Mind Cure Health (MCURF) Maxim Report

Price Target and Investment Risks MCURF: Aside from general market and other economic risks, risks particular to our price target and rating for Mind Cure Health Inc. include: (1) the regulatory and clinical risk associated with product development; (2) the ability to access capital and the very high likelihood that company will need to raise additional capital, the terms of which may not be favorable based on the outcome of clinical data and other factors, and if the company is unable to raise capital, this may hinder the company's ability to continue operations; (3) the rate and degree of progress of product development; (4) the rate of regulatory approval and timelines to potential commercialization of products; (5) the level of success achieved in clinical trials; (6) the requirements for marketing authorization from regulatory bodies in the United States and other countries; (7) the liquidity and market volatility of the company’s equity securities; (8) regulatory and manufacturing requirements and uncertainties; (9) product and technology developments by competitors, potentially with more resources and commercial infrastructure; (10) inability, if product(s) is approved to gain adequate market share; (11) ability of the company to achieve a US exchange listing; (12) impact of comprehensive tax reform in the US and Ex-US tax policy; (13) geopolitical risk for ex-US manufacturing facilities; (14) delays related to COVID-19 could impact the company's ability operate and conduct clinical trials; (15) foreign currency exchange rate fluctuation; (16) failure of third-parties to meet contractual obligations, potentially impacting drug development. (17) Drug scheduling and other regulatory/legal issues with psychedelic-based therapeutics; (18) challenges around intellectual property associated with psychedelic-based therapeutics, which could result in not obtaining IP protections, exclusivity and other impacts that could materially impact the potential value of these drugs and treatment areas. Legal challenges could also result in lengthy and costly litigation; (19) the stock trades on the OTCMKT and Canadian Stock exchange, and is not listed on a US National Exchange. RISK RATINGS Risk ratings take into account both fundamental criteria and price volatility. Speculative – Fundamental Criteria: This is a risk rating assigned to early-stage companies with minimal to no revenues, lack of earnings, balance sheet concerns, and/or a short operating history. Accordingly, fundamental risk is expected to be significantly above the industry. Price Volatility: Because of the inherent fundamental criteria of the companies falling within this risk category, the price volatility is expected to be significant with the possibility that the investment could eventually be worthless. Speculative stocks may not be suitable for a significant class of individual investors. High – Fundamental Criteria: This is a risk rating assigned to companies having below-average revenue and earnings visibility, negative cash flow, and low market cap or public float. Accordingly, fundamental risk is expected to be above the industry. Price Volatility: The price volatility of companies falling within this category is expected to be above the industry. High-risk stocks may not be suitable for a significant class of individual investors. Medium – Fundamental Criteria: This is a risk rating assigned to companies that may have average revenue and earnings visibility, positive cash flow, and is fairly liquid. Accordingly, both price volatility and fundamental risk are expected to approximate the industry average. Low – Fundamental Criteria: This is a risk rating assigned to companies that may have above-average revenue and earnings visibility, positive cash flow, and is fairly liquid. Accordingly, both price volatility and fundamental risk are expected to be below the industry. DISCLAIMERS Some companies that Maxim Group LLC follows are emerging growth companies whose securities typically involve a higher degree of risk and more volatility than the securities of more established companies. The securities discussed in Maxim Group LLC research reports may not be suitable for some investors. Investors must make their own determination as to the appropriateness of an investment in any securities referred to herein, based on their specific investment objectives, financial status and risk tolerance. 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