VANCOUVER, British Columbia, Sept. 24, 2019 /PRNewswire/ -- The Yield Growth Corp. (CSE: BOSS) (OTCQB: BOSQF) (FSE: YG3) is pleased to announce that its newly created subsidiary Flourish Mushroom Labs Inc. entered into an agreement on September 20, 2019 to purchase nine recipes which include edible mushrooms as a key ingredient. The acquisition is from a consortium of creators of the formulas, including a chemical engineer, a holistic health coach and food chemist, and a chef (the "Consortium"), and is expected to be completed within 30 days. Yield Growth announced on September 17th, its entry into the edible mushroom market with an agreement to acquire 30% of Absolem Health Corp., owner of One Up Pure Energy, which has edible mushroom snacks registered with Health Canada.
Yield Growth will acquire nine mushroom ingredient formulas for potential use with psychedelic mushrooms
The formulas and know-how to be acquired relate to formulations that may be used to create ready to eat packaged food products or packaged food products that may be mixed with mushroom varietals of the consumer's choice. The formulations are:
- Chai latte green tea flavor mushroom tea;
- Lemon grass, lemon and hibiscus lemon mushroom tea,
- Veggie mix for mushroom soup;
- Miso dehydrated seaweed mix for mushroom soup;
- Hot cocoa, coconut sugar and vanilla flavoured mushroom elixir;
- Pumpkin spice mushroom elixir;
- White chocolate truffle relaxing formula;
- Dark chocolate truffle energy formula; and
- Wild mushroom bliss ball with coco and dried fruits
"These healthy edible mushroom formulations have the potential to be made with psilocybin mushrooms in jurisdictions where magic mushrooms are legal," says Yield Growth CEO Penny Green. "We are pleased to add mushroom formulas to our extensive catalogue of cannabis formulas which are at various stages of commercialization."
According to awholenewhigh.com, magic mushrooms have been decriminalized in Austria, Portugal, Czech Republic, Cyprus, Italy and Spain. According to alltherooms.com, there are no laws preventing the sale, distribution, or use of psilocybin in Brazil, Jamaica or Peru. In the U.S., Denver and Oakland have decriminalized magic mushrooms. On September 12, 2019 the city council for Vancouver, British Columbia struck down a motion to deter and prevent the sale of psilocybin mushrooms, showing signs of political support for legalization.
While magic mushrooms are illegal in Canada, psilocybin is being studied for its potential to treat mental illnesses like anxiety, depression, and PTSD. According to The Guardian, new trials have shown the drug psilocybin to be highly effective in treating depression. Allied Market Research projects the global antidepressant market will be worth nearly $16 billion by 2023.
The Consortium developed a description of various wild mushrooms that could be used in the formulations and various health benefits that can accrue to people eating those mushrooms, as determined by researching data published from clinical trials and from knowledge of Chinese, Tibetan and Ayurvedic medicine. The varieties of mushrooms to be used in the formulations include Lion's Mane, Turkey Tail, Reishi, Shitake, Chagas, Cordyceps and other wild varietals. The research and data on health benefits is included in the purchase by Flourish.
Flourish shall purchase the formulations and all know how and data related to the formulations from the Consortium with the issuance of 120,000 common shares of Yield Growth at market price.
About The Yield Growth Corp.
The Yield Growth Corp. is building and operating hemp, cannabis and mushroom wellness assets in the $4.2 trillion-dollar global wellness market. The Yield Growth management team has deep experience with global brands including Johnson & Johnson, Procter & Gamble, M·A·C Cosmetics, Skechers, Best Buy and Aritzia. Its all natural hemp skin care brand, Urban Juve, has signed distribution agreements in Canada, Columbia, Brasil, Greece and Cyprus and through its distributor network has access to over 8,000 retail locations. Urban Juve has been featured in UK Vogue and Elle Canada and has an alliance with leading online beauty community, ipsy. Yield Growth's Wright & Well brands are launching a THC/CBD line of topical products in Oregon and a CBD from hemp topicals line in California this fall.
Through its subsidiaries, Yield Growth has over 200 proprietary beauty, wellness, edibles and beverage formulas for commercialization. It has filed 12 patents to protect its extraction method and formulas. Yield Growth also acquires interests in start ups and provides incubation services to emerging wellness companies. Yield Growth is in revenue through multiple streams including licensing, services and product sales.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking information and statements (collectively, "forward looking statements") under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, intellectual property protection, and sale of, and demand for, Urban Juve, Wright & Well and UJ Beverages products, general business, economic, competitive, political and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets. Yield Growth cautions readers not to place undue reliance on forward-looking statements provided by Yield Growth, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Yield Growth expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
Investor Relations Contacts:
Penny White, President & CEO
Kristina Pillon, Investor Relations
SOURCE The Yield Growth Corporation