Category: Psyence Group

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Collaboration with the Scientific Research Council (SRC) of Jamaica for Psilocybin Product Development

TORONTO, ON/JAMAICA/ June , 2021 / Psyence Group Inc. (“Psyence” or the “Company”) (PSYG:CSE), a public life science biotechnology company pioneering the use of natural psychedelics, is pleased to announce that through its wholly owned Jamaican subsidiary, Psyence Jamaica Limited (“Psyence Jamaica”), it has entered into a multi-year agreement (“Collaboration Agreement”) with the Jamaican government’s Scientific Research Council (“SRC”). The SRC is Jamaica’s principal public sector agency, charged with fostering scientific research and the commercialization of its results. Projects implemented by the SRC have the potential to assist in the economic and social development of Jamaica. SRC has expertise in various areas including product research and development, chemical and microbial testing, molecular characterization and diagnostics of strains, propagation method development, active ingredient quantification and mushroom cultivation. The SRC’s Quality Management System is certified to ISO 9001 standard and its analytical and microbiological laboratories are accredited to ISO/IEC 17025.

The first collaborative initiative includes the development of nutraceuticals containing a range of psilocybin concentrations from micro-doses to hallucinogenic levels of dosing, as well as producing timed-release formulations. According to Justin Grant, PhD, Psyence’s Chief Scientific Officer, “This collaboration sets the path forward for Psyence’s observational trials, to be followed by more rigorous clinical trials.” He added, “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.”
The second initiative places special focus on Jamaica’s indigenous mushroom species because Jamaica has long been celebrated as a biodiversity hot spot. This partnership will work in the field to identify, collect, characterize and store local psychedelic and psychoactive mushrooms.
The third initiative includes protocols for optimization of spawn production of rare psychedelic mushroom species and methods of conservation of select germplasm for up to 3 years.

Dr. Ryan Francis, Acting Divisional Manager, Product, Research and Development Division of SRC, commented, “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. 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’s commitment to Jamaica and Jamaica’s biotech industry goes beyond this collaboration to also include a shared IP agreement with the SRC, according to Psyence’s CEO Jody Aufrichtig. He declared, “Psyence is a global company that practices conscious capitalism; that means we are here as partners for the long term and the greater good. Psyence Jamaica was founded both to build global value and generate Jamaican prosperity and health. 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.”

About Psyence Group:

The Psyence Group sets the global standard for natural psychedelics. Psyence is the pioneer in natural psilocybin for the treatment of psychological trauma and its mental health consequences in the context of palliative care. The executive team has international experience in business, science and medicine and includes international experts in neurology, neuroscience, mycology and drug development. Psyence has built and operates one of the first federally licensed commercial psilocybin cultivation and production facilities. The Psyence Group has a global footprint that operates across multiple legal jurisdictions with four key divisions: Psyence Production, Psyence Therapeutics, Psyence Function, and Psyence Experience.

Website: www.psyence.com

For more information

 Lisa-Marie Iannitelli

Investor Relations

ir@psyence.com

Media Inquiries: media@psyence.com

General Information: info@psyence.com

Certain statements in this news release related to Psyence Group Inc and its subsidiaries (collectively “the Company“) are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward- looking words such as “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the future operations of the Company, the perceived opportunities in the psilocybin-based medical and nutraceutical markets globally, the potential to launch mushroom-based and psilocybin-containing products within enabling current and anticipated legal frameworks globally, the success of the joint R&D efforts of the Company and the SRC, the approval of clinical trials from the necessary regulatory and governmental authorities, the optimism surrounding the anticipated positive outcomes of the observational studies, clinical trials and research referred to in the news release, and the obtaining of all such licences, registrations and consents as may be required from regulatory and governmental authorities regulating to the products and activities referred to in this news release. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.

The Company makes no medical, treatment or health benefit claims about the Company’s proposed products. The

U.S. Food and Drug Administration, Health Canada or other similar regulatory authorities have not evaluated claims regarding psilocybin, psilocybin analogues, or other psychedelic compounds or nutraceutical products. The efficacy of such products have not been confirmed by approved research. There is no assurance that the use of psilocybin, psilocybin analogues, or other psychedelic compounds or nutraceuticals can diagnose, treat, cure or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. The Company has not conducted clinical trials for the use of its proposed products. Any references to quality, consistency, efficacy and safety of potential products do not imply that the Company verified such in clinical trials or that the Company will complete such trials. If the Company cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on the Company’s performance and operations.

