Vancouver-based magic mushrooms wellness company completes $20.7 million IPO

Feb 25 2021, 6:47 am

A Vancouver-based company that focuses on health and wellness through pharmaceutical magic mushrooms has completed a $20.7 million initial public offering.

Optimi Health Corp is “developing a vertically integrated Canadian functional mushroom brand that focuses on the health and wellness markets.”

The company says it also intends to cultivate, extract, process and distribute high-quality strains of fungi products at its proposed two facilities comprising a total of 20,000 square feet (presently under construction) located in Princeton, British Columbia.

Founded by four Vancouver-based entrepreneurs who have been friends since the early days of high school, the company’s advisory board includes lululemon founder Chip Wilson.

Optimi’s team includes Dane Stevens, co-founder of Vancouver’s leading boutique jewellery brand Cavalier, Bryan and Jacob Safarik, who own and operate BC Green, one of Canada’s leading premium cannabis producers, and J.J. Wilson, who is co-founder of Ride Cycle Club and a Partner at the Very Polite Agency.

“At its core, Optimi is positioned to be Canada’s first large-scale cultivator of natural, pharmaceutical-grade, psychedelic mushrooms (yes, magic mushrooms),” J.J. Wilson, Chairman of the Board, told Daily Hive.

“Upon licensing of our purpose-built facilities, we will be producing natural psilocybin mushrooms to support not only our own future products, but also to others in the industry requiring GMP product, as an alternative to the standard drugs we see today used to treat a variety of human conditions such as depression, anxiety, PTSD, and much more. The true power and opportunity of psilocybin is still being researched, but current data shows huge potential for positive impact in humans.”

Princeton facility/Courtesy of Optimi Health

Earlier in February, ATMA Journey Centers Inc, an Alberta-based company focused on delivering innovative psychedelic-assisted therapies, opened the ATMA Calgary Urban Journey Clinic. According to a release, ATMA was the “first private company in Canada to conduct legal psychedelic-assisted therapy with psilocybin, the result of ATMA being selected by Alberta’s first palliative patient to be granted a Section 56 Exemption by Health Canada to undergo the therapy.”

Psilocybin is the main psychedelic active compound found in magic mushrooms.

Wilson said that Optimi has three operating divisions “working harmoniously towards a future of human optimization through the production and application of fungi-derived formulations.”

“Our nutraceutical division is introducing a leading assortment of functional mushroom products, also known as medicinal mushroom(s), that host an abundance of health benefits. Our lab division is underway, taking full advantage of our Section 56 Research Exemption, as we work closely with our clinical trial with our partners at Impact, through the University of Calgary.”

Additionally, the company’s production division is prepared to be one of the world’s first large-scale producers of GMP natural psilocybin.

While the small team was formed last year, Wilson said they’ve moved at a speed to match the everyday evolving market.

“The market (as we know it) is evolving every day, and the choice and opportunity to go public was the best thing we could have done for the business. Our investor base has shown a strong commitment to our journey, and like the Founders, they firmly believe in the impactful future that these natural-based pharmaceutical solutions will have on our world,” he said.

“Optimi is truly passionate about where things are headed and are excited for what’s to come and what’s happening in across the entire industry.”

According to Optimi Health Corp, the initial public offering is expected to commence trading on February 25, 2021, on the Canadian Securities Exchange (CSE).

Certain affiliates of Daily Hive are party to financial interests with the company.

Daily Hive StaffDaily Hive Staff

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