Psyence Group Inc (CSE:PSYG) has signed a joint venture agreement with Pure Extracts Technologies Corp to develop psilocybin extracts and advanced formulations.
The Toronto-based company is advancing the use of psychedelics to help treat psychological trauma and related mental health concerns.
Psyence operates one of the first federally licensed commercial psilocybin cultivation and production facilities in the world, located in Lesotho in southern Africa.
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As part of the new Pure Psyence agreement, which will be called Pure Psyence, Psyence said it will leverage its supply of psilocybin mushrooms with Pure Extract’s extraction technologies to produce high-purity medicinal mushroom extracts on a commercial pharmaceutical scale.
In a statement, Psyence told investors that the joint venture’s combined expertise in formulation development of psychoactive compounds will enable Pure Psyence to produce stable and effective psilocybin medicinal products. Pure Psyence’s physicians and scientists will work to make psilocybin more accessible to leading Canadian research institutions as well as provide psilocybin to its own research team at Pure Psyence for human clinical trials, the company added.
“Psilocybin mushrooms hold a rich pharmacopeia of unique elements that Pure Psyence is researching to create breakthrough synergies in mental health solutions,” Psyence CEO Justin Grant said in a statement.
Pure Extracts CEO, Ben Nikolaevsky, added: “Pure Psyence sits at the intersection of evidence-based science and nature. The researchers, scientists and physicians at Pure Psyence will now be uniquely positioned to bring psilocybin whole mushroom in measurable pharmaceutical dosages to market; a first.”
The Psyence group includes four key divisions (Psyence Production, Psyence Therapeutics, Psyence Function, and Psyence Experience), with operations in Canada, United States, United Kingdom, Jamaica, South Africa, and Australia.
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