Vancouver, Canada, July 19, 2024 (GLOBE NEWSWIRE) — Clearmind Medicine Inc. (Nasdaq: CMND), (FSE: CWY0) (“Clearmind” or the “Company”), a clinical-stage biotech company focused on discovery and development of novel psychedelic-derived therapeutics to solve major under-treated health problems, has announced a strategic engagement with JS First Sdn. Bhd (“JS First”). This partnership aims to source global manufacturers and distributors for Clearmind’s groundbreaking MEAI-based alcohol substitute beverages, marking a significant step towards international expansion.
This move follows Clearmind’s recent announcement regarding its entry into the non-alcoholic beverage market with its proprietary, neurologically active novel alcohol replacement beverage, which was granted patents in the U.S., India and Europe. The innovative beverage, designed to offer a healthier alternative to traditional alcoholic drinks, is set to revolutionize the industry by providing the same social benefits of alcohol without the associated negative health impacts.
The engagement aims for JS First to conduct comprehensive research on manufacturing and licensing rights for Clearmind’s MEAI-based beverages in foreign markets, identify and secure high-quality manufacturing partners in multiple countries and establish relationships with distributors across the globe, including in the U.S., Europe, Africa and Southeast Asia, for widespread market penetration.
“We are excited to partner with JS First, whose expertise and extensive network in the manufacturing and distribution sectors will be invaluable as we expand our global footprint. This collaboration is a crucial step towards making our novel alcohol replacement beverages available to consumers worldwide,” said Dr. Adi Zuloff-Shani, CEO of Clearmind Medicine Inc.
According to a report by IWSR, the leader in global beverage alcohol data and insights, no- and low-alcohol consumption across the world’s leading 10 no/low markets, which account for approximately 70% of global no/low-alcohol volumes, grew by +5% in volume in 2023, and the market is now worth over $13 billion. The no/low alcohol category is forecast to grow at a volume CAGR of +6% between 2023 and 2027.
About Clearmind Medicine Inc.
Clearmind is a clinical-stage psychedelic pharmaceutical biotech company focused on the discovery and development of novel psychedelic-derived therapeutics to solve widespread and underserved health problems, including alcohol use disorder. Its primary objective is to research and develop psychedelic-based compounds and attempt to commercialize them as regulated medicines, foods or supplements.
The Company’s intellectual portfolio currently consists of eighteen patent families including 28 granted patents. The Company intends to seek additional patents for its compounds whenever warranted and will remain opportunistic regarding the acquisition of additional intellectual property to build its portfolio.
Shares of Clearmind are listed for trading on Nasdaq under the symbol “CMND” and the Frankfurt Stock Exchange under the symbol “CWY0.”