PSYC Corporation provided an update on the progress and status of its joint venture partnership with Digital Acorn Ltd. and ongoing co-development between the companies of the “PsycheDev” digital mental health platform. In the Fourth Quarter (Q4) of 2021, PSYC entered into a joint venture partnership agreement with Digital Spore, LLC, a wholly owned subsidiary of Digital Acorn Ltd., a private investment group focused on early stage and emerging growth companies. The expressed intent of the partnership has been on advancing the digital mental health technology concept known as “PsycheDev,” which the Company has been invested in since January 2021.

Throughout the first few months of 2022, the companies elected to strategically reevaluate the core functionality and purpose of “PsycheDev” to identify a concept that they believe will more effectively serve the digital mental health and psychedelic sectors, both of which evolved significantly over the past year.