Los Angeles, California and Calgary, Alberta, July 14, 2021 – Leiio Wellness Ltd. (“Leiio” or the “Company”), a U.S. focused, premium brain performance brand centered around psychedelic mushrooms, is pleased to announce it has completed a second capital raise securing an additional $3.5 million to accelerate growth. The round was joined by existing and new investors, bringing total funds raised to approximately $5.5 million over the past five months. The closing today puts Leiio in the position to quickly advance early revenue-producing assets.
Founded in 2021, Leiio has a well-defined, vertically-integrated business model within the emerging psychedelic marketplace. The Company intends to actively grow its customer base through a premium line of direct-to-consumer nutraceuticals specifically formulated to work synergistically with psilocybin microdoses. Leiio plans to generate early revenue streams in established legal markets, build brand relationships with consumers and established household names in the functional foods sector, and create Intellectual Property (IP) around developing a standardized, naturally derived psilocybin supply chain for researchers and clinics. As research progresses and legal frameworks are established, Leiio is positioning itself to become the trusted market leader in widely available, self-administered psilocybin sub-hallucinogenic consumer products once legalized.
“Our capital raise comes at a defining moment for Leiio,” stated Cory Rosenberg, Leiio’s Co-Founder and Chief Executive Officer. “The new capital will help finance our ongoing lab and mushroom cultivation expansions to meet the demand for Leiio’s premium 100 percent grain-free functional mushroom products and fast-track the launch of our market-defining, direct-to-consumer nutraceutical product line. It also allows us to further our IP research into psilocybin and related compounds and continue the buildout of our naturally-derived psilocybin supply chain in the U.S. under our pending DEA license, which is expected later this year.”
In March, Leiio completed a $2 million private placement which supported the Company’s buildout of a 15,000 sq. ft. grow and production facility in Olympia, Washington. Producing some of the only true full-spectrum, grain-free functional mushroom products in the United States, Leiio has entered into several agreements with top brands in the U.S. functional foods market to supply and incorporate its premium functional mushroom ingredients in existing and future product offerings.
Leiio currently houses one of the largest and rarest libraries of psilocybin mushroom cultures and growing, allowing it unparalleled access to research and development of transformative products in the brain health and performance markets. Later this year, the Company will begin producing psilocybin mushrooms for early IP and research purposes once DEA licensed.
Leiio is a U.S. vertically-integrated premium brain performance brand centered around mushrooms. Its vertical supply chain develops and supplies USA-grown, 100% grain-free full-fungi functional mushrooms to its in-house consumer brand and a finely curated network of leading wholesale partners, and is developing novel IP around the safe, standardized, naturally-derived psilocybin supply chain and end-products development for use in clinical and research applications as well as eventual commercialized products for more broad and self-administered mental health and wellness applications upon regulatory and legal approvals.
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Chief Executive Officer
This press release contains forward-looking statements which reflect Leiio’s current beliefs and are based on information currently available to Leiio. These statements require Leiio to make assumptions it believes are reasonable and are subject to inherent risks and uncertainties. Actual results and developments may differ materially from the results and developments discussed in the forward-looking statements as certain of these risks and uncertainties are beyond Leiio’s control. Although Leiio believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Leiio can give no assurance that they will prove to be correct.
The Company intends to actively grow its customer base through a premium line of direct-to-consumer nutraceuticals specifically formulated to work synergistically with psilocybin microdoses, while simultaneously developing psilocybin protocols and proprietary sub-hallucinogenic consumer products for eventual commercialization once legalized. This forward-looking statement is based on certain assumptions including, but not limited to, the expected future legalization of psilocybin and the ability of Leiio to obtain any required regulatory approvals, including the contemplated DEA license. It is also subject to certain risks including, but not limited to, the risk that psilocybin is not legalized, or is not legalized within a timeframe that allows the Company to succeed, the risk that Leiio is unable to obtain necessary regulatory approvals, including the contemplated DEA license, and the risk that Leiio is not able to raise sufficient capital to execute on its business plan or that its business plan itself is not successful and Leiio is not able to adapt.
Readers are cautioned not to place undue reliance on these forward-looking statements, which are given as of the date hereof, and to not use such forward-looking statements for anything other than their intended purpose. Leiio undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.