Psyence Group and Pure Extracts Finalize “Pure Psyence” Joint Venture for the Development of Psychedelic Medicinal Mushroom Extracts

  • A Canadian partnership with international links to advance the field of psychedelic medicine globally with standardized extracts

  • A leader in naturally occurring psilocybin for extraction, production of advanced formulations and clinical research

TORONTO, Sep 28, 2021 (GLOBE NEWSWIRE) – Psyence Group Inc. (CSE: PSYG) (“Psyence“or the”Society“) and Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ) (“Pure extracts”) Announce the signing of a joint venture agreement (the“ JV ”) “Pure Psyence” for the development of naturally occurring psilocybin extracts and advanced psilocybin formulations for the long-term treatment of psychological trauma and its consequences on mental health.

Pure Psyence will leverage Psyence’s supply of high quality standardized psilocybin mushrooms together with Pure Extract’s expertise in extraction technologies to produce high quality, high purity medicinal mushroom extracts and formulations at the commercial pharmaceutical scale.

Psyence built and operates one of the world’s first federally licensed commercial psilocybin cultivation and production facilities focused on the production of certified, high-quality psilocybin / psilocin-producing mushrooms. The facility, which is located in the Kingdom of Lesotho, has been designed and built to British Standards Institute (BSI) and Good Manufacturing Practices (GMP) standards. All crops are shipped with an export permit from the Lesotho Ministry of Health and a Certificate of Analysis indicating the potency of psilocybin and psilocin in each batch of psychoactive mushrooms.

Pure Extracts is an herbal extraction company with extensive expertise in cannabis, hemp, functional mushrooms, and psychoactive mushrooms. A distributor’s license has been submitted to Health Canada under the Controlled Drugs and Substances Act (CDSA) to process psilocybin mushrooms at its state-of-the-art extraction facility. Located in Pemberton, British Columbia, the Pure Extract plant was built for EU-GMP certification.

Dr Justin Grant, Scientific Director of Psyence, commented : “Psilocybin mushrooms contain a rich pharmacopoeia of unique elements that Pure Psyence seeks to create revolutionary synergies in mental health solutions.. “

The joint venture’s combined expertise in developing formulations of psychoactive compounds will enable Pure Psyence to produce stable and effective psilocybin-based drugs. Doctors and scientists at Pure Psyence will work to make psilocybin more accessible to major Canadian research institutions and provide psilocybin to its own research team at Pure Psyence for human clinical trials.

CEO of Pure Extracts, Ben Nikolaevsky, remarked: “Pure Psyence stands at the intersection of evidence-based science and nature. Pure Psyence researchers, scientists and physicians will now be uniquely positioned to market the whole psilocybin fungus in measurable pharmaceutical doses; a first. “

About the Psyence group

Psyence, a public life sciences biotechnology company listed on the Canadian Securities Exchange (CSE: PSYG), sets the global standard for natural psychedelics. Psyence paves the way for natural psilocybin and other psychedelics for healing psychological trauma and its mental health consequences in the context of palliative care. Our name “Psyence” combines the words psychedelic and science affirm our commitment to produce psychedelic drugs developed through evidence-based research.

Informed by nature and guided by science, we built and operated one of the world’s first commercial federally licensed psilocybin mushroom cultivation and production facilities. Our team brings international experience in business and science and includes experts in mycology, neurology and drug development. We are working on the development of advanced psilocybin products and other psychedelic breakthroughs for research institutes, clinics, therapeutic dips and destination experiences for clinical research. We are also developing a collection of nutraceuticals for mental well-being that promote improved focus, calm and sleep.

Our four key divisions (Psyence Production, Psyence Therapeutics, Psyence Function and Psyence Experience) anchor an international presence with operations in Canada, United States, United Kingdom, Jamaica, South Africa and Australia.

Psyence contact details:

Lisa-Marie Iannitelli
Investor Relations
Email: [email protected]

Media inquiries: [email protected]
General information: [email protected]

About pure extracts

Pure Extracts has a brand new, state-of-the-art processing facility located just 20 minutes north of famous Whistler, British Columbia. The custom facility was built in accordance with European Union GMP standards to export product and formulation sales, including those currently restricted in Canada, to European jurisdictions where they are legally available. Health Canada, under the Cannabis Act, granted Pure Extracts its standard processing license on September 25, 2020 and its sale amendment on July 19, 2021. The company’s shares began trading on the Canadian Stock Exchange. Canadian Securities (CSE) on November 5, 2020.

For more information, please contact:
Pure Extracts Investor Relations
Phone. : +1 604 493-2052
[email protected]

Certain statements in this press release regarding Psyence Group Inc, Pure Extracts Technologies Corp. and their respective subsidiaries as well as Pure Psyence Corp (collectively “the Companies”) are forward-looking statements and are forward-looking in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections regarding future events and are therefore subject to risks and uncertainties that could cause actual results to differ materially from future results. expressed or implied by forward-looking statements. . These statements can generally be identified by the use of forward-looking words such as “may”, “should”, “could”, “intend”, “or” continue “, or the negative thereof or similar variations. All statements other than statements of historical fact included in this press release, including, without limitation, statements regarding the future plans and objectives of the companies, are forward-looking statements and involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and that actual results and future events could differ materially from those anticipated in such statements. Significant factors that could cause actual results to differ materially from the expectations of the companies include the risks detailed from time to time in documents filed by the companies under securities regulations.

The forward-looking statements contained in this press release include statements regarding the the size and profitability of the commercial mushroom pharmaceutical market, the success of the research and development efforts mentioned in the press release, the ability to commercialize the pharmaceutical psilocybin / psilocin within the current or planned legal frameworks, obtaining all of these licenses, registrations and consents which may be required from regulatory and governmental authorities regulated for the operations of Pure Psyence Corp and the products to be manufactured by it. This subsequent written and oral forward-looking information and all subsequent forward-looking information are based on management’s estimates and opinions on the dates on which they are made and are expressly qualified in their entirety by this notice. Except as required by law, the companies do not intend to update these forward-looking statements. The Companies do not make any medical, treatment or health benefit claims regarding the products offered by the Companies. The United States Food and Drug Administration, Health Canada, or other similar regulatory agencies have not evaluated claims about psilocybin, psilocybin analogues, or other psychedelic compounds or nutraceuticals. The effectiveness of these products has not been confirmed by approved research. There can be no assurance that the use of psilocybin, psilocybin analogues or other psychedelic or nutraceutical compounds will diagnose, treat, cure or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. The Companies have not conducted clinical trials for the use of their offered products. Any reference to the quality, consistency, efficacy and safety of potential products does not imply that the Companies have verified them in clinical trials or that the Companies will perform such trials. If the Companies cannot obtain the approvals or research necessary to market their business, this could have a material adverse effect on the performance and operations of the Companies.

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