Psychedelic Water is focused on capitalizing on the popularity of psychedelics with its kava-based drink. Kava is popular in the South Pacific, particularly in Fiji, which has it as its national drink. The Canadian beverage company asserts that its Psychedelic Water beverage is the first psychedelic blend of green tea leaf extract, damiana leaf and kava root in the world.
The beverage isn’t hallucinogenic and has been developed to produce a calming sensation for a mood-boosting experience. The beverage is sponsored by Keith Stein and Pankaj Gogia, who discussed the potential for a psychedelic-based beverage after meeting through a mutual friend.
Stein is a founder of the Toronto Phantoms, as well as one of the founders of Simmons Records; its other founders being Universal Music Canada, Belinda Stronach and Gene Simmons. Stein stated that his entrepreneurial instincts and prior involvement in the marijuana industry are what motivated him to venture into the psychedelics space, noting that he had assumed it would mainly involve bad trips and psychedelic mushrooms.
Stein states that he recognized an untapped and undeveloped void in the space, adding that he also learned about the benefits of various substances, which could be derived from the space. He revealed that he’d seen other companies working on psychedelic products but was skeptical about whether their business models, which involved the sale of psilocybin-based products in global markets, would be profitable.
This, he continued, was why he brought together a California company and an NYU food science professor to develop a formula for a nonhallucinogenic but psychoactive beverage, noting that they received positive feedback after testing the formula on hundreds of individuals. Stein maintains that the company has a real opportunity to be a pioneer in Canada as it’s creating a new category.
Gogia revealed that all of the drink’s ingredients are obtained from American vendors, including kava root, a herb that has soothing effects. He occupies the position of CEO in the company and hopes that the drink will offer an alternative to alcohol-based drinks.
Psychedelic Water notes that the beverage is safe to consume but has side effects, which are caused by the active ingredients used. The drink is not recommended for individuals aged below 18 and is not recommended for breastfeeding mothers and pregnant women.
Currently, the product can only be purchased online in the United States. The company hopes to expand into Australia and Europe in the near future.
While some companies, including Psychedelic Water, are focusing on developing wellness products from psychedelics, other entities, such as Cybin Inc. (NYSE American: CYBN) (NEO: CYBN), are more interested in formulating approved therapeutic products targeting a variety of mental and physical ailments.
NOTE TO INVESTORS: The latest news and updates relating to Cybin Inc. (NEO: CYBN) (NYSE American: CYBN) are available in the company’s newsroom at https://ibn.fm/CYBN
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