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Eversio Wellness Receives Approval from Health Canada to Cultivate and Extract Psilocybin Producing Mushrooms

SURREY, BRITISH COLUMBIA, CANADA, July 26, 2021 – Eversio Wellness Ltd. (“Eversio” or the “Company”), a mushroom wellness company providing high-quality, high-potency functional mushroom extract products, has received a Controlled Substances Dealer’s Licence from Health Canada for the conduct of production, possession, sale, and transportation of psilocybin, psilocin, DMT and mescaline. Psilocybin is the naturally occurring psychoactive compound found in some species of mushrooms and is actively being studied as a potential natural alternative for treating various types of mental illness, addiction and other chronic health conditions.

This regulatory approval allows Eversio to produce these substances for research collaboration, including supplying products for clinical and research trials, and to supply prescription-controlled substances to patients in need through its partnerships with health care providers.

“We are excited to expand our research and development to include the production of psilocybin for medical use and we look forward to providing research and healthcare communities with safe, high-quality, scientifically-tested and expert-made full dose and micro-dosing products,” said Craig Garden, CEO of Eversio. “We have seen significant growth in the functional and psychedelic mushroom markets due to the increased societal demand for nature-sourced medicines that can help to achieve optimal health and wellness. By adding psilocybin to our cultivation efforts, we will be at the cutting-edge of significant scientific and health revelations in our industry.”

Eversio completed the first phase of construction of its research and development facility in Surrey, British Columbia in March 2021 where Garnet Martens, Eversio’s Chief Scientific Officer, has been cultivating functional mushrooms, expanding Eversio’s spore library, and working in collaboration on the production of ready-to-consume mushroom-infused foods and beverages.

ABOUT EVERSIO WELLNESS LTD. Eversio is a mushroom wellness company providing high-potency, organic functional mushroom extract products and developing novel formulations with psilocybin. Eversio offers functional mushroom capsules and blends made from only the whole fruiting body of the functional mushroom life cycle with no mycelium, fillers, or grains. For more information on Eversio, visit: https://www.eversiowellness.com/

CONTACT:

Craig Garden, Co-Founder and CEO, Eversio Wellness Ltd.

craigg@eversiowellness.com

778.608.4200

FORWARD-LOOKING INFORMATION This news release contains forward-looking information within the meaning of Canadian securities laws regarding the Company and its business, which relate to future events or future performance and reflect management’s current expectations and assumptions. Often but not always, forwardlooking information can be identified by the use of words such as “expect”, “intends”, “anticipated”, “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would” or “will” be taken, occur or be achieved. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, without limitation, risks regarding the Company's ability to bring its products to commercial production, natural health products and digital health industries, and the risks presented by the highly regulated and competitive market concerning the development, production, sale and use of the Company's products. Although the Company has 2 attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.

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