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The Diaries of a Psychedelic CEO | Episode 2

Welcome to Episode 2 of the Diary of a Psychedelic CEO.

In this episode I share the story of Psyence and how it came into being. From receiving a full license to cultivate, process, import, produce and export Psilocybin mushrooms just over a year ago, to designing and building out our commercial facility, a lot has been achieved in a short time. Psyence has four divisions and over the coming weeks I will provide more detail about each of the divisions and what they are focusing on. Take a listen here to learn more about what’s next for Psyence and about the natural, plant-based nutraceutical products we intend to bring to market by the end of the year.

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The Psyence Group Announces its Formal Entry Into Jamaica With The Incorporation Of Its Wholly Owned Subsidiary, Psyence Jamaica Limited.

TORONTO, ON/JAMAICA/ June 8, 2021 / Psyence Group Inc. (“Psyence” or the “Company”) (PSYG:CSE), a Canadian public biotechnology company with a global presence, is pleased to announce the incorporation, and operational commencement, of its wholly owned Jamaican subsidiary, “Psyence Jamaica Limited” (“Psyence Jamaica”).

The Psyence Group has been operating directly in Jamaica since inception in 2019. As a result of the many initiatives pursued by the Company in Jamaica, Psyence Jamaica was established on May 11th 2021, demonstrating the commitment of the Psyence Group to the development of standardized nutraceutical and pharmaceutical psychedelic products in Jamaica for the treatment of psychological traumas. In particular, Psyence Jamaica will initially focus on naturally derived psilocybin for the treatment of patients in a palliative care setting, led by Dr. Dingle Spence (Oncologist and Palliative Care Specialist and Psyence Jamaica’s Medical Advisor) and Dr. Amza Ali, the Psyence Group’s Global Medical Director. Dr Ali is a Jamaican Neurologist and is a board member of the Psyence Group and Psyence Jamaica.

This new development demonstrates the Company’s thrust for global expansion and strong commercial growth, as well as the commitment to invest in countries which possess attractive cultural, scientific, and clinical strengths to support and enhance its endeavors.

All over the world, Jamaica is well known for its plant-based remedies. Of the plants scientifically established as having medicinal properties, many are not only in Jamaica, but a significant percentage are endemic. Jamaica is keen to further develop its plant medicine industry. Given the potential for its indigenous psychedelic mushrooms, Jamaica encourages and facilitates research and development of psilocybin for medicinal use. Thus, this new Jamaican entity will be well poised to support its parent company in this emerging market, which is expected to reach US $ 10.75 billion by 2027.

Psyence Jamaica also has a collaboration with LONACAS Inc. to ensure compliance on product development, manufacturing and clinical trials. LONACAS is a noted Kingston, Jamaica-based, clinical research company with a track record in clinical, scientific and epidemiological research. As previously announced, Psyence Jamaica has an ongoing research collaboration with MycoMeditations, a psilocybin wellness destination experience in Treasure Beach, Jamaica, that includes both retrospective and observational studies of psilocybin-based products.

Dr. Justin Grant, PhD, Chief Scientific Officer of Psyence Group Inc. commented, “We are honoured to advance our drug development work in Jamaica and to deepen our scientific relationships with Jamaican academic scientists, clinicians and institutions. We look forward to further engaging in collaborative research with our Jamaican partners.”

About Psyence Group:

The Psyence Group sets the global standard for natural psychedelics.  The executive team has international experience in the business of science and medicine and includes international experts in neurology, neuroscience and drug development. Psyence has built and operates one of the first federally licensed commercial psilocybin cultivation and production facilities.  Psyence is the pioneer in the use of natural psilocybin for the treatment of psychological trauma and its mental health consequences in the context of palliative care. The Psyence Group has a global footprint that operates across multiple legal jurisdictions with four key divisions: Psyence Production, Psyence Therapeutics, Psyence Wellness, and Psyence Experience.

