- The Good Shroom Co’s (MUSH) wholly-owned subsidiary, Teonan Biomedical has received authorization to begin selling its cannabis-infused beverages
- Teonan holds a micro-processing license delivered by Health Canada under the Cannabis Act
- Velada is the first mushroom-based instant wellness beverage in Canada that contains cannabinoids
- Flavours available for distribution include hot chocolate, coffee and golden milk latte
- The company will issue 1,000,000 common shares to Mr. Scott Jardin, its Chief Financial Officer, as per the terms of a performance share agreement
- The Good Shroom Co’s mission is to build clean label brands that are synonymous with functionality, flavour and quality
- The Good Shroom Co Inc. opened trading at C$0.225 per share
The Good Shroom Co’s (MUSH) wholly-owned subsidiary, Teonan Biomedical has received authorization to begin selling its cannabis-infused beverages.
Teonan holds a micro-processing license delivered by Health Canada under the Cannabis Act, which allows it to manufacture and develop topicals, extracts and edible cannabis products which includes beverages.
Before sales of the Velada beverages could begin, Teonan was required to demonstrate its finished products and quality control procedures complied with Health Canada’s strict guidelines. Teonan’s micro-processing license was amended by Health Canada allowing it to distribute the Velada products nationwide, through various provincial retailers, including the Société Quebecoise du Cannabis (SQDC) which is Canada’s largest provincial cannabis retailer.
Velada is the first mushroom-based instant wellness beverage in Canada that contains cannabinoids. The beverage mixes which come in powdered form are vegan, dairy-free, GMO-free, gluten-free and all contain 100 mg of functional mushroom extracts and a 30 mg dose of CBD per serving.
The company will also be offering a low THC version of the beverages with a 2:1 CBD:THC ratio for optimal effectiveness, with 4.5mg of THC and 9 mg of CBD per serving in order to have an expanded and versatile offering to appeal to a wider variety of customers.
Flavours available for distribution include hot chocolate, coffee and golden milk latte. The company anticipates expanding the Velada product line with additional flavours and products following market response and emerging industry trends. This authorization to begin sales also allows the company to initiate its agreement with its sales broker Velvet Management Inc., Canada’s leading cannabis sales agency, which represents the company across Canada.
“We have been eagerly awaiting this authorization and we are ready to move forward” stated Eric Ronsse , the Chief Executive Officer of TGSC.
“With relatively few established beverage suppliers and high barriers to entry, we expect the quality of our product, the variety of the offering and attractive price point, will allow us to capture a share of the market and build a strong and loyal consumer base.” In Canada, the cannabis-infused beverage market is estimated at $529 million per year.
The company will issue 1,000,000 common shares to Mr. Scott Jardin, its Chief Financial Officer, as per the terms of a performance share agreement entered into in September 2020. Under the agreement, Mr. Scott is entitled to receive 1,000,000 common shares upon receipt of all regulatory permits and authorizations required for the commercialization of the Velada products. Mr. Jardin can earn additional tranches of common shares (maximum of 2,000,000) when the company reaches targeted sales for the Velada products in the next 12 months. All shares issued pursuant to the agreement are subject to a hold period until April 15, 2022.
The Good Shroom Co’s mission is to build clean label brands that are synonymous with functionality, flavour and quality, rooted in a company recognized for having a socially responsible approach. Through its wholly-owned subsidiary, Teonan, it manufactures and sells functional beverages under its two brands: Teonan and Velada.
The Good Shroom Co Inc. opened trading at C$0.225 per share.
