The terms of the LOI have Pure Extracts giving preferential access to ShroomBoom Labs’ psychedelic mushroom crop, which also includes a pricing premium. The only stipulation is that both Pure Extracts and ShroomBoom require to hold Dealer’s Licenses under the Controlled Drugs and Substances Act.
“A supply agreement with a world-class cultivator like ShroomBloom would ensure a reliable source of high-quality, high-potency, psychedelic mushroom biomass for our extraction facility so that we can produce plenty of psilocybin for our formulation R&D activities and for any resulting clinical trials,” said Ben Nikolaevsky, Pure Extracts CEO.
ShroomBoom is a B.C.-based mushroom cultivator with a growing method using a sustainable forest product to grow organic Psilocybe Azurescens mushrooms. These mushrooms are called Azures, and they’re from British Columbia and they’re also one of the strongest mushrooms out there. They contain 1.8% psilocybin, 0.5% psilocin and 0.4% baeocystin by dry weight, which is almost triple that of the Psilocybe Cubensis mushroom. They’re presently experimenting with artificial intelligence to improve and scale the cultivation of psychedelic mushrooms.
This works well with Pure Extracts, with their new processing facility in Pemberton, B.C. Originally, Pure Extracts was granted its Standard Processing License by Health Canada under the Cannabis Act, but they’ve since diversified past cannabis extractions into functional mushrooms and now into psilocybin.
Pure Extracts Technologies is up a penny today, and presently trading at $0.52.
Full disclosure: Pure Extracts Technologies is an equity guru marketing client.