Psyence Group Inc (CSE:PSYG) announced it has struck a multi-year collaboration agreement with the Jamaican government’s Scientific Research Council that sets the stage for psilocybin product development.
According to Toronto-based Psyence Group’s Chief Scientific Officer Justin Grant, the agreement “sets the path forward for Psyence’s observational trials, to be followed by more rigorous clinical trials.”
The collaboration will consist of three main initiatives: developing psilocybin-based nutraceuticals; identifying and collecting Jamaica’s psychedelic and psychoactive mushrooms, and sorting protocols to optimize spawn production of rare psychedelic mushroom species for up to three years.
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“We are honoured to commence work with the SRC on the development and physicochemical characterization of these products to produce consistent and standardized psilocybin mushroom-derived dosage forms,” Grant told investors in a statement.
The SRC helps to foster scientific research and the subsequent commercialization of its results. The agreement with the SRC was signed through Psyence’s wholly-owned subsidiary Psyence Jamaica Limited.
“The scientific approach of Psyence is aligned with the SRC’s objectives to preserve Jamaica’s indigenous resources and to develop evidence-based, standardized products,” the SRC’s acting divisional manager Ryan Francis said.
“This agreement will facilitate research that has positive implications for the mushroom industry in general, facilitating greater understanding and identification of beneficial properties. We are excited to work with Psyence Jamaica to develop psilocybin nutraceuticals as partnerships of this nature are in keeping with the SRC’s mandate to provide scientific solutions and technical support to industries.”
Psyence Jamaica was founded to build global value and generate Jamaican prosperity and health, Psyence Group CEO Jody Aufrichtig told shareholders.
“Sharing IP with the Jamaican people through Jamaica’s Scientific Research Council is fundamental to Psyence’s most deeply held beliefs that it is essential to build long-term economic and sustainable practices that benefit all.”
Psyence has built and operates one of the first federally licensed commercial psilocybin cultivation and production facilities. The group has a global footprint that operates across multiple legal jurisdictions with four key divisions: Psyence Production, Psyence Therapeutics, Psyence Function, and Psyence Experience.
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