An anonymous director reports

PSYENCE GROUP ANNOUNCES THE CLOSING OF THE PREVIOUSLY ANNOUNCED STRATEGIC RESTRUCTURING OF ITS NON-CLINICAL BUSINESS

Further to the announcement by Psyence Group Inc. of its plans for the strategic restructuring of its non-clinical business through a conditional merger and acquisition transaction, the conditions to implement the transaction have been met and the transaction has closed.

Psyence has built a network of potential clients and customers, and successfully and lawfully distributed psilocybin internationally, both itself and via its strategic partners. Psyence plans to leverage its experience and expertise in the sector to build a pipeline of business, a route to market, as well as a lawful and fully licensed distribution network and logistics plan for the distribution of psilocybin globally. Psyence will play a vital role in ensuring the commercial success of the transaction target non-clinical assets and business and will continue exploring new markets for medical-grade psilocybin and active pharmaceutical ingredients.

About Psyence Group Inc.

Psyence is a life science biotechnology company listed on the Canadian Securities Exchange, with a focus on natural psychedelics. Psyence works with nature-derived psilocybin products for the healing of psychological trauma and its mental health consequences in the context of palliative care. The name Psyence combines the words psychedelic and science to affirm the company's commitment to producing psychedelic medicines developed through evidence-based research.

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