New content diversification supports MediaCentral's ongoing strategy to leverage growing market trends and expand its dedicated 6.5 million audience
TORONTO, April 23, 2020 /CNW/ - Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT) ("MediaCentral" or the "Company") today announced that its wholly owned property Canncentral.com ("Canncentral") will provide ongoing coverage of the burgeoning psychedelics sector. Canncentral is a digital magazine dedicated to covering the latest in cannabis news and lifestyle and is an authoritative voice in the complementary wellness market. Canncentral's psychedelics reporting will focus on the wide range of therapeutic and medical applications as well as business news, trends and legislative changes in the rapidly emerging area.
"The world of psychedelics is a natural extension of the content we produce at Canncentral," said Brian Kalish, CEO of MediaCentral. "Our 6.5 million audience of engaged influential readers have their fingers on the pulse of emerging trends and are eager to consume up-to-date information from our award-winning editorial teams. Early signs point to the huge impact that psychedelics will have on society from a cultural, medical and business perspective. This focus on psychedelics is a natural progression of our ongoing strategy to leverage our considerable audience and capitalize on the latest in material trends as we move to further monetize our titles."
The topic of psychedelics and medical psychedelics has gained worldwide momentum. In late 2018, the U.S Food and Drug Administration (FDA) provided "breakthrough therapy" status to a psilocybin (magic mushroom) treatment for clinical depression, pushing the industry into the spotlight. Over the last twenty four months several U.S cities have decriminalized psychedelics for medicinal purposes such as in mental health treatment, and a number of companies including Johnson & Johnson, AstraZeneca, Merck & Co., and Pfizer have commenced clinical trials to research how psychedelics like LSD, MDMA and ketamine can target a range of medical aliments from cancer to PTSD, to depression to opioid addiction. As testament to the rising significance of the industry, Johns Hopkins University recently launched a dedicated research center for psychedelic studies called the Center for Psychedelic and Consciousness Research.
A recent study by Data Bridge Market Research indicates the psychedelics market is experiencing a compound annual growth rate of approximately 16%. This is driven in part by the efficacy and impact expected from chemicals such as LSD and Ketamine in the antidepressant drug market alone, which is anticipated to exceed US$15.98 billion by 2023. As a result, many analysts have forecasted the potential of the psychedelics market to outpace cannabis as an investment class.
Canncentral will provide regular coverage on all things psychedelics and will distribute stories omnichannel to its growing audience through its own platform and MediaCentral's other titles including NOW Magazine ("NOW") in Toronto and Georgia Straight ("the Straight") in Vancouver. Content around psychedelics will be integrated across the Company's full spectrum of three digital platforms, two print publications, three newsletters and nine social media channels accounting for nearly a million total followers.
Launched in fall 2019 Canncentral was the first original digital platform from MediaCentral. Earlier this week, MediaCentral announced that the Company has begun a beta-launch of ECentralSports.com, set to target the explosive eSports and egaming industry. The continued expansion of MediaCentral's news and information platforms is part of its ongoing strategy to produce and acquire existing high-quality publications across the U.S and Canada, with the goal of consolidating, digitizing and monetizing an audience of over 100 million of the most influential consumers in North America.
About Canncentral Inc.
With unique daily content appealing to both new and experienced cannabis consumers, Canncentral is poised to become the leading digital publisher of all things cannabis. Presenting authentic news and lifestyle content through a verified lens, Canncentral is emerging as an industry leading authority on knowledge, product and insight for cannabis enthusiasts, patients and investors around the world. Canncentral Inc. is a wholly owned subsidiary of Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT).
About Media Central Corporation Inc.
Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT) is an alternative media company situated to acquire and develop high-quality publishing assets starting with the recent acquisition of Vancouver Free Press Corp., the purchase of NOW Communications Inc. and the launch of digital cannabis platform CannCentral.com. MediaCentral is consolidating and digitally monetizing the over 100 million coveted and premium consumers of the approximately 100 alternative urban publications across North America, creating the most powerful audience of influencers.
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About Vancouver Free Press Corp.,
Vancouver Free Press Corp., owns and operates Georgia Straight and straight.com. Established in 1967 as the news, lifestyle, and entertainment weekly in Vancouver, the Georgia Straight has been an integral part of the active urban West Coast lifestyle for over 50 years. Reaching over 56 million annual readers, every Thursday in print, and every day at straight.com, Georgia Straight delivers an award-winning editorial package of features, articles, and reviews. Regular coverage includes news, tech, arts, music, fashion, travel, health, cannabis, and food, plus Vancouver's most comprehensive listings of entertainment activities and special events. Vancouver Free Press Corp. is a wholly owned subsidiary of Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT).
About NOW Central Communications Inc.
NOW Central owns and operates NOW Magazine and nowtoronto.com. Since 1981 NOW has been Toronto's news and entertainment voice, published in print every Thursday, and daily at nowtoronto.com. Reaching over 25 million annual readers, NOW has been a leading publication, defining and pioneering the independent and alternative voice for more than 38 years. NOW Central Communications Inc. is a wholly owned subsidiary of Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT).
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release may include, but are not limited to, statements with respect to internal expectations, expectations with respect to estimated margins, cost structures, and cost structures in the media industry. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the media industry generally, income tax and regulatory matters; the ability of MediaCentral to implement its business strategies; competition; currency and interest rate fluctuations and other risks.
Readers are cautioned that the foregoing list is not exhaustive and should carefully review the various risks and uncertainties identified in the Company's filings on SEDAR. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
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Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
SOURCE Media Central Corporation Inc.