed amount into a life sciences company focused on the production and distribution of artisanal functional mushrooms, Psyched Wellness Ltd. (CSE: PSYC) (OTCQB: PSYCF) (FSE: 5U9) (the "Company" or "Psyched").

Negev Capital is a psychedelic medical intervention investment fund with assets of USD$25+ million.

Psyched is a Canadian-based supplements company focused on the distribution and development of mushroom-derived products that have the potential to become leading brands in the functional food market, particularly in North America. Psyched's most exciting product is a line of Amanita muscaria-derived water-based extracts, teas and capsules designed to help with anxiety/stress, and sleep.

"We are very excited to report our initial investment and expected ongoing partnership with Psyched Wellness. They recently announced that they have begun multiple preclinical studies on their Amanita Muscaria Extract (AME-1), focused on the extract's neurobehavioral efficacy (particularly on sleep and anxiety) and safety. Their hope is that they will be able to bring AME-1 to market in 2022 as the first extract from psychedelic mushrooms that is legal for human consumption in the health and wellness markets. Their longer term goal is to achieve FDA-approval for the medical market," said Ken Belotsky, Negev Capital, Partner.

"Our due diligence for Psyched was very extensive. We engaged the company and its scientific team in detailed and comprehensive discussion regarding the approval strategy, preclinical studies, toxicologic results, manufacturing challenges, and development timelines. We were impressed with management's attention to detail and shareholder value, and their ability to proceed with their intended plan. Further, we were impressed with the scientific advisors, especially Prof David Nutt, who will be soon beginning an AME-1 sleep study at Imperial College, with the aim of demonstrating efficacy for insomnia without residual hangover. We have decided to slowly increase our partnership with Psyched, beginning our support with a relatively small investment, with the plan to increase our stake as progress is made towards AME-1 approval," continued Stuart Seidman, Negev Capital, Partner.

"Completing the sleep study and obtaining a structure/function claim for AME-1 on humans is a very significant milestone, not only for the Company but for everyone that suffers from insomnia and sleeping disorders," said David Shisel, COO of Psyched Wellness.

''Negev Capital taking on a position at this stage is an acknowledgement of confidence and supporting the future growth of the company.'' - Jeff Stevens, CEO Psyched Wellness

Notes to Editor

About Negev Capital

Negev Capital is a psychedelic medical intervention investment fund with assets of USD$20+ million. We invest in drug discovery, with a focus on preclinical and/or Phase 1 stages of development. We aim to support those early stage companies in need of capital that promote the thoughtful, responsible, medical use of psychedelic medication for psychiatric disorders, and who have excellent management and science teams, and solid IP.

We believe that psychedelic medications will be not only disruptive to the practice of psychiatry, but hold the potential to reduce enormous amounts of human suffering, and we are committed to helping the field mature, and further promote ways for these treatments to reach all of those in need.

For further information, please visit https://negevcap.com/.

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About Psyched Wellness Ltd.

Psyched Wellness Ltd. is a Canadian-based health supplements company dedicated to the distribution of mushroom-derived products and associated consumer packaged goods. The Company's objective is to create premium mushroom-derived products that have the potential to become a leading North American brand in the emerging functional food category. The Company is in the process of developing a line of Amanita muscaria-derived water-based extracts, teas and capsules designed to help with three health objectives: promote stress relief, relaxation and assist with restful sleeping.