NewLeaf Brands Provides an Update to its Shareholders on Recent Corporate Developments and Shares a Positive Outlook - Seite 3

The Company then announced that Mydecine had begun work to build an ecosystem of resources targeted at unlocking the potential of fungi for human wellness as well as the build out of a specialty mycology lab in Denver, Colorado. The lab will serve Mydecine's needs for the study, selection and cultivation of valuable and rare fungal products and will incorporate state of the art analytical chemistry, molecular biology, next-gen sequencing, and tissue culture. However, since the May 19th announcement, the scope of the project has increased drastically, and the Company intends to announce further updates on its progress in the near future.

Then, on May 21st, NewLeaf Brands signed a non-binding Letter of Intent ("LOI") with MindLeap Health Inc. ("MindLeap") pursuant to which NewLeaf Brands will acquire, by way of share exchange, 100% of all of the issued and outstanding securities of MindLeap, an arm's length company. MindLeap is an advanced telemedicine digital health platform that helps people connect with mental health specialists that can empower them to thrive and develop habits for a healthy mind. While the NewLeaf Brands team has already made it through the due diligence phase, it is currently working on definitive negotiations, with the transaction expected to close soon.

The next day, May 22nd, a broker private placement led by Canaccord Genuity saw great success, as the offering closed and was heavily oversubscribed on the same day that it was opened. NewLeaf Brands is proud to have the full support of the Canaccord team and expects a long and fruitful relationship to develop between the two entities.

Lastly, on May 26th, the Company had appointed Dr. Aubrey Oliver ND, RBT to be its newest advisor. Dr. Oliver is a Jamaican registered Functional Holistic doctor and a graduate of Ashford University in Complementary and Alternative Medicine. In recent years, Dr. Oliver was the Coordinating Physician with Caribbean Clinical Research Associates on the first clinical research of its kind which dealt with CBD oil, nano liposome, and alcohol-based forms to find out the absorbency efficacy on healthy cells. Now, Mr. Oliver is spearheading the Company's efforts to establish various resorts in the Caribbean country to house its unique and advanced psilocybin retreats. Partnering with industry's top minds and authorities to bring project to fruition, NewLeaf Brands expects to issue numerous updates on the progress of these efforts  soon.