Esports Entertainment Group Provides an Update on Crypto Mining Application for LAN Centers

 

Since launch > 100 centers have mined a total of $250K+ in Ethereum

Newark, New Jersey–(Newsfile Corp. – July 20, 2021) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLW) (or the “Company”), an esports entertainment and online gambling company, is pleased to provide an update on the rollout of ggCircuit’s crypto mining application for LAN centers. The crypto mining application is an add-on to the ggLeap subscription offering that enables center owners to utilize idle computing power to mine for Ethereum by opting into the initiative with the click of a button. Since launching in beta in early May, over 100 centers have opted in and mined a total of more than $250K of Ethereum.

“The crypto mining application has exceeded our expectations so far in terms of center participation as well as revenue,” commented Grant Johnson, CEO of Esports Entertainment Group. “This is a great example of the value that ggCircuit can bring to the customers in their network. The feedback and enthusiasm we have received from centers so far has been fantastic.”

ggCircuit is a B2B software company that provides cloud-based management for LAN centers, a tournament platform, and integrated wallet/point-of-sale solutions for enterprise customers.

About Esports Entertainment Group

Esports Entertainment Group is a full stack esports and online gambling company fueled by the growth of video-gaming and the ascendance of esports with new generations. Our mission is to help connect the world at large with the future of sports entertainment in unique and enriching ways that bring fans and gamers together. Esports Entertainment Group and its affiliates are well-poised to help fans and players to stay connected and involved with their favorite esports. From traditional sports partnerships with professional NFL/NHL/NBA/FIFA teams, community-focused tournaments in a wide range of esports, and boots-on-the-ground LAN cafes, EEG has influence over the full-spectrum of esports and gaming at all levels. The Company maintains offices in New Jersey, the UK and Malta. For more information visit www.esportsentertainmentgroup.com.

FORWARD-LOOKING STATEMENTS

The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.

Contact:

U.S. Investor Relations
RedChip Companies, Inc.
Dave Gentry
407-491-4498
dave@redchip.com

Media & Investor Relations Inquiries
Jeff@esportsentertainmentgroup.com

 

Esports Entertainment Group Provides an Update on Crypto Mining Application for LAN Centers

 

Since launch > 100 centers have mined a total of $250K+ in Ethereum

Newark, New Jersey–(Newsfile Corp. – July 20, 2021) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLW) (or the “Company”), an esports entertainment and online gambling company, is pleased to provide an update on the rollout of ggCircuit’s crypto mining application for LAN centers. The crypto mining application is an add-on to the ggLeap subscription offering that enables center owners to utilize idle computing power to mine for Ethereum by opting into the initiative with the click of a button. Since launching in beta in early May, over 100 centers have opted in and mined a total of more than $250K of Ethereum.

“The crypto mining application has exceeded our expectations so far in terms of center participation as well as revenue,” commented Grant Johnson, CEO of Esports Entertainment Group. “This is a great example of the value that ggCircuit can bring to the customers in their network. The feedback and enthusiasm we have received from centers so far has been fantastic.”

ggCircuit is a B2B software company that provides cloud-based management for LAN centers, a tournament platform, and integrated wallet/point-of-sale solutions for enterprise customers.

About Esports Entertainment Group

Esports Entertainment Group is a full stack esports and online gambling company fueled by the growth of video-gaming and the ascendance of esports with new generations. Our mission is to help connect the world at large with the future of sports entertainment in unique and enriching ways that bring fans and gamers together. Esports Entertainment Group and its affiliates are well-poised to help fans and players to stay connected and involved with their favorite esports. From traditional sports partnerships with professional NFL/NHL/NBA/FIFA teams, community-focused tournaments in a wide range of esports, and boots-on-the-ground LAN cafes, EEG has influence over the full-spectrum of esports and gaming at all levels. The Company maintains offices in New Jersey, the UK and Malta. For more information visit www.esportsentertainmentgroup.com.

FORWARD-LOOKING STATEMENTS

The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.

Contact:

U.S. Investor Relations
RedChip Companies, Inc.
Dave Gentry
407-491-4498
dave@redchip.com

Media & Investor Relations Inquiries
Jeff@esportsentertainmentgroup.com

Monday, July 19, 2021

Bassett Furniture (BSET)
Raises Dividend, Increases Buyback Authorization

Bassett Furniture Industries Inc is a manufacturer, importer, and retailer of home furnishings products in the United States. It operates through the following segments: The Wholesale segment focuses on the design, manufacture, sourcing, sale, and distribution of furniture products. The Retail segment consists of company-owned stores. The Logistical Services segment offers shipping, delivery, and warehousing services.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Dividend Increase. Basset’s Board of Directors approved a 12% increase in the quarterly dividend to $0.14 per share from a prior $0.125 per share. At the current price, the projected annual dividend of $0.56 per share equates to a 2.2% dividend yield. And this does not include the special dividend the Company often announces that has historically ranged in the $0.20-$0.35 per share range.


