Lucy Scientific Discovery Inc. Accelerates Psilocybin Access and Product Launch through a Strategic Partnership with TheraPsil

VANCOUVER, British Columbia, May 18, 2023 (GLOBE NEWSWIRE) — Lucy Scientific Discovery Inc. (“Lucy” or “the Company”) (NASDAQ: LSDI), a Nasdaq-listed licensed producer of compounds for medicinal products, is pleased to announce a partnership with TheraPsil to advance medical psilocybin access and research. TheraPsil is a prominent non-profit organization that advocates for legal, compassionate access to psilocybin therapy for Canadians in medical need. TheraPsil supports patients with their applications for ministerial approval of psilocybin for medical purposes and connects approved patients with qualified practitioners to receive psilocybin-assisted therapy treatment. TheraPsil has been advocating for compassionate access since 2019. The collaboration between Lucy and TheraPsil marks a significant milestone in expanding legal access to psilocybin for Canadian patients experiencing end-of-life distress and other serious medical conditions. Building upon TheraPsil’s visionary initiative, Project Solace, the partnership aims to provide compassionate care while collecting real-world data to support the effectiveness and safety of psilocybin-assisted psychotherapy. In addition to facilitating patient access, this pioneering partnership will enable Lucy to introduce a suite of natural psilocybin products into the Canadian market. This strategic move will not only allow Lucy to gain valuable early consumer feedback but also build brand recognition in Canada, a first-mover country for psychedelic compounds, potentially attracting attention from around the globe. Chris McElvany, Chief Executive Officer of Lucy Scientific Discovery Inc., expressed enthusiasm about the partnership, stating, “We are thrilled to collaborate with TheraPsil, as it provides us with a unique opportunity to bring natural psilocybin products to market in Canada. By leveraging TheraPsil’s expertise and our shared commitment to patient well-being, we aim to gain valuable insights, build brand recognition, and positively impact the lives of individuals seeking alternative therapies.” “Canadians are in urgent need of compassionate access to psilocybin,” said TheraPsil CEO Spencer Hawkswell. “Having Lucy join the project is going to help thousands of patients connect with doctors and therapists who will be able to support their SAP exemptions to help them access psilocybin. We’re excited to work with Lucy Scientific and applaud their support of patients seeking access to psilocybin.” The Company expects that by combining the extensive resources, knowledge, and industry leadership of Lucy Scientific Discovery Inc. and TheraPsil, this collaboration is poised to make significant contributions to the field of psychedelic medicine. Together, the organizations will drive innovation, foster scientific research, and improve patient outcomes in the realm of psilocybin-assisted psychotherapy. For more information about Project Solace and its mission to expand access to psilocybin, please visit the official Project Solace website at https://therapsil.ca/project-solace/. About Lucy Scientific Discovery Inc. Lucy Scientific Discovery Inc. (NASDAQ: LSDI) is a Nasdaq-listed company and a licensed producer of compounds for medicinal products. Holding a Controlled Drugs and Substances Dealer’s License granted by Health Canada’s Office of Controlled Substances, Lucy Scientific Discovery Inc. and its wholly-owned subsidiary, LSDI Manufacturing Inc., operate under Part J of the Food and Drug Regulations promulgated under the Food and Drugs Act (Canada). This specialized license authorizes LSDI to develop , sell, deliver, and manufacture pharmaceutical-grade active pharmaceutical ingredients (APIs) used in controlled substances and their raw material precursors. With a focus on pioneering innovative therapies for patients in need, Lucy Scientific Discovery Inc. is dedicated to advancing the understanding and applications of psychedelic medicine, improving mental health outcomes, and enhancing well-being for individuals worldwide. About TheraPsil TheraPsil is a non-profit and training organization advocating for legal access to psilocybin for those in medical need.  Cautionary Note Regarding Forward-Looking Statements This press release may contain forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements involve risks and uncertainties and include statements regarding, among other things, our projected revenue growth and profitability, our growth strategies and opportunity, anticipated trends in our market and our anticipated needs for working capital. They are generally identifiable by use of the words “may,” “will,” “should,” “anticipate,” “estimate,” “plans,” “potential,” “projects,” “continuing,” “ongoing,” “expects,” “management believes,” “we believe,” “we intend” or the negative of these words or other variations on these words or comparable terminology. In particular, these include statements relating to future actions, prospective products, market acceptance, future performance, results of current and anticipated products, sales efforts, expenses, and the outcome. Most of these factors are outside Lucy’s and TheraPsil’s control and are difficult to predict. Factors that may cause actual future events to differ materially from the expected results, include, but are not limited to: (i) the occurrence of any event, change or other circumstance that could give rise to the termination of our partnership with TheraPsil, (ii) the inability to recognize the anticipated benefits of the partnership, which may be affected by, among other things, competition and the ability of the post-combination company to grow and manage growth profitability, (iii) costs related to the collaboration, (iv) the ability to implement business plans, forecasts, and other expectations of the partnership, as well as identify and realize additional opportunities, (v) the outcome of any legal proceedings that may be instituted against Lucy or TheraPsil following the announcement of the collaboration, and (vi) other risks and uncertainties indicated in the filings that are made from time to time with the SEC by Lucy (including those under the “Risk Factors” sections therein). These statements are based on our management’s expectations, beliefs and assumptions concerning future events affecting us, which in turn are based on currently available information. These assumptions could prove inaccurate. Although we believe that the estimates and projections reflected in the forward-looking statements are reasonable, our expectations may prove to be incorrect. Media Contact: NisonCo Public RelationsMichelle [email protected] Investor Contact: Addo Investor Relations, [email protected]