Pull Extracts Technologies (PULL.C) and Psyence Group (PSYG.C) announced they have signed a letter of intent (LOI) to form a joint venture (JV) that aims to develop superior techniques for the extraction of psilocybin from psychedelic mushrooms, as well as psilocybin formulations for the treatment of psychological trauma and mental health problems.
The companies say that, through their JV, they plan to maximise the use of their infrastructure and networks to achieve their near-term goals. Pure Extracts touts their strong Canadian infrastructure, including their team at the Toronto Institute of Pharmaceutical Technology, while Psyence brings an international network in countries such as South Africa, Lesotho and Jamaica. The two companies hope to cooperate soon on a Canadian human-based clinical trial.
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.”
Psyence, a psychedelic mushroom company operating a cultivation and extraction facility in Southern Africa, has experience structuring and running clinical trials. They currently have operations in eight countries.
Because psilocybin is illegal in many countries, Psyence markets themselves as providers of “wellness tourism”, and invite people to come to countries in which they can legally sell their product and provide a curated program “with trained professionals in safe, natural and luxury environments”.
Pure Extract focuses on cannabis, hemp, functional mushrooms, and the psychedelic sector. They have a state-of-the-art psychedelic processing facility and have submitted an application to Health Canada for a Dealer’s Licence under the Controlled Drugs and Substances Act (CDSA).
Both Psyence and Pure provide customers with functional mushrooms; rare mushrooms taken for their medicinal properties and superfood benefits, which are generally full of antioxidants and nutritional value.
PULL.C – who are newer than Psyence to the psychedelic market – likely hope that Psyence’s resources and experience will help them reach their upcoming milestones.
“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,” remarked Pure Extracts CEO, Ben Nikolaevsky
The PULL.C share price has not changed significantly following the news.
Full disclosure: Pure Extracts Technologies is an Equity.Guru marketing client.