Wake Network Successfully Completes First Legal Psilocybin Mushroom Import into The United States

The achievement of an industry milestone providing access to psilocybin mushrooms to further their legal research as a treatment for mental health disorders

TORONTO, May 19, 2021 /CNW/ - Wake Network, Inc. ("Wake," or the "Company"), a global leader in psilocybin mushroom production and the developer of genomics-based integration therapies, is pleased to announce that it has completed the first fully-legal importation of psilocybin mushrooms into the United States, having secured all required permits from the U.S. Drug Enforcement Administration.

"From day one, our mission was to break ground in this emerging sector by building the first legal supply chain of psilocybin mushrooms for research," said Nick Murray, CEO of Wake. This major industry milestone provides U.S.-based academics and laboratories with greater access to further the study of psilocybin mushrooms as a treatment for mental health disorders, including depression, anxiety, and post-traumatic stress injury. This is more important than ever as the COVID-19 pandemic and mental health crisis persists."

Wake's subsidiary, Wake Jamaica Limited, produced the psilocybin mushroom material at its production facility in Jamaica. Wake's laboratory partner in the United States, a Schedule 1 Controlled Substance license holder, successfully received its first shipment of psilocybin mushrooms.

To the Company's knowledge, this is the only commercially-produced, federally-legal botanical psilocybin in the United States.

ABOUT WAKE NETWORK, INC.

Wake Network Inc. is a fungi bioscience company focused on advancing the field of psychedelic and fungi-based therapeutics to address the growing need for mental health support in medicine and society at large. Wake is currently producing fungus-derived psilocybin and medicinal mushroom products and is making advancements in the engineering of novel psychedelic biologics, while working on proving out their safety through proprietary genetics-based integration therapies. 

Caution Regarding Forward-Looking Information

This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations, or beliefs of future performance, are "forward-looking statements." Forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. 

Forward-looking statements are based on certain assumptions regarding the Company, including but not limited to expected growth, results of operations, performance, industry trends and growth opportunities. While the Company considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to: its ability to obtain and maintain regulatory approvals including federal, provincial, municipal, local or other licenses;  to operate and expand the Company's facilities; the Company's limited operating history and lack of historical profits; reliance on management; the Company's requirements for additional financing and the effect of capital market conditions and other factors on the availability of capital; competition, including from more established or better financed competitors; the need to secure and maintain corporate alliances and partnerships, including with research and development institutions, customers and suppliers; the development and implementation of medical protocols and treatment standard operating procedures for the use of psychedelic therapies; the Company's ability to successfully withstand the economic impact of COVID-19; the medical benefits, safety, efficacy, dosing and social acceptance of psychedelics; and the cultivation and harvest of psilocybe mushrooms; and any other factors or developments that may hinder the market or the Company's growth. 

These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company has no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.

SOURCE Wake Network, Inc.

For more information, please visit www.wake.net or contact: Warren Needler, President, Wake Network, E:[email protected], Tel: [phone]; Investor Relations, Wake Network, E:[email protected], Tel: [phone]; Press Contact, Krupa Consulting, E:[email protected]