Psyence Group Announces the Closing of the Previously Announced Strategic Restructuring of Its Non-Clinical Business

TORONTO, March 26, 2024 (GLOBE NEWSWIRE) -- Further to the announcement by Psyence Group Inc ("Psyence" or the "Company") (CSE:PSYG) of its plans for the strategic restructuring of its non-clinical business through a conditional M&A transaction (the "Transaction"), Psyence is pleased to announce that the conditions to implement the Transaction have been met and that the Transaction has closed.

Psyence has built a network of potential clients and customers, and successfully and lawfully distributed psilocybin internationally, both itself and via its strategic partners. Psyence plans to leverage its experience and expertise in the sector to build a pipeline of business, a route-to-market, as well as a lawful and fully licensed distribution network and logistics plan for the distribution of psilocybin globally. Psyence will play a vital role in ensuring the commercial success of the Transaction target non-clinical assets and business and will continue exploring new markets for medical grade psilocybin and active pharmaceutical ingredients.

FORWARD LOOKING STATEMENTS:

Certain statements in this news release related to Psyence Group Inc and its subsidiaries (collectively the "Company") are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "may", "should", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the successful development and commercialisation of products and services from the Transaction target non-clinical assets and businesses and Psyence's ability to build a pipeline of business for such products and services. These forward-looking statements are based on a number of assumptions, including the assumptions that fund raising efforts will yield favourable results to attract sufficient private investment to realise strategic goals. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information. These risks and uncertainties include not raising sufficient private investment to execute business objectives and that the products developed will not find commercial success in the global medical, R&D and OTC markets. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.