Psyched Wellness- PSYC (Canadian ticker) PSYCF (US OTC)
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Balance Sheet
As at Aug 31, 2024 the company holds $6.9M cash + another $1.2M in current assets (only $250k in total debt) = net current assets of $7.85M
Current market cap at $.015 is $4.3M
2. The Product
The primary product "Calm" has over 500 good reviews (SOURCE: Junip / psyched wellness website)
I have tried calm myself, and it works great for sleep and stress relief.
Sales have been steadily increasing, Q1: $62k Q2: $250k Q3: ~$350k (Accounting for production cut in August 2024) - SOURCE: Q3 MD&A
3. Exclusivity over the Mushroom
Amanita Muscaria is relatively unknown, but it is not scheduled drug and therefore is legal for sale given it has independently reviewed.
PSYC wellness is the only company in the US that has an independently reviewed amanita extract, so if a company wants to legally sell the product they have to buy PSYC's extract or conduct the studies of their own product (costing over $10M and taking 3-4 years)
4. Attestation
Top Gotham green executive tried the product- he invested $10M in PSYC at $.07. (first shroom stock investment for the hedge firm)
Founders of Harmless Harvest (coconut water company bought out by Danone) TRIED the product and liked it so much they agreed to a partnership to create a drink (SOURCE: PR from April 19, 2024)
RAW just released a product called RAW Mindblowers that uses Psyched wellness proprietary extract. This happened after Raw Josh tried the product and liked it. This is the first time RAW has gone outside of their tradition smoking products. (SOURCE: RAW's Twitter, RAW's YouTube, Psyched Wellnesses YouTube. )
Why is the stock so low?
PSYC had a supply chain disruption in August 2024. dropping the stock to $.02. PSYC has since started selling the product again on their website and signed deals with RAW to supply extract. Meaning production is back online. (SOURCE Psyched Wellness's website)