Doseology Prepares for Growth Phase in Psychedelic-Focused Mental Health Market, Completes Dealer's License Application

VERNON, BC, Dec. 6, 2021 /CNW/ - In preparation for the expected growth in the psychedelic mushroom market, Doseology Sciences Inc. (CSE: MOOD) ("Doseology" or the "Company") has submitted its application with Health Canada to become a "Licensed Dealer" under the Controlled Drugs and Substances Act (Canada).

The global psychedelic drug market is expected by Data Bridge Market Research to reach approximately US $7.5 billion by 2028, more than a 250 percent increase from 2020 levels. Globally, dozens of clinical trials are underway to evaluate the effect that psilocybin—a naturally occurring psychedelic compound found in many mushrooms—may have on various conditions, including alcoholism, depression, anxiety, and tobacco and opioid addiction.

Upon approval, the Controlled Drugs and Substances Dealer's Licence would permit Doseology to produce, possess, process, sell, send, transport, and deliver psychedelic compounds, including psilocybin and psilocin from mushrooms. As an important milestone in the Company's roadmap, it will allow for producing novel strains of magic mushrooms, sales to authorized parties, and potential new therapeutic applications.

Doseology is well-equipped for the large-scale production and processing of mushroom products. Situated on a 23-acre property, it currently operates from a 4,500 sq. ft. purpose-built facility for psychedelic mushroom cultivation which includes equipment for the safe and proper storage of refined product.

On these recent developments, CEO of Doseology, Daniel Vice, remarked, "With the COVID-19 pandemic raging on, psychiatry, and society itself confronts tremendous challenges with epidemic rates of depression, anxiety, suicide, and opioid-related fatalities. Given the slow and modest advances in psychiatric treatments, new and innovative mental health solutions are urgently needed to deliver healing options for millions of people."

Doseology is currently positioned as an innovative producer in the high-growth nutraceutical market, which is estimated to reach US $722.49 billion by 2027 by Grand View Research, Inc. The Company has already developed its first six proprietary non-psychedelic mushroom-based nutraceuticals. All six have been granted Natural Product Numbers (NPN) and are approved for sale in the U.S. and Canada.

More information on Doseology's recent developments regarding functional and psychedelic magic mushrooms can be viewed on the Investor News page.

On Behalf of the Board of Directors

"Daniel Vice"
Daniel Vice
Chief Executive Officer and Director

About Doseology Sciences Inc.

Doseology Sciences Inc. (CSE: MOOD) is a British Columbia-based diversified life sciences company, on a mission to reimagine mental health therapies through innovation, technology and sustainability. With a focus on psychedelic and non-psychedelic compounds, Doseology will offer cutting edge therapeutic products and services, with the aim of making a meaningful impact on the mental health pandemic and improving overall health.

Forward Looking Statements

This corporate update contains statements which constitute "forward–looking information" within the meaning of applicable securities laws. Forward–looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect" or similar expressions. Readers are cautioned that forward–looking information is not based on historical facts but instead reflects the Company's management's expectations, estimates or projections concerning the business of the Company's future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward–looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward–looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; decreases in the prevailing prices for products in the markets that the Company operates in; adverse changes in applicable laws or adverse changes in the application or enforcement of current laws; regulations and enforcement priorities of governmental authorities; compliance with government regulation and related costs; and other risks described in the Prospectus. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward–looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward–looking information except as otherwise required by applicable law.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The Company's securities have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States, or to or for the account or benefit of any person in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States, or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

The CSE does not accept responsibility for the adequacy or accuracy of this release.

SOURCE Doseology Sciences Inc.

Investor Relations: [email protected]; Media Inquiries: [email protected]; Telephone: [phone]; Website: www.doseology.com