Clearmind Medicine Advances its Proprietary Psychedelic- Based Synthetic Alcohol Beverage Product

The global market of no- and low-alcohol beverages estimated at over $13 billion in 2023

Vancouver, Canada, May 10, 2024 (GLOBE NEWSWIRE) -- Clearmind Medicine Inc. (Nasdaq: CMND), (FSE: CWY0) (“Clearmind” or the "Company"), a clinical-stage biotech company focused on discovery and development of novel psychedelic-derived therapeutics to solve major under-treated health problems, announces advancement in its proprietary MEAI- based alcohol substitute beverage program.

The Company has completed most of the pre-clinical studies required for a novel-food application submission according to novel foods and food additives legislation and regulations accepted in many jurisdictions worldwide.

Clearmind’s alcohol substitute was granted patents in the U.S., India and Europe. This project is being led by former Red Bull Canada and Juul Labs Canada executive, Nicholas Kadysh, serving as an Executive Special Advisor to the Company.

Dr. Adi Zullof-Shani, CEO of Clearmind, stated, “As we push the boundaries of innovation within the beverage industry, Clearmind's proprietary MEAI-based, ethanol free, alcohol substitute presents a significant health-focused alternative that aligns with the growing global trend towards no- and low-alcohol consumption. We believe that this progress is a signal to the market that we are on the verge of introducing a groundbreaking product that will allow the benefits of drinking without the health implications that complies with consumer health trends.”

According to a report by IWSR, the leader in global beverage alcohol data and insights, no- and low-alcohol consumption across the world’s leading 10 no/low markets, which account for approximately 70% of global no/low-alcohol volumes, grew by +5% in volume in 2023, and the market is now worth over $13 billion. The no/low alcohol category is forecast to grow at a volume CAGR of +6% between 2023 and 2027, led by no-alcohol at +7%, with low-alcohol expanding by +3% over the same timescale.

About Clearmind Medicine Inc.

Clearmind is a clinical-stage psychedelic pharmaceutical biotech company focused on the discovery and development of novel psychedelic-derived therapeutics to solve widespread and underserved health problems, including alcohol use disorder. Its primary objective is to research and develop psychedelic-based compounds and attempt to commercialize them as regulated medicines, foods or supplements.