Vancouver, B.C., March 31, 2021 (GLOBE NEWSWIRE) –Psyence Group Inc. (CSE: PSYG) (“Psyence”), and Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ) (“Pure Extracts”) and are pleased to announce the signing of a Letter of Intent (“LOI”) to form a Joint Venture (the “JV”) to develop superior techniques for the extraction of psilocybin from psychedelic mushrooms, as well as the development of advanced formulations containing psilocybin for the long-term treatment of psychological trauma and its mental health consequences.
Psyence is one of the world’s first psychedelic mushroom companies operating a federally legal commercial cultivation and extraction facility in Southern Africa and possessing an experienced global team of doctors and scientists striving for breakthroughs in palliative care, neurology, neuroscience and drug development.
Pure Extracts is a plant-based extraction company focused on cannabis, hemp, functional mushrooms and the rapidly emerging psychedelic sector with a state-of-the-art processing facility and an application submitted to Health Canada for a Dealer’s Licence under the Controlled Drugs and Substances Act (CDSA). The companies plan to maximize the use of their combined infrastructure and networks in order to attain near-term milestones. Pure Extracts has a strong Canadian network of psychedelic mushroom experts, from cultivation to research & development, including Dr. Alexander MacGregor and his team at the Toronto Institute of Pharmaceutical Technology (TIPT), while Psyence’s network in South Africa, Lesotho and Jamaica has the expertise for the JV to rapidly develop natural psychedelics and novel drug delivery systems for patients throughout the world. Additionally, the Psyence team is experienced in structuring and running clinical trials and a near term goal will be to participate in a Canadian based, human clinical trial.
Pure Extracts CEO, Ben Nikolaevsky, remarked, “We are excited about working with the deeply qualified science team at Psyence, one of only a handful of companies in the world operating a vertically integrated, federally licensed, psychedelic mushroom facility.” Dr. Justin Grant, Chief Scientific Officer of Psyence, commented, “This partnership with Pure Extracts will facilitate the importation of our standardized psychedelic mushrooms into Canada, giving us the opportunity to further optimize extraction methods and produce advanced products needed for safe clinical research. Our companies share the vision of providing the highest quality and most innovative psilocybin products for Canada, as evidenced by our facilities being constructed to GMP standards, and our commitment to rigorous scientific and clinical research for the development of transformational treatments for mental health disorders, with a particular focus on oncology palliative care.