Vancouver, British Columbia--(Newsfile Corp. - May 7, 2020) - The Yield Growth Corp. (CSE: BOSS) (OTCQB: BOSQF) (FSE: YG3) announces its majority owned subsidiary NeonMind has entered into an agreement entitled "CLINICAL TRIALS START-UP STUDY AGREEMENT" with Translational Life Sciences Inc. ("TLS") to initiate clinical trials to test certain potential therapeutic effects of psilocybin and other compounds in psychedelic mushrooms.
NeonMind and Translational Life Sciences to Design Psilocybin Mushroom Clinical Trials
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According to the terms of the engagement, signed on May 6, 2020, NeonMind and TLS shall work together to conduct the evaluation of psilocin or psilocybin on cravings, on the metabolism, on food addiction and on glucose and hormone levels. Neon authorizes TLS to perform activities required to prepare for and conduct the study and the parties shall work towards entering into a clinical study agreement. NeonMind shall pay for all costs related to the study and TLS shall arrange for prior approval by Health Canada, and engagement of all necessary parties to conduct the study.
TLS offers services to design and oversee clinical trials of restricted substances for third parties. It's team is composed of physicians and scientists who are recognized thought leaders in the fields of Neurology, Pharmacology, Pain Management, Addiction and Biochemistry and have significant experience in the clinical application of cannabinoid compounds.
The founder of TLS, Dr. Panenka, is a dually boarded Neurologist and Psychiatrist and Canadian Institute of Health Research funded academic faculty member at the University of British Columbia. Dr. Paneka did a post doctoral fellowship at UBC and Harvard University, and maintains an internationally recognized research program in brain injury, mental health and addictions.
About NeonMind Biosciences Inc.
NeonMind is dedicated to the enhancement of human life and wellness through the advancement of bioscience to engage the mind to heal the body. It aims to be a leader in the fast-growing functional and adaptogenic foods market, and is engaged in research and the development of products and services using medicinal and psychedelic mushrooms to heal the body through the mind. NeonMind has filed a U.S. provisional patent application to protect the invention that the administration of psilocin and/or psilocybin results in overall weight loss in individuals by reducing food cravings, counteracting compulsive overeating, improving quality of diet, increasing metabolism, treating diabetes, regulating blood glucose and reducing susceptibility to cardiovascular disease, high blood pressure, diabetes mellitus and other illnesses associated with obesity. NeonMind owns 18% of Translational Life Sciences Inc. The Yield Growth Corp. owns approximately 69% of the issued and outstanding stock of NeonMind.
About The Yield Growth Corp.
The Yield Growth Corp. is a phytoceutical and consumer packaged goods company that develops and acquires intellectual property and other assets related to plant-based products and therapeutics, and develops, manufactures, markets, sells and distributes plant-based products that improve lives. It has over 200 proprietary wellness formulas at various stages of commercialization. Its products are sold through e-commerce worldwide and retail stores in 3 countries with distribution agreements in place for 12 more countries. It has 14 patent applications filed in what the Global Wellness Institute reports is a $4.2 trillion-dollar global wellness market. Its majority owned subsidiary NeonMind Biosciences Inc. is launching a line of medicinal mushroom products and is developing intellectual property in the emerging area of psychedelic medicine. The Yield Growth management team has deep experience with global brands including Johnson & Johnson, Procter & Gamble, Skechers and Aritzia.
Investor Relations Contacts:
Penny White, President & CEO
Kevan Matheson, Investor Relations
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents 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 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, brand development, availability of packaging, intellectual property protection, reduced global commerce and reduced access to raw materials and other supplies do to the spread of the Coronavirus, the potential for not acquiring any rights as a result of the patent application and any products making use of the intellectual property may be ineffective or the company may be unsuccessful in commercializing them; and other approvals will be required before commercial exploitation of the intellectual property can happen. The laws around cultivating, selling and using psychedelic mushrooms would need to change in most jurisdictions in order for the use of psychedelic products to be legal and sale of, and demand for, Urban Juve, Wright & Well, NeonMind and Jack n Jane 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.
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