Website: www.psyence.com

For more information

Lisa-Marie Iannitelli

Investor Relations

ir@psyence.com

Media Inquiries: media@psyence.com

General Information: info@psyence.com

Certain statements in this news release related to Psyence Group Inc and its subsidiaries (collectively “the Company“) are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the future operations of the Company in Jamaica, the perceived opportunities in the psilocybin-based medical and nutraceutical markets globally, the opportunities to conduct successful R&D supporting the Company’s targeted areas of R&D, the desired approval of clinical trials and other studies from the necessary regulatory and governmental authorities and the obtaining of all such licences, registrations and consents as may be required from regulatory and governmental authorities regulating to the products and activities referred to in this news release. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.

The Company makes no medical, treatment or health benefit claims about the Company’s proposed products. The U.S. Food and Drug Administration, Health Canada or other similar regulatory authorities have not evaluated claims regarding psilocybin, psilocybin analogues, or other psychedelic compounds or nutraceutical products. The efficacy of such products have not been confirmed by approved research. There is no assurance that the use of psilocybin, psilocybin analogues, or other psychedelic compounds or nutraceuticals can diagnose, treat, cure or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. The Company has not conducted clinical trials for the use of its proposed products. Any references to quality, consistency, efficacy and safety of potential products do not imply that the Company verified such in clinical trials or that the Company will complete such trials. If the Company cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on the Company’s performance and operations.

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Job description and specification.

Title : Commercial General Manager.

Description

Psyence is in the process of building and establishing a global presence as a pioneering and leading company in the treatment and support of mental well-being.   This vision requires a team of talented, professional and dedicated individuals.  At present a need and opportunity exists for a Commercial General Manager to take ownership of the operations, daily management and coordination of projects within the group with respect to its commercial activities.

Experience

  • +10 years of senior management within an established company within the healthcare industry.
  • Qualification in Business Management.
  • Commercial Experience.
  • Financial literacy and ability to work and develop budgets.
  • Operational experience within, logistics,  procurement, manufacturing.
  • Strong organizational and planning ability.
  • Seniority Level: Senior Level
  • Employment Type: Full-time
  • Industry: Science Biotechnology
  • Job Functions: Management, Operations

Other

  1. South African based position.
  2. Must be able to travel locally and abroad.
  3. Prepared to work outside of normal working hours.
  4. In good health.
  5. Start 1 August 2021.

Please be advised that applications close 18 June 2021

Please Note: Facebook and Social Media Job Applications are not monitored, if you meet the minimum requirements as per the job advertisement, please apply via our dedicated email address, linked below.

Should you not meet the minimum requirements or hear from us within 3 weeks, please consider your application unsuccessful.

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Psyence Group Corporate Update

  • GROUP_UPDATE_FEATURE

PSYENCE GROUP CORPORATE UPDATE

TORONTO, ON/ May 27, 2021 / Psyence Group Inc. (CSE: PSYG) (“Psyence” or the “Company”) is pleased to provide the following corporate update on its three clear paths to revenue and value creation namely: Psyence Production, Psyence Therapeutics and Psyence Function.

Psyence Production

Psyence is federally licensed to cultivate and export psilocybin mushrooms for the legal, global medical market and commercial medical research market.  Its state-of-the-art facility based in Lesotho in Southern Africa (built to GMP standards) is operational, with the first successful harvest completed in January 2021. Psyence is in the process of achieving its British Standards Institute (BSI) certification and will export its mushrooms to drug development partners in Canada, United Kingdom and Jamaica by Q4 2021.

Psyence has recently appointed the highly experienced mycologist, Neil van Rij (M.Sc. Agriculture – cum laude). Van Rij was previously mushroom researcher and plant pathologist at the KwaZulu-Natal Department of Agriculture, Environment and Rural Development, South Africa. He will assist Psyence in refining the genetic library and streamlining production at the Lesotho facility.

Before commencing its final validation runs for certification, Psyence upgraded the facility by installing an automated HVAC system. This will improve its production yield and give the facility better climate control parameters.

“With our own production facility, constructed to the highest standards, Psyence is able to ensure supply for our own research and development needs and meet the growing global demand for high quality, natural psilocybin products for the legal medical and research markets,” says Tony Budden, Psyence Strategic & Government Relations Director

Psyence Therapeutics

 Led by a well-respected, global medical and drug development team, Psyence Therapeutics is developing proprietary nature-derived psilocybin nutraceutical and pharmaceutical products.

Psyence’s current R&D priorities are on developing therapeutic, hallucinogenic and sub-hallucinogenic dosing and treatment protocols to help heal psychological trauma and the ICD-11 and DSM-5 diagnosable disorders that can result, including anxiety, depression, PTSD, grief and bereavement in the context of palliative care.

