Kaya Extracts expands its plans to target the multibillion-dollar industry for the development, marketing and distribution of psilocybin mushrooms
KINGSTON, Jamaica and LOS ANGELES, May 10, 2023 (GLOBE NEWSWIRE) -- Kaya Group ("Kaya" or "the Company") (OTC: NUGL), the first medicinal Ganja herb house in the Caribbean and holistic, wellness-focused ecosystem, announced today its Kaya Extracts subsidiary plans to expand its product offerings in Jamaica's legal psilocybin market by introducing two new SKUs of Psychedelic Mushroom Chocolate. Kaya will sell its Psychedelic Mushroom Chocolate in a flat bar that contains 1000mg of psilocybin per bar that can be broken into four equal-sized pieces containing 250mg of psilocybin per square. Each square can be divided into smaller, fractional pieces for a scheduled psilocybin microdose routine. Kaya's Psychedelic Mushroom Chocolate bar will consist of individually wrapped Jamaican-sourced, handmade dark, and white chocolate.
Psilocybin, a naturally occurring psychedelic compound found in certain mushrooms, has gained increasing attention for its potential to treat various mental health conditions, including depression, anxiety, and addiction. According to a recent article in Psychology today, psychedelic mushroom chocolate was first used by the Aztecs in a practice called "cacahua-xochitl," which translates as "chocolate-mushrooms." The chemicals in chocolate may enhance the actions of psilocybin on the brain, as the tyramine and PEA in chocolate slow the metabolism of psilocybin, creating a positive association between microdosing and reduced severity of symptoms of depression, anxiety, and stress. Microdosing usually involves successive self-administration within a limited time period of low doses that do not impair normal functioning.
While mushrooms containing the psychoactive compound psilocybin remain illegal in most parts of Europe and the United States, Jamaica's government has never outlawed the hallucinogenic fungus. The move has been hailed as a major step forward for the global psychedelic movement and could have significant implications for the future of mental health treatment.
Psilocybin in Jamaica has been driven in part by the country's longstanding tradition of using natural plant medicines in spiritual and religious practices. Psilocybin mushrooms, also known as "magic mushrooms," have been used for centuries by indigenous communities in Jamaica and other parts of the world for their psychoactive and spiritual properties.
Advocates of psilocybin argue that the substance has significant therapeutic potential for treating a wide range of mental health conditions, including depression, anxiety, and addiction. Research has shown that psilocybin can help reduce symptoms of these conditions by inducing a state of heightened introspection and self-reflection, leading to more significant insights and perspectives on one's thoughts and behaviors.
The Global Psychedelic Drugs Market Size accounted for USD 2.6 Billion in 2022 and is estimated to achieve a market size of USD 7.1 Billion by 2032 growing at a CAGR of 10.9% from 2023 to 2032. Australia currently allows the use of psilocybin and Thailand is expected to allow its use in the near future. This places Kaya in a position to potentially export its products to these countries, should the opportunity arise.
"Jamaica has a rich heritage of using natural substances for medicinal and spiritual purposes, and psychedelics are proving beneficial for Jamaica's tourism industry. How we position this tourism experience will likely align with the health and wellness industry,” said Bali Vaswani, Chief Executive Officer of NUGL and Founder of Kaya. Mr. Vaswani continued, “We will continue our commitment to conducting rigorous research and adhering to the highest safety and quality standards as we work with the Jamaican community to bring the transformative power of psilocybin to those who can benefit from it. Kaya's Psychedelic Mushroom Chocolate bars will exceed everyone's expectations."
About Kaya Group and NUGL Inc.
Kaya is a leader in Jamaica's fast-growing hospitality and tourism industry through its three Kaya Herb House retail locations and its Gap Café wellness center. Kaya Herb House Drax Hall near Ocho Rios is Jamaica's first legal Medical Marijuana dispensary and the company's flagship retail complex. It is also the base for Kaya's cultivation and processing operations. The second Kaya Herb House in Kingston is located minutes from the Bob Marley Museum, Jamaica House, the Office of the Prime Minister, and the French Embassy in the heart of Kingston within the golden triangle. Kaya's third retail location in the historic town of Falmouth is minutes from the cruise ship terminal and about 30 minutes from Montego Bay. Kaya recently opened the first phase of its Wellness Center at The Gap Café, located in the pristine hills of the Jamaican Blue Mountains, approximately 21 miles from Kingston outside the entrance to Holywell Recreation Park. The Gap Café has been a Jamaican treasure for nearly a century and has been operated by Kaya as a wellness center since December 2022.
Kaya offers tours of Kaya Farm at its Drax Hall location, which has more than 45 different genetics being cultivated and processed. All of our Kaya Herb House retail locations include:
- A Dab Bar Consumption Lounge.
- An authentic Italian thin-crust pizzeria.
- Our world-renowned Square Grouper bar.
Kaya targets the potential multibillion-dollar industry for developing, marketing, and distributing psilocybin mushrooms, which are legal in Jamaica, through its Kaya Extracts division. For more information about Kaya, please visit https://kayaherbhouse.com.
Follow Kaya on social media using the links below:
The NUGL platform provides companies in the cannabis industry targeted networking and advertising opportunities to expand their reach by connecting with consumers, where cannabis is legal.
Forward-Looking Statements
Certain statements in this press release may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include projections of matters that affect revenue, operating expenses, or net earnings; projections of growth; and assumptions relating to the preceding. Such forward-looking statements generally start with the "plans," "anticipates," "expects," "believes," or similar words of like kind. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or qualified. Future events and actual results could differ materially from those outlined in, contemplated by, or underlying the forward-looking information. The company's business plan addresses these factors in greater detail, along with NUGL's current financial filings with the OTC Markets Group.
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