Increases Buyback Authorization.  Bassett also increased its share repurchase authorization by $16 million to $20 million. Back in October 2018, Bassett had increased its authorization to $20 million, indicating the Company has repurchased $16 million of stock, or roughly 6.5% of the current market capitalization, since then. With the shares drifting lower since hitting a 52-week high of $37 in …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

	Image Credit: K putt (Flickr)

Golden Age of Sports M&A to Take Place Over Next 24 Months

 

The first half of 2021 was particularly active for sports-related mergers and acquisitions. There were at least 10 deals announced within the sports betting and data category; a handful of large-scale transactions within collectibles (Topps, Collectors Universe, Goldin Auctions 2x), ticketing (Vivid Seats), events/experiential (Bowlero) and hospitality (Legends); and several smaller, more opportunistic acquisitions sprinkled across the ecosystem (The Spun, Locked On Sports Podcast Network). By comparison, one could count the number of deals announced in all of 2020 on two hands.

But dealmakers and private equity executives alike believe the second half will be even busier. In fact, Fifth Generation Sports CEO Chris Russo suggested the industry is likely headed into “the biggest bull market of sports M&A that [anyone] has ever seen.”

 

This article was originally published July 6, 2021 as part of the JohnWallStreet daily e-newsletter in Sportico. The e-newsletter is well respected in how it covers the business of sports. Cha

 

Our Take: H1 2021 may well be considered the beginning of sports M&A’s golden age, as several catalysts could drive transaction volume to even greater heights over the next 18 months. These include pent-up consumer demand (a result of the pandemic), the existence of three sectors ripe for consolidation (see: esports, sports betting, and collectibles) and the SPAC frenzy (a once-in-20-year phenomenon).

 

 

Coming out of social lockdown, the desire to live life again is high. It’s believed strong demand for live events will drive M&A opportunities. Experiential businesses were “hit really hard [over the last 15 months]. So, some [companies] are challenged [financially] and may need to sell,” Russo said. “People are also thinking about [creating] new retail experiences because of all the retail [businesses] that went belly up.” How much of that deal flow is M&A versus new business origination remains to be seen.

Enormous amounts of investment capital have been pumped into esports in recent years. But the disruption has not really led to consolidation within the business—at least not yet (save GameSquare Esports’ recent purchase of Jerry Jones’ Complexity Gaming). Russo suspects some could take place within the next 12-24 months, as businesses hurt by the absence of live events look to be swallowed up.

Sports betting was a particularly active M&A category in H1 2021. But there are a couple of reasons to think activity will accelerate. With nearly all of the large media outlets spoken for (in terms of content partnerships), operators will be looking for other ways to distinguish themselves. That could result in the acquisition of some marketing-tech companies and affiliate businesses. Of course, the process of picking off affiliate sites has already begun. We counted at least seven transactions involving sports betting affiliates over the last 18 months. The pending/potential legalization of mobile sports betting in large states, like New York and Florida (plus Canada), could also lead to some deals as operators look to quickly acquire users in those markets.

 

 

The fragmented collectibles business is ripe for consolidation. The industry now has a handful of big fish (see: SPAC-supported Topps, Steve Cohen-backed Collectors Holdings, Fanatics and Dapper Labs), but the majority of legacy collectibles-related companies still operate as mom-and-pop shops. Said Russo, “There is certainly potential for a lot of those [entities] to get rolled up or bought by some of the bigger players.” That would include companies looking to find their place in the digital collectibles world. It should be noted that Sportico reported Collectors Holdings agreed to purchase The Chernin Group-backed Goldin Auctions late last week.

One vertical unlikely to serve as a growth engine for M&A, however, is sports media. “When you think about sports media, a lot of the major deals have already been done (think: Fox RSNs),” Russo said. “There may be some smaller deals—we saw Outkick, The Spun and Locked On Sports Podcast Network all sold in H1 2021—but [there is unlikely to be] a whole lot happening in between.”

The large number of SPACs looking for a sports-themed company is expected to drive M&A activity, too (assuming the PIPE market holds it up). Remember, each SPAC that goes public needs to complete a business combination within two years (or return the money raised to shareholders and shutter the SPAC). As of June 24, Sportico’s SPAC tracker shows there are 113 sports-focused SPACs and/or SPACs led by sports executives currently planning an IPO (12), pricing an IPO (51) or seeking a target (50).

SPACs that get through (i.e., consummate a business combination) should also be acquisitive moving forward. “There’s a lot of pressure on SPAC companies, once they get de-SPAC’d, to grow quickly and buy things now that they have access to liquid currency,” Russo said. “If each of those companies buys two more [assets] each year, the amount of deals that will occur over the next 24 months will be astounding.”

