Toronto, Ontario--(Newsfile Corp. - May 23, 2023) - Psyched Wellness Ltd. (CSE: PSYC) (OTCQB: PSYCF) (FSE: 5U9) (the "Company" or "Psyched"), a life sciences company focused on the production and distribution of health and wellness products derived from the Amanita Muscaria mushroom, is excited to announce they have established a working relationship with My Crew Doses Inc. ("MCD"). MCD is a natural formulation house and brand that will act as one of Psyched's extract formulation evolution partners. Purchasing Psyched's extract, AME-1, they will combine it with additional actives to unlock supplementary uses and customer types. Both organizations are focused on growing the adoption of Amanita derived products to nourish the mind, body, and soul.

Highlights:

• Psyched Wellness is 100% focused on producing the safest and most efficacious Amanita Muscaria extract throughout the globe. As the only publicly traded company to do the necessary research and investment, obtaining legal approval to sell an extract approved for human consumption (AME-1), Psyched can provide MCD with a reliable and consistent source of the Amanita Muscaria active, muscimol.
• Through this arrangement, MCD will be positioned as one of Psyched's preferred formulation evolution partners working with AME-1
• This will accelerate Psyched Wellness' differentiated revenue streams by harnessing MCD's extensive networks and their ability to further customize formulations for other brands.
• MCD has launched their first product, the Ascend Gummy, into the marketplace.

This development will look to rapidly expand the legal Amanita Muscaria consumables category. Growing available brands, offerings, and consumption occasions, for a mushroom that is increasingly in demand throughout the United States.

Psyched Wellness Chief Executive Officer, Jeffrey Stevens, commented: "We are excited to establish this relationship with My Crew Doses (MCD). The team at MCD has incredible depth and relationships in a sector that Psyched is just embarking on. Working with MCD provides Psyched with exposure to the gummy market and the ability to generate revenue from the sale of bulk AME-1 extract. This is the most efficient way for Psyched to enter this segment and scale revenue while we work on establishing our own brands in this and other categories."

In addition to this, MCD's co-founder Brian McCaslin stated: "We are thrilled to be working with the Amanita Muscaria mushroom in our proprietary gummy and tincture formulations. There is a significant demand in the community and it's thrilling to be on the cutting edge of helping to support someone's overall well-being."

Visit https://shop.psyched-wellness.com/ for more information about ordering the product directly.

Curious about Psyched's products or their extract (AME-1) and possible distribution opportunities? Email: This email address is being protected from spambots. You need JavaScript enabled to view it..

For further information, please contact:

Jeffrey Stevens
Chief Executive Officer
Psyched Wellness Ltd.
Tel: 647-400-8494
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.

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.

About My Crew Doses Inc.:

My Crew Doses is an American, PhD-led company that is dedicated to creating innovative and proprietary private label formulations for brands, retailers, and institutions, derived from the Amanita Muscaria mushroom.

Learn more at www.mycrewdoses.com

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Cautionary Statement Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the ability of the Company to develop Amanita Muscaria-derived products; the safety of Amanita Muscaria consumption and the safety and purity of any extracts thereof; and (ii) the uses and potential benefits of Amanita Muscaria.

Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company's ability to continue as a going concern; the Company's ability to continue to develop its mushroom-derived products and associated consumer packaged goods; continued approval of the Company's activities by the relevant governmental and/or regulatory authorities; and the continued growth of the Company.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; risks associated with potential governmental and/or regulatory action with respect to the Company's operations; competition within the psychedelics market; risks with respect to the safety of Amanita Muscaria consumption and the safety and purity of any extracts thereof; and the risk that there is no potential benefit of Amanita Muscaria consumption.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.