VANCOUVER, British Columbia, June 2, 2020 /PRNewswire/ -- NewLeaf Brands Inc. (CSE: NLB) (OTC: NLBIF) (FSE: 0NF) ("NewLeaf Brands" or the "Company"), soon to put into effect its name change to Mydecine Group, is pleased to announce the completion of its wholly-owned and operated world class R&D Lab and Facilities focused on the mycology of the fungtional© mushroom space.
Earlier last year, Denver became the first U.S. city to decriminalize mushrooms containing the psychedelic substance psilocybin. The proposal, Initiative 301, suggested making both personal use and possession of psilocybin mushrooms among people 21 and older, the lowest possible law enforcement priority in Denver. In addition, the Initiative prohibits the city from spending resources to pursue criminal penalties related to the use or possession of psilocybin mushrooms among people 21 and older. Now, Mydecine's research and product development lab and facilities will be the first of its type in North America and demonstrates the Company's aggressive plans and approach in leading this exciting space into the future.
"With the addition of Rob Roscow as CSO, I'm incredibly excited to move into our 7,500 sq. ft. lab in Colorado," Josh Bartch, CEO of NewLeaf Brands, said. "Opening this lab gives us the opportunity to develop unique IP revolving around a number of exotic breeds of fungi. For ages, varieties of mushrooms have been used in Eastern medicines to help treat many types of ailments and have been known to hold immense health benefits. We know the various compounds work but there's a lot to be discovered as to why there is, which holds a vast potential blue sky to improve the efficiency and efficacy of these various compounds."
The Lab will be run by Mydecine's CSO Rob Roscow and Dr. Mali Reddy, a seven-time Nobel peace prize nominee, along with a number of associate scientists. The Company will also continue to expand on the build out by adding additional staff and equipment to the new headquarters lab in Denver to strengthen Mydecine's research and development capacities. The 7,500 sq. ft. facility will serve as a central hub for all of Mydecine's research and will spearhead the Company's investigation into fungtional mushrooms for human wellness. The facility will be housed in a purposely renovated lab space; Dr. Mali Reddy, a scientific advisor to Mydecine, previously utilized this space to run FDA compliant testing on food products. This prior use has greatly accelerated the timeline of renovation and allowed for repurposing of expensive industrial and scientific equipment, saving Mydecine both time and funds in the process of establishing this cutting-edge facility.
The facility will house state-of-the-art chemical analysis, genomic sequencing, purification, and tissue culture capabilities. Mydecine will use this capacity to leverage knowledge found in traditional medicine, and academic literature, for new innovations. Fungtional mushrooms have long been held in high regard for their healing properties by cultures around the world. This potential for healing is not well developed in modern society. As such, Mydecine will use its research to drive the development of products that give the consumer full access to this healing potential.
"We strongly believe in the power that fungtional© mushroom compounds and formulations will be able to provide. Similar to cannabis with its hundreds of various chemical profiles, varieties of fungi also provide a pharmacopoeia of hundreds if not thousands of unique chemical properties that are beneficial for human consumption. Our genetics and pharmacology teams are currently trying to define exactly what these chemicals can be used for independently and also synergistically to take both a mono and poly pharmacological approach toward developing retail products where the outside label matches the ingredients within. We will start with the infusion of simple common products with the extracts from fungi varieties such as lion's mane mushroom and mycelium, reishi, cordyceps, turkey tail, to name a few that the general market can relate to rather easily at first and build out the portfolio bigger each year in parallel with our educational and marketing platforms," said Damon Michaels, COO of NewLeaf Brands.
Mydecine is assembling an expansive and highly capable ecosystem of resources designed to unlock the healing and wellness power of fungi. The Company strongly believes in the untapped potential of fungi for the betterment of the human condition and that this potential will only be fully available to everyone with a much better understanding of mushrooms and their compounds; this understanding will require pointed research to uncover and Mydecine is currently conducting this research with in-house resources and partnerships.
About NewLeaf Brands
NewLeaf Brands Inc. is the parent company operating innovative product divisions in the Naturally Sourced Therapies (NST) space. While controlling a variety of Psilocybin and hemp-derived CBD brands that design, manufacture and distribute cutting edge products, NewLeaf Brands Inc. further enhances its portfolio with numerous cultivation properties, retail locations, and other land assets.
NewLeaf Brands Inc. is the progressive and innovative Naturally Sourced Therapies (NST) lifestyle group known around the globe. Focusing on the rapidly emerging psilocybin and psychedelic medicines market, the Company's wholly-owned subsidiary 1220611 B.C. Ltd. (operating as Mydecine Group) ("Mydecine") is a vertically integrated company engaged to utilize the vast medicinal, health and wellness capabilities of the various compounds found in mycology as a whole. Established to parallel the early emergence of the industry, Mydecine aims to be a pioneer in the cultivation, processing, product development, and research and development of mycology's exciting compounds through its three divisions, "Mydecine Farms," "Mydecine Wellness" and "Mydecine Labs." Furthermore, the Company's wholly-owned subsidiaries in the hemp-derived CBD space, We are Kured LLC, Drink Fresh Water LLC, Relyfe Brand LLC, Fresh Water CBD LLC and TeaLief Brand LLC have quickly developed into market leaders and maintain extensive retail and cultivation land investments in the United States.
For further information about NewLeaf Brands, please consult the Company's profile on SEDAR at www.sedar.com or visit the Company's website at www.NABrandsInc.com. For further information about We Are Kured, please visit their website at www.wearekured.com.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to completion of planned improvements at both the Canadian and US sites on schedule and on budget, the availability of financing needed to complete the Company's planned improvements on commercially reasonable terms, planned occupancy by the tenant-growers, commencement of operations, differences in yield on expected harvests, delays in obtaining statutory approval for marijuana production plans, issues that may arise throughout the grow period, outdoor crops affected by weather, the ability to mitigate the risk of loss through appropriate insurance policies, and the risks presented by federal statutes that may contradict local and state legislation respecting legalized marijuana. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
This news release does not constitute an offer of securities for sale in the United States. These securities have not and will not be registered under United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to a U.S. Person unless so registered, or an exemption from registration is relied upon.