Health Canada Issues Natural Product Number Licenses to Mind Cure
Mind Cure Health Inc. (CSE: MCUR) ( "Mind Cure" or the "Corporation" ) is pleased to announce that on September 17, 2020 it received the final authorizations from Health Canada to sell its Moonbeam functional mushroom products in Canada . Health Canada has issued Natural Product Numbers (NPN) to these products, which means that they were assessed by Health Canada and found to be "safe, effective and of high quality under their recommended conditions of use." (source: https:www.canada.caenhealth-canadaservicesdrugs-health-productsnatural-non-prescriptionapplications-submissionsproduct-licensinglicensed-natural-health-products-database.html ).
Mind Cure is a mental health and wellness company with a mission to identify, develop and commercialize products that ease suffering, increase productivity, and enhance mental health. Mind Cure was formed as a response to a world suffering from a mental health crisis and in urgent need of effective treatments. Mind Cure's goal is to identify products which have unique characteristics and histories that make them ideal candidates for providing solutions for numerous mental health indications, with the potential to address conditions with significant unmet medical needs.
These authorizations are important for Mind Cure, as many supplement and nutrition companies still avoid or ignore the arduous task of receiving Health Canada compliance. Today's discerning consumer demands transparency, especially in an industry growing as fast as functional mushrooms are.
Philip Tapley , Chairman, President, and CEO stated, "We are excited to announce that we have received authorization from Health Canada for all products in our Moonbeam Mushrooms line. We are focused on improving mental health and our Moonbeam Mushroom brand are a way for us to bring products to market right now that have numerous health indications." Tapley continued, "We are also committed to working closely with Health Canada and our GMP-compliant manufacturing partners to ensure that all of our products are deemed safe, effective and high quality for consumers."
The first products identified by Mind Cure that had indications of providing cognitive and mental health benefits are functional mushrooms. The Moonbeam Mushrooms product line will be initially composed of three offerings in both powder and capsule form:
- Moonbeam Mushrooms - Lion's Mane: NPN80104264 (Capsule), NPN80104263 (Powder)
- Moonbeam Mushrooms – Reishi: NPN80104175 (Capsule), NPN80104177 (Powder)
- Moonbeam Mushrooms - Turkey Tail: NPN80104264 (Capsule), NPN 80104263 (Powder)
Moonbeam Mushrooms are now designated as a Natural Health Product (NHP) by Health Canada, and each product is non-GMO and vegan, organic and free of soy, gluten with no added fillers.
Mind Cure intends to further its investigation into new potential product candidates and treatments which are effective in treating mental health. These new product candidates range from nootropics, psychoactive products, and psychedelic substances.
The Company also announces that it has granted an aggregate of 180,000 stock options under its incentive stock option plan (the "Plan") to independent consultants. The stock options are exercisable at a price of $0.33 and subject to the terms of the Plan.
About Mind Cure Health Inc.
Mind Cure is a mental health and wellness company with a mission to identify, develop and commercialize products that ease suffering, increase productivity, and enhance mental health. It is the therapeutic potential of nootropics, psychoactive products, and psychedelic substances to treat the profound distress of a world suffering from a mental health crisis that led to the formation of Mind Cure. Mind Cure's initial products are a branded line of organic mushroom nootropics.
On Behalf of the Board of Directors
Philip Tapley , Chairman, President, and CEO
Certain statements in this news release may constitute "forward-looking information" within the meaning of applicable securities laws (also known as forward-looking statements). Forward-looking information involves known and unknown risks, uncertainties and other factors, and may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information generally can be identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "feel", "intend", "may", "plan", "predict", "project", "subject to", "will", "would", and similar terms and phrases, including references to assumptions. Some of the specific forward-looking information in this news release includes, but is not limited to, statements with respect to: Mind Cure being able to identify products that make them ideal candidates for providing solutions for numerous mental health indications and the potential to address conditions with significant unmet needs; Health Canada's assessment of the Moonbeam functional mushroom products; the growth of the functional mushroom industry; the initial products of the Moonbeam product line; and Mind Cure's intention to further investigate new potential product candidates and treatments which are effective in treating mental health, and the range of such product candidates.
Forward-looking information is based on a number of key expectations and assumptions made by Mind Cure, including, without limitation: the COVID-19 pandemic impact on the Canadian economy and Mind Cure's business, and the extent and duration of such impact; no change to laws or regulations that negatively affect Mind Cure's business; there will be a demand for Mind Cure's products in the future; no unanticipated expenses or costs arise; Mind Cure will be able to continue to identify products that make them ideal candidates for providing solutions for treating mental health; that the functional mushroom industry will continue to grow; the initial products that will compose the Moonbeam Mushroom product line; and Mind Cure will be able to operate its business as planned. Although the forward-looking information contained in this news release is based upon what Mind Cure believes to be reasonable assumptions, it cannot assure investors that actual results will be consistent with such information.
Forward-looking information is provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information involves significant risks and uncertainties and should not be read as a guarantee of future performance or results as actual results may differ materially from those expressed or implied in such forward-looking information. Those risks and uncertainties include, among other things, risks related to: the impacts of the COVID-19 pandemic on the Canadian economy, Mind Cure's industry and Mind Cure's business, which may negatively impact, and may continue to negatively impact, Mind Cure and may materially adversely affect Mind Cure's investments, results of operations, financial condition and Mind Cure's ability to obtain additional equity or debt financing, and satisfy its financial obligations; general economic conditions; future growth potential; competition for mental health and wellness investments; Health Canada may revoke its authorization to sell Moonbeam functional mushroom products in Canada ; Health Canada may cancel the NPN issued to the Moonbeam functional mushroom products; Health Canada may change its assessment of the Moonbeam functional mushroom products; and changes in legislation or regulations. Management believes that the expectations reflected in the forward-looking information contained herein are based upon reasonable assumptions and information currently available; however, management can give no assurance that actual results will be consistent with such forward-looking information. Additional information on the risk factors that could affect Mind Cure can be found under "Risk Factors" in Mind Cure's final prospectus which is available on SEDAR at www.sedar.com .
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to Mind Cure. The forward-looking information is stated as of the date of this news release and Mind Cure assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.
The CSE has neither approved nor disapproved the contents of this press release and the CSE does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Mind Cure Health Inc.