SPAC acquisitions will be larger transactions (simply because that is the nature of SPACs and the public markets). But most of the deals that take place over the next 18 or so months—“roll-ups and niche buys,” Russo said—are likely to be of the middle-market variety (think: $25 million to $100 million). Strong demand and competitive marketplace dynamics could push asset valuations higher than they might otherwise be.

One of the reasons demand is expected to be so strong is because institutional investors only recently discovered that sports is a viable business. “The combination of COVID and a lot of investment activity just opened up everyone’s eyes that this is a category you can invest in. [Sports] might not provide the full upside you get from tech and venture. But you also don’t have the downside,” said a partner at one sports PE firm.

While we anticipate an active sports M&A market through the summer of 2023, team control transactions are likely to be few and far between. “For the most part, owners today want these teams to be legacy businesses that they pass down to their kids,” Russo said. The PE executive we spoke to agreed, before suggesting that limited partnership stake sales could ramp up as “people now accept they can invest in a team either through a fund or separately.”

 

Suggested Reading:

How Does the Esports Industry Make Money

Esports Investors are Now Better Able to Evaluate Performance Comparisons

Ad Tech – Back in the Saddle and Riding High

The Lifecycle of a SPAC

 

Special thanks to Sportico.

You can stay up to date on the business of sports by clicking their logo above.

 

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The Cannabis Administration and Opportunity Act Would Open the Doors for U.S. Marijuana Businesses

 

Legalization of marijuana (cannabis, THC, pot) for medical purposes or recreational use has been rapid in the U.S. — Eighteen states have passed full legalization, and 37 permit medical use or study. The growing public endorsement suggests broad support for permissive cannabis laws. Still, that support hasn’t garnered high enough numbers of legislators in Washington to match the decriminalization and permissiveness of even the 37 states that permit only medical use.

 

Turning Point?

It’s expected that today (July 14), the Senate Majority Leader (Chuck Schumer), the Finance Chairman (Ron Wyden), and a New Jersey Senator (Cory Booker) will present a discussion draft of their marijuana legalization bill at a press conference. The release of this draft may heighten national discussion and provide a tailwind to the hopeful industry.

The bill will be called The Cannabis Administration
and Opportunity Act and invites the long-anticipated move to delete marijuana from the federal list of controlled substances. The bill would also define federal tax and overriding regulation of marijuana on the federal level, leaving room for states to implement and enforce their own laws, presumably not unlike alcohol or prescription medications. This nod to states’ rights to govern their own citizenry would include a state’s ability to not allow legal marijuana use within their borders. The bill would also help states by establishing a wide range of federal research into concerns such as “drugged driving”  and the impact cannabis has on brain function. These measures would collect data about traffic deaths, violent crime, and public health concerns that are not yet understood.  

 

 

Provisions

The original bill is expected to also include provisions that include three grant programs designed to help disadvantaged individuals, and those hurt by years of strict drug laws. This would include expungements of federal non-violent cannabis offenses. States and cities would also be required to enact expungement programs to receive any grant funding created by the bill.

The bill is expected to include verbiage that reassures the federal banking system that serving cannabis companies on banking basics would not put them in jeopardy. It could also propose removing the 280E tax that has been a drag on profitability and the subject of court cases. The proposed bill could also provide specifics for companies that grow, manufacture, or distribute marijuana in the U.S. to list on U.S. stock exchanges.

Senator Schumer has indicated he hopes to enact the legislation by April 2022. However, it does not appear that he has open backing by the White House. Although President Biden has said, he supports decriminalization, it’s uncertain whether full legal status at the national level would be supported by the President or by enough legislators needed to pass the measure.

 

Take-Away

Although the complete contents of the proposal has not been revealed, it is expected that it is written to solve some of the biggest hurdles for the industry. Although legalization at the federal level opens up the products for additional taxes, it also allows for much needed banking and normalized commerce that could add to the industry’s growth and profitability. 

 

Suggested Reading:

Will Federal Law Surrounding Cannabis be Changed?

The Future of Cannabis Crosses Many Industries

Marijuana and Sports, Where Officials Stand

Clarence Thomas Statement on Half-in/Half-out Marijuana Laws

 

Sources:

Cannabis Administration
and Opportunity Act

https://www.bloomberg.com/news/articles/2021-03-31/schumer-pushes-senate-on-pot-legalization-as-states-leap-ahead

 

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Esports Entertainment Group Completes Acquisition of Bethard, Adding Swedish and Spanish Licensed Gaming Business

 

Bethard, the B2C business of Gameday Group plc, generated $31M net gaming revenues in 2020 GMBL raised Fiscal 2022 revenue guidance to $100M-$105M as result of the transaction

Newark, New Jersey–(Newsfile Corp. – July 14, 2021) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLW) (or the “Company”), an esports entertainment and online gambling company, is pleased to announce the closing of the Company’s acquisition of Gameday Group’s B2C business, operating under the ‘Bethard’ brand by Bethard Group Limited (“Bethard”), a fast-growing sports betting operator that generated $31 million in revenue in 2020. As a result of transaction, Esports Entertainment Group raised its fiscal 2022 revenue guidance to $100 million to $105 million.

