A Vernon-based life sciences company developing functional mushroom products is looking to expand into the United States retail market.
Doseology Sciences Inc., located at 116-5100 Anderson Way, has signed an agreement with Alternative Sales Management (ASM) to act as the national sales manager for its expansion.
Linking up with ASM comes at an opportune time, as the functional mushroom market continues to grow south of the border.
Doseology aims to make a meaningful impact on the mental health pandemic by utilizing and developing functional medicinal mushroom and plant-derived drug products which are processed and distributed from its Vernon facility.
Notably, Tastewise predicts a continued interest in functional foods with 33 per cent more consumers treating food as medicine in 2022 compared to 2020.
The benefits of functional mushrooms have been subject of intense study in recent years, as one 2021 study by Penn State College of Medicine found that consistently consuming mushrooms resulted in a lower risk of depression, and can also treat PTSD and other mental illnesses.
This effect is attributed to certain edible mushrooms having the potential to enhance neuron production and survival, which can help prevent neurophsychiatric disorders such as depression.
The Doseology lineup of mushroom products include concentrated herbal extracts, powders and capsules with brand names such as Wake, Elevate, Active and Think.
Further projections target mushroom market growth at 8.44 per cent annually from 2021 to 2026 due to a surge in demand for functional foods and nutraceuticals.
Doseology has already been granted approval last November to sell common shares on the Canadian Securities Exchange (CSE) and has filed an application with Health Canada to become a licenced dealer under the Controlled Drug and Substances Act, which would allow for the laboratory analysis of psilocybin and psilocin - the hallucinogenic substances in mushrooms - as well as the possession, sale, sending, transportation and delivery of psychedelic compounds.
The U.S. expansion will initially partner with distributors that specialize in supplements and target independent retailers and specialty chains to build a strong product sales foundation before moving on to mass-market retailers.
“We now look forward to significantly accelerating the development of our ambitious business plan, through organic growth, joint ventures and acquisitions,” said Daniel Vine, CEO of Doseology, last November when the CSE share approval was granted.
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