Psyence Group Inc., PSYGF, a life sciences biotech focused on natural psychedelics, is exporting medical-grade psilocybin mushrooms to Psilo Pharma Inc., a Canadian-incorporated psilocybin company in Europe, for the development of extraction methodologies.
The fungi batch was grown at Psyence's production facility in South Africa. The import permit was handed over to Portuguese regulators in February 2022 when the export process began at Psilo Pharma's facilities.
This is the first time that Psyence is sending its psilocybin mushrooms to Europe. The company's second successful export to date is the result of the operation. 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 South African certified production center is fully operational and that the company would be willing to ramp up production in line with the global recreational or medical research demands.
Psilo Pharma is expected to provide the highest quality psilocybin across Europe, provide 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. Psilo CEO David Reckeweg-Lecompte said that the goal is to establish proprietary extraction methods and procedures for naturally produced psilocybin in Portugal.
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