“This is another great addition for Esports Entertainment Group that substantially increases our revenue and available markets,” commented Grant Johnson, CEO of Esports Entertainment Group. “We will gain two new gaming licenses from this transaction, including one in the strategically important Swedish market. With these additions, we’ll have a total of 6 tier one licenses globally.”

Bethard is an iGaming company that offers sports betting and casino games online. The company was founded in 2012 and consists of a team of passionate individuals who shares a vision of taking sports betting and casino to the next level. Bethard has a strong focus on responsible gambling with best-in-class compliance functions in order to act properly and in a sustainable way in regulated markets. The company is based in St. Julians, Malta.

The transaction includes a EUR 16 mil ($19.5 mil) cash payment and a 12% net gaming revenue share for two years.

According to ResearchAndMarkets.com, the global gaming market reached a value of $167.9 billion in 2020 and is forecasted to grow at a 9.2% CAGR through 2026, reaching $287.1 billion.

About Esports Entertainment Group

Esports Entertainment Group is a full stack esports and online gambling company fueled by the growth of video-gaming and the ascendance of esports with new generations. Our mission is to help connect the world at large with the future of sports entertainment in unique and enriching ways that bring fans and gamers together. Esports Entertainment Group and its affiliates are well-poised to help fans and players to stay connected and involved with their favorite esports. From traditional sports partnerships with professional NFL/NHL/NBA/FIFA teams, community-focused tournaments in a wide range of esports, and boots-on-the-ground LAN cafes, EEG has influence over the full-spectrum of esports and gaming at all levels. The Company maintains offices in New Jersey, the UK and Malta. For more information visit www.esportsentertainmentgroup.com.

FORWARD-LOOKING STATEMENTS

The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.

Contact:

U.S. Investor Relations
RedChip Companies, Inc.
Dave Gentry
407-491-4498
dave@redchip.com

Media & Investor Relations Inquiries
Jeff@esportsentertainmentgroup.com

 

PsyBio Therapeutics Announces Uplisting to OTCQB Venture Market

 

OXFORD, Ohio and COCONUT CREEK, Fla., July 14, 2021 /PRNewswire/ – PsyBio Therapeutics Corp. (TSXV: PSYB) (OTCQB: PSYBF) (“PsyBio” or the “Company“), an intellectual property driven biotechnology company developing novel formulations of psychoactive medications produced by genetically modified bacteria for the treatment of mental health challenges and other disorders, is pleased to announce that its subordinate voting shares (the “Shares“) will commence trading on the OTCQB Venture Market (the “OTCQB“) at the market open on July 14, 2021 under the symbol “PSYBF”.

“Today’s news is an important milestone towards broadening our market presence across the United States as we engage with this significant shareholder audience,” said Evan Levine, CEO of PsyBio. “Listing on the OTCQB positions PsyBio with increased visibility among the U.S. based investment community and improved liquidity for our current and prospective shareholders.”

Additionally, the Company is applying for eligibility for book-entry delivery and depository services of the Depository Trust Company (“DTC“), to facilitate electronic settlement of transfers of its Shares in the United States.  This electronic method of clearing securities expedites the receipt of stock and cash and accelerates the settlement process for investors. DTC eligibility will help enhance the Company’s potential investor base and offer a more convenient trading experience for current and future shareholders while enhancing the liquidity of the Shares on the OTCQB.

The Shares will continue to trade on the TSX Venture Exchange (the “TSXV“) under the symbol “PSYB” and on the Frankfurt Stock Exchange under the symbol “PSYB.F”.

About PsyBio Therapeutics Corp.

PsyBio Therapeutics is an intellectual property driven biotechnology company developing novel formulations of psychoactive medications produced by genetically modified bacteria for the treatment of mental health challenges and other disorders. The team has extensive experience in drug discovery based on synthetic biology and metabolic engineering as well as clinical and regulatory expertise progressing drugs through human studies and regulatory protocols. Research and development is currently ongoing for naturally occurring psychoactive tryptamines originally discovered in different varieties of hallucinogenic mushrooms, other tryptamines and phenethylamines and combinations thereof. The Company is also researching and developing new non-naturally occurring molecular structures which may have unique therapeutics properties.