Psyence is finalising several global partnerships with leading academic and industry organisations including work in Jamaica developing both nutraceuticals and pharmaceuticals.

“Jamaica is the right country and this is the right time for a breakthrough in psilocybin R&D. Our formulations will be used in observational studies that will go on to inform rigorous randomized clinical trials (RCTs),” says Justin Grant, Psyence Chief Scientific Officer.

The Company is also working towards securing IP for its active pharmaceutical ingredient (API), in the form of purified, standardised extracts, which it plans to have in market in 2022. This will be followed by pharmaceutical products (API and capsules).

The work of Psyence Therapeutics extends to treatment protocols, education and scientific research. In May, Psyence Therapeutics’ peer-reviewed publication on psilocybin was published in the journal “Molecules”.

Psyence Function

Psyence Function is focused on the development of proprietary over-the-counter IP protected nutraceutical products in support of mental well-being.

“With the skills and resources we have at Psyence, we are well positioned to develop a leading nutraceutical product portfolio focused on mental well-being. As psilocybin is legalized in more jurisdictions, we can then easily extend our existing product range, which will already have established routes to market and brand recognition, to include psilocybin-containing products,” says Kevin Coyne, Global Commercial Director.

Psyence launched its first functional mushroom brand, “GoodMind”, in March 2021 and this product will be on shelf in pharmacies and in health outlets in South Africa during 2021. It will also be available through a dedicated online platform.

The Company intends to launch its Psyence Function products in Q4 of 2021 focused on the areas of mood, anxiety and sleep. The Company intends to have the products accessible in North America, United Kingdom, Europe, Southern Africa and Australasia within six months of launch.

Psyence is working with leading researchers, developers and producers for each novel product, which will all be nature-based and supported by clinical research.

 “In conclusion, Psyence has a clear strategy, based on a diversified revenue pathway and is focused on meeting the milestones we have outlined in line with our commitment to delivering shareholder value. We look forward to making further announcements in this regard in due course,” concludes Psyence Co-Founder and CEO, Jody Aufrichtig.

About Psyence Group

The Psyence Group intends to set the global standard for natural psychedelics. Science-led by global experts in neurology, neuroscience and drug development, Psyence has built and operates one of the first federally licensed commercial psilocybin cultivation and production facilities. Psyence is pioneering the use of natural psilocybin for the long-term treatment of psychological trauma and its mental health consequences. Our global footprint operates across multiple legal jurisdictions, through the advanced provision of psychedelic therapy and experience, as well as market leading Functional Mushroom brands and product portfolio.

 

Psyence Contact Information

Lisa-Marie Iannitelli, Investor Relations
Email: ir@psyence.com
Media Inquiries: media@psyence.com
General Information: info@psyence.com

Certain statements in this news release related to Psyence Group Inc and its subsidiaries (collectively “the Company“) are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the future operations of the Company, the perceived opportunities in the psilocybin-based medical and nutraceutical markets globally, the potential to launch mushroom-based and psilocybin-containing products within enabling current and anticipated legal frameworks globally, the success of the R&D efforts supporting the Company’s targeted revenue streams, the approval of clinical trials from the necessary regulatory and governmental authorities and the obtaining of all such licences, registrations and consents as may be required from regulatory and governmental authorities regulating to the products and activities referred to in this news release. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.

The Company makes no medical, treatment or health benefit claims about the Company’s proposed products. The U.S. Food and Drug Administration, Health Canada or other similar regulatory authorities have not evaluated claims regarding psilocybin, psilocybin analogues, or other psychedelic compounds or nutraceutical products. The efficacy of such products have not been confirmed by approved research. There is no assurance that the use of psilocybin, psilocybin analogues, or other psychedelic compounds or nutraceuticals can diagnose, treat, cure or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. The Company has not conducted clinical trials for the use of its proposed products. Any references to quality, consistency, efficacy and safety of potential products do not imply that the Company verified such in clinical trials or that the Company will complete such trials. If the Company cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on the Company’s performance and operations.

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Advancing the extraordinary therapeutic potential of natural psilocybin

  • ADVANCING Therapeutics Through Psilocybin | Psyence

Psyence Group is advancing the extraordinary therapeutic potential of natural psilocybin

Proactive sat down with CEO Aufrichtig, a trained chartered accountant, to learn more about the Psyence Group’s clear path to revenue and value creation.

