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Psyence Group Inc. (OTCQB:PSYGF), a life sciences biotech focused on natural psychedelics, is exporting medical-grade psilocybin mushrooms to Psilo Pharma Inc., a Canadian-incorporated psilocybin company operating in Europe, for the development of extraction methodologies.
The fungi batch was grown at Psyence’s production facility in Lesotho, Southern Africa. The Portuguese regulators delivered the import permit in February 2022, when the export process to Psilo Pharma’s facilities began.
This is the first time Psyence is sending its psilocybin mushrooms to Europe. The operation also constitutes the company’s second successful export to date. The cultivation system used in the facility is designed for continuous harvesting, to which the company recently added an on-site lab for in-process analysis and extraction.
Psyence CEO Dr. Neil Maresky said the Southern African certified production center is “fully operational” and that the company would be willing to ramp up production in line with the global medical research demands.
Psilo Pharma is set to provide the highest quality psilocybin across Europe, supply clinical trials for drug development and engage in development partnerships.
“We are preparing for the eventual commercialization of psilocybin as a crucial component for an alternative and superior treatment of mental health. In Portugal, our goal is to establish proprietary extraction methods and procedures for naturally produced psilocybin,” explained Psilo CEO David Reckeweg-Lecompte.
Photo courtesy of Susie Hedberg and C4289N on Shutterstock.
Posted In: PSYGF