About OTCQB

The OTCQB, operated by OTC Markets Group Inc., is designed for developing and entrepreneurial companies in the United States and abroad. Companies must be current in their financial reporting and undergo an annual verification and management certification process, including meeting a minimum bid price and other financial conditions. With more compliance and quality standards, the OTCQB provides investors improved visibility to enhance trading decisions. The OTCQB is recognized by the United States Securities and Exchange Commission as an established public market providing public information for analysis and value of securities.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking information” (“forward-looking information“) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.

In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions, including that: PsyBio will obtain DTC eligibility for its Shares; PsyBio will be successful in discovering new valuable target molecules; PsyBio will be successful in obtaining Investigational New Drug Applications and will be able to obtain all necessary approvals for clinical trials; PsyBio’s technology will be safe and effective; and that drug development involves long lead times, is very expensive and involves many variables of uncertainty. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: compliance with extensive government regulations; domestic and foreign laws and regulations adversely affecting PsyBio’s business and results of operations; decreases in the prevailing process for psilocybin and nutraceutical products in the markets in which PsyBio operates; the impact of COVID-19; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.

PsyBio makes no medical, treatment or health benefit claims about PsyBio’s proposed products. The U.S. Food and Drug Administration (“FDA“) or other similar regulatory authorities have not evaluated claims regarding psilocybin and other next generation psychoactive compounds. The efficacy of such products has not been confirmed by FDA-approved research. There is no assurance that the use of psilocybin and other psychoactive compounds can diagnose, treat, cure, or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. PsyBio has not conducted clinical trials for the use of its intellectual property. Any references to quality, consistency, efficacy and safety of potential products do not imply that PsyBio verified such in clinical trials or that PsyBio will complete such trials. If PsyBio cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on the PsyBio’s performance and operations.

The TSXV has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

SOURCE PsyBio Therapeutics Corp.

	Image Credit: Matheus Bertelli (Pexels)

Will Investors Experience a Quicker High in Psychedelics as Cannabis Creates the “Model”?

 

Will the legalization of psychedelic drugs for medical and recreational use unfold rapidly, similar to states where marijuana laws have changed? This is a question many investors, business owners, would-be business owners, stressed, and would-be recreational users are asking. There are already definable hints as to the answer to this question; many of them are presented here.

Short History of Legalization

A number of U.S. cities decriminalized the possession of plant- and fungi-based psychedelics, including psilocybin mushrooms, just a couple of years ago (2019). The first was Denver, CO, in 2019. The first state to legalize psilocybin “magic mushrooms” for therapeutic use was Oregon. This was a voter lead move during the 2020 November election. When all the ballots were counted, voters had approved the psychedelic substance and also approved a separate measure to legalize possession of all drugs. California may soon follow Oregon. On June 1, their state Senate approved a bill that would allow possession and personal use of various psychedelic substances which include: psilocybin, LSD, ketamine, DMT, MDMA, mescaline, and ibogaine. The measure has not yet been voted on by the state Assembly. Whether it will be approved by the Assembly and then signed by the Governor is not certain.

 

 

Why Now?

The impetus for this new momentum in psychedelics is twofold.

First, there is solid science and growing data identifying therapeutic uses for psilocybin and other psychedelic drugs. The progression and results of the data are such that the Food and Drug Administration (FDA) has granted psilocybin ” breakthrough therapy” status. This designation provides a green light to those looking to research its use for “serious conditions.” This led to Johns Hopkins University, in late 2019 to launch the “Center for Psychedelics and Consciousness Research.” The Center studies how psychedelic compounds affect our brains.

Second, decades of fighting the “war on drugs” has done little to reduce drug use, while it has filled prisons. It can be argued that prison time genuinely ruins lives, while the impact of some drugs they are doing time for is still unknown. The “First Step Act” signed by President Trump in 2018 brought attention to this as the act reduces sentences for certain drug crimes.

 

Changes Around the U.S.

While the California Senate and a majority of Oregon voters have taken the most notable steps, other states have been experimenting with the idea of reducing the burden on their legal system while potentially opening the door to breakthrough therapies.  The path forward for these states is largely in the early stage of “studies” to determine position. The more significant steps by states are outlined below:

• New York – Assemblywoman Linda Rosenthal introduced a bill on June 1 to create a “Psychedelic Research Institute.” Its initial findings are due by Dec. 1, 2021.

• Connecticut – Governor Ned Lamont signed a bill on June 7, 2021, to permit psilocybin research in his state. The bill calls for the creation of a “working group” charged with reporting its findings to the Connecticut general assembly by Jan. 1, 2022.

• Texas – Governor Greg Abbott allowed a bill authorizing the study of psilocybin to become law without his signature on June 7, 2021. One driver of the decision is the preliminary findings that psilocybin has been effective in treating military veterans with post-traumatic stress disorder.