Serial entrepreneur Jody Aufrichtig has built 19 businesses in cannabis, private equity, travel and tourism, and other industries. Remarkably, Aufrichtig has never lost money in the businesses he has curated. Still, the impact investor is clear about what really drives him forward.

“I am passionate about Psyence because I believe we can make a significant impact on mental health and well-being for millions of people. We can no longer ignore the significant evidence that natural plant-based medicines are making to improve the quality of life, and I am excited to be leading an excellent team that intends to make great strides in this space’” – Jody Aufrichtig, CEO Psyence

Read the full article here as featured on ProactiveInvestors.com

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How We Grow Our Psilocybin Mushrooms

  • How we grow Psilocybin Mushrooms | Psyence

How We Grow Our Psilocybin Mushrooms

At Psyence we have sourced the world’s best genetics, and coupled that with world leading expertise in the field of mycology, to produce the highest quality mushrooms. Our process is complex, but refined.

There are four main components in our production process, namely research and development, inoculation, colonization and fruiting.

Our first task begins with our mycologist sourcing verified potent genetics. The genetics we use have been acquired for their high production output and high alkaloid content. Our research and development team test the mushrooms to ensure their suitability for the medical market.

If the genetics pass this stringent testing phase, they are moved into our state-of-the-art commercial psilocybin cultivation and production facility, where our trained team put them through the next three major processes.

Our federally licensed facility is situated in Southern Africa. It has been designed and constructed to The British Standards Institute (BSI) and Good Manufacturing Practice (GMP) standards and is equipped with specialized equipment to ensure optimum growing conditions and efficient harvesting and packaging.

The first phase of our growing cycle is what we refer to as ‘inoculation onto grain’ phase, this involves moving spore, or live culture, from our agar plates onto cooked sterile grain, which is then placed in specialized bags.

Once inoculated, the grain bags are stored at around 27 degrees Celsius in the spawn room, so that colonization can occur. Colonization takes approximately two weeks and when the grain turns into a white fluffy fungal mass we move this raw product to the fruiting chamber.

The fruiting chamber is set at 24 degrees Celsius to match the natural and optimal fruiting conditions in the wild. Fungi require lower temperatures, fresh air and light to fruit. To achieve this we open our bags and expose the fungi to all three elements simultaneously, this starts the process of mushroom formation within about four to eight days. Once the mushrooms have developed we process the mushrooms for market.

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10 things you may not know about know about Psilocybin

  • 10 Things to Know about Psilocybin mushrooms

At first glance Psilocybe cubenis doesn’t look that different to other mushrooms, there is nothing about their appearance that makes them particularly special. Yet, researchers around the world are growingly increasingly interested in the magic inside psychedelic mushrooms, namely psilocybin and psilocin, and its potential to treat mental health conditions. It is believed that the psychoactive components of the mushroom may reset brain pathways, and the potential of that could be far reaching. Here are ten interesting facts we unearthed about Psilocybin.

  1. Serotonin molecules and psilocin molecules, which are present in most psychedelic mushrooms, are strikingly similar.
  1. Psilocybin based therapy has been found to be effective for treating some mental health conditions, as reported in a study carried out by the researchers at the Centre for Psychedelic Research, Imperial College London.
  1. Psilocybin is used by the fungus as a mechanism for deterring insects from eating mushrooms.
  1. Psilocybin is effective in the treatment of motor neuron damage as well as repairing the synaptic pathways in the brain.
  1. Psilocybe tampanensis, a psychedelic mushroom species, was only found once in 1977 in Tampa but never seen again, yet all of today tampanensis mushrooms are seen to be the descendants of that original specimen.
  1. Psilocin, not Psilocybin, is responsible for the bluing reaction seen in entheogenic fungi. The blue bruising color happens when the mushrooms are cut and is in fact the result of an enzyme related reaction when Psilocin is exposed to oxygen.
  1. Reindeers, along with other animals, sometimes deliberately eat hallucinogenic fungi in order to amuse themselves during long winters – Andrew Haynes, Pharmaceutical Journal
  1. Psilocybin is found in 300 species of Fungi; yet finding them in the wild takes experience.
  1. Psilocybin is present in certain yeasts and has also been found in some species of Lichen.
  1. The first documented study on the effects of magic mushrooms occurred in 1799 after a London family misidentified the fungi and ate it for dinner – The Medical and Physical Journal, Vol 3
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Did You Know That Psilocybin Mushrooms Are Rare?

