Pure Extracts and Psyence Group Form Joint Venture for Psychedelic Medicinal Mushroom Extracts

Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ) (“Pure Extracts” or the “Company”) and Psyence Group Inc. (CSE: PSYG) (“Psyence”) are pleased to announce the incorporation of a joint venture company, Pure Psyence Corp. (“Pure Psyence” or the “JV”), for the development of nature-derived psilocybin extracts and advanced psilocybin formulations for the long-term treatment of psychological trauma and its mental health consequences. Pure Psyence plans to be a leader in the extraction of naturally-derived psilocybin for the production of advanced formulations and clinical research.

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

Pure Extracts’ CEO, Ben Nikolaevsky, remarked, “Pure Psyence sits at the intersection of evidence-based science and nature. The researchers, scientists and physicians at Pure Psyence will now be uniquely positioned to bring psilocybin whole mushroom in measurable pharmaceutical dosages to market; a first.”

Pure Extracts is a plant-based extraction company known for its full spectrum oil (FSO) extracts and has extensive expertise in cannabis, hemp, functional mushrooms and psychoactive mushrooms. Its wholly owned subsidiary, Pure Mushrooms Corp., has submitted a Dealer’s Licence application to Health Canada under the Controlled Drugs and Substances Act (CDSA) to process psychedelic mushrooms at its state-of-the-art extraction facility. Located in Pemberton, BC, the Pure Extracts facility was built for EU-GMP certification.

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

Dr. Justin Grant, Chief Scientific Officer of Psyence, commented, “Psilocybin mushrooms hold a rich pharmacopeia of unique elements that Pure Psyence is researching to create breakthrough synergies in mental health solutions.”

The JV’s combined expertise in extraction and in the formulation and development of psychoactive compounds will enable Pure Psyence to produce stable and effective psilocybin medicinal products. Pure Psyence’s physicians and scientists will work to make psilocybin more accessible to leading Canadian research institutions as well as provide psilocybin to its own research team at Pure Psyence for human clinical trials.

About Pure Extracts www.pureextractscorp.com

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. Health Canada, under the Cannabis Act, granted Pure Extracts its Standard Processing License on September 25, 2020 and its Sales Amendment on July 19, 2021. The Company’s stock began trading on the Canadian Securities Exchange (CSE) on November 5, 2020.

Source: Globe Newswire