• New Jersey – Governor Phil Murphy signed a bill in February 2021 lowering the penalties for possession of up to one ounce of mushrooms in his state.

• Maine – the House of Representatives on June 17, 2021, approved a bill to decriminalize possession of all currently illicit drugs. That measure has not yet gone to the state Senate for a vote.  

 

Will Psychedelics Be the “New Cannabis” for Investors?

Investors got their first dose of once illicit substances with cannabis and recognize the potential highs. For speculators to view psychedelics in a similar vein and anticipate desirable results would seem to follow – and the numbers are somewhat exhilarating.

A study, released in June 2020 by Data Bridge Research, predicted that a new “psychedelics sector” could grow at a CAGR of 16.3% and continue to become a $6.85 billion industry by 2027. Considering there is no indication as to whether the California or Maine legislation will move beyond its state’s Senate and be signed makes such predictions seem dubious. However, it is certain that there is a higher level of acceptance by today’s leaders and the public at large. It is also expected that like other new industries, moving from “counterculture” to mainstream will be a long strange trip full of unexpected realizations and maybe substantial reward.

Suggested Reading:

Acceptance of Psychedelics for Wellness and Recreation

The Future of Cannabis Crosses Many Industries

The Future of Cannabis Crosses Many Industries

Managing Investment Portfolio Risk

 

Sources:

https://au.finance.yahoo.com/news/mushroom-market-size-worth-95-073500098.html

https://thenewsstation.com/texas-to-study-psychedelics-even-as-gov-abbott-refused-to-sign-measure/

https://sd11.senate.ca.gov/news/20210218-senator-wiener-introduces-legislation-decriminalize-possession-and-personal-use

https://blogs.findlaw.com/law_and_life/2021/06/will-psychedelic-drugs-become-legal.html?DCMP=cons_times:nwl:2021july:gen:body

https://www.openpr.com/news/2068844/psychedelic-drugs-market-2020-to-grow-at-16-3-cagr-by-2027

https://drugpolicy.org/press-release/2018/12/president-trump-signs-first-step-act-law

https://www.prnewswire.com/news-releases/psychedelic-drugs-market-projected-to-reach-6-85-billion-by-2027–301082594.html

 

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	Image Credit: Matheus Bertelli (Pexels)

Will Investors Experience a Quicker High in Psychedelics as Cannabis Creates the “Model”?

 

Will the legalization of psychedelic drugs for medical and recreational use unfold rapidly, similar to states where marijuana laws have changed? This is a question many investors, business owners, would-be business owners, stressed, and would-be recreational users are asking. There are already definable hints as to the answer to this question; many of them are presented here.

Short History of Legalization

A number of U.S. cities decriminalized the possession of plant- and fungi-based psychedelics, including psilocybin mushrooms, just a couple of years ago (2019). The first was Denver, CO, in 2019. The first state to legalize psilocybin “magic mushrooms” for therapeutic use was Oregon. This was a voter lead move during the 2020 November election. When all the ballots were counted, voters had approved the psychedelic substance and also approved a separate measure to legalize possession of all drugs. California may soon follow Oregon. On June 1, their state Senate approved a bill that would allow possession and personal use of various psychedelic substances which include: psilocybin, LSD, ketamine, DMT, MDMA, mescaline, and ibogaine. The measure has not yet been voted on by the state Assembly. Whether it will be approved by the Assembly and then signed by the Governor is not certain.

 

 

Why Now?

The impetus for this new momentum in psychedelics is twofold.

First, there is solid science and growing data identifying therapeutic uses for psilocybin and other psychedelic drugs. The progression and results of the data are such that the Food and Drug Administration (FDA) has granted psilocybin ” breakthrough therapy” status. This designation provides a green light to those looking to research its use for “serious conditions.” This led to Johns Hopkins University, in late 2019 to launch the “Center for Psychedelics and Consciousness Research.” The Center studies how psychedelic compounds affect our brains.

Second, decades of fighting the “war on drugs” has done little to reduce drug use, while it has filled prisons. It can be argued that prison time genuinely ruins lives, while the impact of some drugs they are doing time for is still unknown. The “First Step Act” signed by President Trump in 2018 brought attention to this as the act reduces sentences for certain drug crimes.

 

Changes Around the U.S.

While the California Senate and a majority of Oregon voters have taken the most notable steps, other states have been experimenting with the idea of reducing the burden on their legal system while potentially opening the door to breakthrough therapies.  The path forward for these states is largely in the early stage of “studies” to determine position. The more significant steps by states are outlined below:

• New York – Assemblywoman Linda Rosenthal introduced a bill on June 1 to create a “Psychedelic Research Institute.” Its initial findings are due by Dec. 1, 2021.

