Press Release: Wellbeing Subsidiary KGK Science Applies for a Controlled Substances Dealers License and Receives Approval to Proceed with Buildout

VANCOUVER, British Columbia–(BUSINESS WIRE)–Mar 8, 2023–

Wellbeing Digital Sciences Inc. (“ Wellbeing” or the “ Company ”) (NEO: MEDI ) (OTC: KONEF ) (FRA: SQ2 ), an evidence-based mental healthcare company focused on the development and implementation of innovative clinical solutions, including psychedelic medicine and digital therapeutics as supported by clinical research, announces that its wholly owned subsidiary KGK Sciences Inc. (“ KGK ” or the “ Subsidiary ”), has applied for a Controlled Substance Dealers License (“License”) from Health Canada.

The License would allow KGK to possess, import, sell and study several controlled substances including psilocybin, LSD, DMT, ketamine and MDMA. The company has received approval to proceed with the buildout of a level 5 security system at its state-of-the-art research facility in London Ontario. Following an inspection this spring, it is expected that KGK will receive the license which will permit the company to import and sell substances for medical and research purposes.

“Although still in its infancy. psychedelics have shown to be highly effective in treating several mental health conditions,” stated Najla Guthrie, CEO of Wellbeing and KGK. “Pursuing this License will enable us to process, formulate and perform the scientific tests required for our clients to move these promising treatments to market in a timely manner once the industry matures, ultimately staying at the forefront of drug development and regulations. This is yet another step towards our goal to maintain our position as a leader in this field and enable our clients to not only create safe and effective alternative treatments but leverage our Wellbeing North American clinical network to meet the growing patient demand, ultimately creating additional shareholder value.”

Under the Dealer’s License, KGK can possess up to 1,000 grams of psilocybin, LSD, DMT, ketamine and MDMA at any time and can transfer the extracted material to other companies who hold a valid Dealer’s License. Once approved, the company will be permitted to process and formulate a variety of psychedelic compounds, progressively used and sought-after by patients and healthcare practitioners to combat a variety of physical and mental illnesses.

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