  • Psilocybin Mushroom | Psyence

Psilocybin is an alkaloid found in the fruits of some fungi. These fungi are rare in the wild requiring skill to find.

There are various mushroom genus that contain psilocybin namely Psilocybe, Gymnopilus, Inocybe, Galerina, Pluteus, Copelandia and Panaeolus. However, not all mushrooms in a genus necessarily contain psilocybin, in fact often only a few mushroom types within a genus will contain psilocybin.

When biologists talk about a genus, they mean one or more species of animals or plants that are closely related to each other.

What is very interesting is that mushrooms within a genus that contain psilocybin are all non-toxic to humans. This is fascinating especially when we look at the genus Galerina, which is full of deadly poisonous mushrooms, except for one psilocybin containing mushroom namely Galerina Steglichii. Then there is Inocybe, which is a generally a toxic genus, yet it has two mushroom types containing psilocybin, both of which are completely edible.

By far the largest contingent of psilocybin species can be found in the genus Psilocybe, which has over 200 species containing the medicinal compound – psilocybin. At Psyence the mushrooms we grow come from this genus, namely Psilocybe cubensis. Psilocybe cubensis is a species of psychedelic mushrooms whose principal active compounds are psilocybin and psilocin.

Psilocybin containing fungi may be rare but their medicinal properties make them worth seeking out.

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JV Signed With Pure Extracts

Psyence Group and Pure Extracts sign JV letter of intent for the extraction of Psilocybin from psychedelic mushrooms and development of Psilocybin formulations.

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.

About Psyence Group

The Psyence Group intends to set the global standard for natural psychedelics. Science-led by global experts in neurology, neuroscience and drug development, Psyence has built and operates one of the first federally licensed commercial psilocybin cultivation and production facilities. Psyence is pioneering the use of natural psilocybin for the long-term treatment of psychological trauma and its mental health consequences. Our global footprint operates across multiple legal jurisdictions, through the advanced provision of psychedelic therapy and experience, as well as market leading Functional Mushroom brands and product portfolio.

Psyence Contact Information

Lisa-Marie Iannitelli, Investor Relations
Email: ir@psyence.com
Media Inquiries: media@psyence.com
General Information: info@psyence.com

About Pure Extracts Technologies Corp

CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ)

Pure Extracts features an all-new, state-of-the-art processing facility located just 20 minutes north of world-famous Whistler, British Columbia. The bespoke facility has been constructed to European Union GMP standards aiming towards export sales of products and formulations, including those currently restricted in Canada, into European jurisdictions where they are legally available. On September 25, 2020, Pure Extracts was granted its Standard Processing License by Health Canada under the Cannabis Act and the company’s stock began trading on the Canadian Securities Exchange (CSE) on November 5, 2020.

Website: https://pureextractscorp.com/.

For further information please contact Empire Communications Group at (604) 343-2724.

This news release contains forward-looking statements relating to the future operations of Pure Extracts, and the other statements are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of Pure Extracts’, are forward-looking statements and involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the expectations of Pure Extracts include risks detailed from time to time in the filings made by Pure Extracts under securities regulations.

Certain statements in this news release related to Psyence Group Inc and its subsidiaries (collectively “the Company”) are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the approval of the Study and related activities by, and the obtaining of the requisite licences and consents from, the Jamaican regulatory and governmental authorities, the anticipation of the enactment or publication of regulation in the Jamaican psilocybin sector and the optimism surrounding the anticipated positive outcomes of the Study. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements. The Company makes no medical, treatment or health benefit claims about the Company’s proposed products. The U.S. Food and Drug Administration, Health Canada or other similar regulatory authorities have not evaluated claims regarding psilocybin, psilocybin analogues, or other psychedelic compounds or nutraceutical products. The efficacy of such products have not been confirmed by approved research. There is no assurance that the use of psilocybin, psilocybin analogues, or other psychedelic compounds or nutraceuticals can diagnose, treat, cure or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. The Company has not conducted clinical trials for the use of its proposed products. Any references to quality, consistency, efficacy and safety of potential products do not imply that the Company verified such in clinical trials or that the Company will complete such trials. If the Company cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on the Company’s performance and operations.

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