• Connecticut – Governor Ned Lamont signed a bill on June 7, 2021, to permit psilocybin research in his state. The bill calls for the creation of a “working group” charged with reporting its findings to the Connecticut general assembly by Jan. 1, 2022.

• Texas – Governor Greg Abbott allowed a bill authorizing the study of psilocybin to become law without his signature on June 7, 2021. One driver of the decision is the preliminary findings that psilocybin has been effective in treating military veterans with post-traumatic stress disorder.

• New Jersey – Governor Phil Murphy signed a bill in February 2021 lowering the penalties for possession of up to one ounce of mushrooms in his state.

• Maine – the House of Representatives on June 17, 2021, approved a bill to decriminalize possession of all currently illicit drugs. That measure has not yet gone to the state Senate for a vote.  

 

Will Psychedelics Be the “New Cannabis” for Investors?

Investors got their first dose of once illicit substances with cannabis and recognize the potential highs. For speculators to view psychedelics in a similar vein and anticipate desirable results would seem to follow – and the numbers are somewhat exhilarating.

A study, released in June 2020 by Data Bridge Research, predicted that a new “psychedelics sector” could grow at a CAGR of 16.3% and continue to become a $6.85 billion industry by 2027. Considering there is no indication as to whether the California or Maine legislation will move beyond its state’s Senate and be signed makes such predictions seem dubious. However, it is certain that there is a higher level of acceptance by today’s leaders and the public at large. It is also expected that like other new industries, moving from “counterculture” to mainstream will be a long strange trip full of unexpected realizations and maybe substantial reward.

Suggested Reading:

Acceptance of Psychedelics for Wellness and Recreation

The Future of Cannabis Crosses Many Industries

The Future of Cannabis Crosses Many Industries

Managing Investment Portfolio Risk

 

Sources:

https://au.finance.yahoo.com/news/mushroom-market-size-worth-95-073500098.html

https://thenewsstation.com/texas-to-study-psychedelics-even-as-gov-abbott-refused-to-sign-measure/

https://sd11.senate.ca.gov/news/20210218-senator-wiener-introduces-legislation-decriminalize-possession-and-personal-use

https://blogs.findlaw.com/law_and_life/2021/06/will-psychedelic-drugs-become-legal.html?DCMP=cons_times:nwl:2021july:gen:body

https://www.openpr.com/news/2068844/psychedelic-drugs-market-2020-to-grow-at-16-3-cagr-by-2027

https://drugpolicy.org/press-release/2018/12/president-trump-signs-first-step-act-law

https://www.prnewswire.com/news-releases/psychedelic-drugs-market-projected-to-reach-6-85-billion-by-2027–301082594.html

 

Stay up to date. Follow us:

 

PsyBio Therapeutics Announces Uplisting to OTCQB Venture Market

 

OXFORD, Ohio and COCONUT CREEK, Fla., July 14, 2021 /PRNewswire/ – PsyBio Therapeutics Corp. (TSXV: PSYB) (OTCQB: PSYBF) (“PsyBio” or the “Company“), an intellectual property driven biotechnology company developing novel formulations of psychoactive medications produced by genetically modified bacteria for the treatment of mental health challenges and other disorders, is pleased to announce that its subordinate voting shares (the “Shares“) will commence trading on the OTCQB Venture Market (the “OTCQB“) at the market open on July 14, 2021 under the symbol “PSYBF”.

“Today’s news is an important milestone towards broadening our market presence across the United States as we engage with this significant shareholder audience,” said Evan Levine, CEO of PsyBio. “Listing on the OTCQB positions PsyBio with increased visibility among the U.S. based investment community and improved liquidity for our current and prospective shareholders.”

Additionally, the Company is applying for eligibility for book-entry delivery and depository services of the Depository Trust Company (“DTC“), to facilitate electronic settlement of transfers of its Shares in the United States.  This electronic method of clearing securities expedites the receipt of stock and cash and accelerates the settlement process for investors. DTC eligibility will help enhance the Company’s potential investor base and offer a more convenient trading experience for current and future shareholders while enhancing the liquidity of the Shares on the OTCQB.

The Shares will continue to trade on the TSX Venture Exchange (the “TSXV“) under the symbol “PSYB” and on the Frankfurt Stock Exchange under the symbol “PSYB.F”.

About PsyBio Therapeutics Corp.

PsyBio Therapeutics is an intellectual property driven biotechnology company developing novel formulations of psychoactive medications produced by genetically modified bacteria for the treatment of mental health challenges and other disorders. The team has extensive experience in drug discovery based on synthetic biology and metabolic engineering as well as clinical and regulatory expertise progressing drugs through human studies and regulatory protocols. Research and development is currently ongoing for naturally occurring psychoactive tryptamines originally discovered in different varieties of hallucinogenic mushrooms, other tryptamines and phenethylamines and combinations thereof. The Company is also researching and developing new non-naturally occurring molecular structures which may have unique therapeutics properties.

