- NeonMind submits applications to Health Canada for product formulas to support cognitive and immune function and to fight stress
- The formulas primarily consist of combinations of medicinal mushrooms: Lion’s Mane, Reishi, Turkey Tail and Cordyceps
- NeonMind also plans to launch dietary supplements in the United States
- The plan is to roll out these products for sale in the U.S. in spring 2021
- NeonMind Bioscience (NEON) is currently in the grey and is trading at C$0.25 at 1:47 pm EST
NeonMind Bioscience (NEON) submits applications to Health Canada for product formulas to support cognitive and immune function and fight stress.
“The expansion and operation of our consumer products division are strategically implemented to capture growth and provide high-quality products in the rapidly growing functional food market while aiding our pharmaceutical division through sustained revenue for its research and development initiatives,” said Rob Tessarolo, President and CEO of NeonMind.
The formulas primarily consist of combinations of medicinal mushrooms: Lion’s Mane, Reishi, Turkey Tail and Cordyceps.
Certain herbs traditionally used in Ayurveda were also included in the formulas.
An expert of Ayurvedic medicine created the NeonMind proprietary formulas.
Suppose the claim applications are deemed acceptable through Health Canada’s regulatory review process. In that case, NeonMind will be able to launch natural health products in Canada containing the herbal and fungi formulations described in the NHP applications.
Under the natural health product number assigned by Health Canada, NeonMind will be allowed to market these products in different capacities as long as they contain the same makeup and quantities of herbs authorized for sale by Health Canada.
Health claims submitted as part of the NHP applications by NeonMind include claims that one or more of the formulas can help support memory and cognitive function, support immune response, help increase energy and resistance to stress, relieve pain and inflammation, and the claim of traditional use in Ayurveda to relieve general debility (especially during convalescence or old age).
All-natural health products need to obtain a product licence with detailed information about the medicinal ingredients, source, dose, potency, non-medicinal ingredients, recommended use, and appropriate risk mitigation statements to be sold in Canada.
Once the product is assessed to be safe, effective, and high-quality, Health Canada issues a product licence an NPN number, allowing it to make health claims.
NeonMind also plans to launch dietary supplements in the United States and is currently developing products for four products manufactured with the United States Food and Drug Administration (FDA) rules.
NeonMind plans to roll out these products for sale in the U.S. in spring 2021.
NeonMind has two divisions, a consumer products division focusing on medicinal mushroom-infused products and a pharmaceutical division engaged in drug development of psychedelic compounds.
NeonMind Bioscience (NEON) is currently in the grey and is trading at C$0.25 at 1:47 pm EST.
