In the bustling heart of Miami, amidst the buzz of the Benzinga Cannabis and Psychedelics Capital Conference, a pivotal conversation ignited a partnership destined to revolutionize the world of wellness. Jeff Stevens, CEO of Psyched Wellness (CSE:PSYC) (OTCQB:PSYCF) (FSE: 5U9), and Harrison Aaron of cannabis investment firm Gotham Green were about to embark on a journey fueled by the potential of the Amanita Muscaria mushroom.
What's Psyched Wellness
Psyched Wellness is a pioneer in the field of life sciences. Its focus is the production and distribution of wellness products derived from the Amanita Muscaria mushroom.
The company has developed its proprietary extract, AME-1, which, after years of thorough studies and stringent US GRAS certification, has proven safe for human consumption.
A Multi-Million Dollar Conversation
The meeting between Stevens and Aaron led to a binding agreement between Psyched Wellness and Gotham Green Fund III. This collaboration paves the way for a capital infusion of up to $7.52 million (approximately C$10,217,250) into Psyched Wellness. With this investment, Gotham Green aims to facilitate the nationwide rollout of products centered around AME-1.
Stevens emphasized the significance of this alliance, arguing that "Attracting this prospective majority investment from Gotham Green Partners is a clear validation of what we've accomplished to date." The injection of funds demonstrates the perceived potential for AME-1 and other Amanita Muscaria products within the mainstream consumer packaged goods space.
The investment will unfold in several tranches. The first, amounting to $500,000 has set the stage for the first part of the second tranche, which brought in an additional $4.5 million. Tranche 2b will inject up to $2.5 million into the company.
More Than Money
The agreement between these two companies extends beyond mere financial commitment. The Investor Rights Agreement provides Gotham Green with the right to nominate board members, potentially shifting the dynamics of the company's governance structure.
Stevens, expressing his exhilaration over the upcoming changes, emphasized the importance of this development for his company's investors: "We believe that the closing of this strategic investment would ensure the company is able to capitalize upon its first-mover advantage and fund its next stages of growth."
The partnership formed in the halls of a Benzinga conference has the potential to create a ripple effect within the health and wellness industry. The strength of the alliance between Psyched Wellness and Gotham Green, coupled with the untapped potential of the Amanita Muscaria mushroom, may mark the dawn of a new era in wellness, an era defined by the fusion of ancient wisdom and modern science.
The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this September 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding. Be smart, like Jeff Stevens: come raise millions with us!