About OTCQB

The OTCQB, operated by OTC Markets Group Inc., is designed for developing and entrepreneurial companies in the United States and abroad. Companies must be current in their financial reporting and undergo an annual verification and management certification process, including meeting a minimum bid price and other financial conditions. With more compliance and quality standards, the OTCQB provides investors improved visibility to enhance trading decisions. The OTCQB is recognized by the United States Securities and Exchange Commission as an established public market providing public information for analysis and value of securities.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking information” (“forward-looking information“) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.

In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions, including that: PsyBio will obtain DTC eligibility for its Shares; PsyBio will be successful in discovering new valuable target molecules; PsyBio will be successful in obtaining Investigational New Drug Applications and will be able to obtain all necessary approvals for clinical trials; PsyBio’s technology will be safe and effective; and that drug development involves long lead times, is very expensive and involves many variables of uncertainty. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: compliance with extensive government regulations; domestic and foreign laws and regulations adversely affecting PsyBio’s business and results of operations; decreases in the prevailing process for psilocybin and nutraceutical products in the markets in which PsyBio operates; the impact of COVID-19; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.

PsyBio makes no medical, treatment or health benefit claims about PsyBio’s proposed products. The U.S. Food and Drug Administration (“FDA“) or other similar regulatory authorities have not evaluated claims regarding psilocybin and other next generation psychoactive compounds. The efficacy of such products has not been confirmed by FDA-approved research. There is no assurance that the use of psilocybin and other psychoactive compounds can diagnose, treat, cure, or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. PsyBio has not conducted clinical trials for the use of its intellectual property. Any references to quality, consistency, efficacy and safety of potential products do not imply that PsyBio verified such in clinical trials or that PsyBio will complete such trials. If PsyBio cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on the PsyBio’s performance and operations.

The TSXV has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

SOURCE PsyBio Therapeutics Corp.

 

Esports Entertainment Group Completes Acquisition of Bethard, Adding Swedish and Spanish Licensed Gaming Business

 

Bethard, the B2C business of Gameday Group plc, generated $31M net gaming revenues in 2020 GMBL raised Fiscal 2022 revenue guidance to $100M-$105M as result of the transaction

Newark, New Jersey–(Newsfile Corp. – July 14, 2021) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLW) (or the “Company”), an esports entertainment and online gambling company, is pleased to announce the closing of the Company’s acquisition of Gameday Group’s B2C business, operating under the ‘Bethard’ brand by Bethard Group Limited (“Bethard”), a fast-growing sports betting operator that generated $31 million in revenue in 2020. As a result of transaction, Esports Entertainment Group raised its fiscal 2022 revenue guidance to $100 million to $105 million.

“This is another great addition for Esports Entertainment Group that substantially increases our revenue and available markets,” commented Grant Johnson, CEO of Esports Entertainment Group. “We will gain two new gaming licenses from this transaction, including one in the strategically important Swedish market. With these additions, we’ll have a total of 6 tier one licenses globally.”

Bethard is an iGaming company that offers sports betting and casino games online. The company was founded in 2012 and consists of a team of passionate individuals who shares a vision of taking sports betting and casino to the next level. Bethard has a strong focus on responsible gambling with best-in-class compliance functions in order to act properly and in a sustainable way in regulated markets. The company is based in St. Julians, Malta.

The transaction includes a EUR 16 mil ($19.5 mil) cash payment and a 12% net gaming revenue share for two years.

According to ResearchAndMarkets.com, the global gaming market reached a value of $167.9 billion in 2020 and is forecasted to grow at a 9.2% CAGR through 2026, reaching $287.1 billion.

About Esports Entertainment Group

Esports Entertainment Group is a full stack esports and online gambling company fueled by the growth of video-gaming and the ascendance of esports with new generations. Our mission is to help connect the world at large with the future of sports entertainment in unique and enriching ways that bring fans and gamers together. Esports Entertainment Group and its affiliates are well-poised to help fans and players to stay connected and involved with their favorite esports. From traditional sports partnerships with professional NFL/NHL/NBA/FIFA teams, community-focused tournaments in a wide range of esports, and boots-on-the-ground LAN cafes, EEG has influence over the full-spectrum of esports and gaming at all levels. The Company maintains offices in New Jersey, the UK and Malta. For more information visit www.esportsentertainmentgroup.com.

FORWARD-LOOKING STATEMENTS

The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.

Contact:

U.S. Investor Relations
RedChip Companies, Inc.
Dave Gentry
407-491-4498
dave@redchip.com

Media & Investor Relations Inquiries
Jeff@esportsentertainmentgroup.com