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Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ) Signs Letter of Intent to Co-Develop Psychedelic Mushroom-Based Psilocybin Formulations
April 12, 2021

Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ) Signs Letter of Intent to Co-Develop Psychedelic Mushroom-Based Psilocybin Formulations

  • PULL signs Letter of Intent with Psyence Group to co-develop extraction techniques for production of psilocybin drug formulations
  • Psyence is one of world’s first psychedelic mushroom companies operating a federally legal commercial cultivation and extraction facility
  • PULL operates best-in-class processing infrastructure under Standard Processing License by Health Canada
  • Near term milestones include Canada-based human clinical trials

Pure Extracts Technologies (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ), a plant-based extraction company focused on cannabis, hemp, functional mushrooms and the rapidly emerging psychedelic sector, recently signed a Letter of Intent with the Psyence Group to develop premium extraction techniques for the production of advanced psilocybin formulations that treat the mental health consequences of psychological trauma.

“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,” said Pure Extracts CEO Ben Nikolaevsky (https://ibn.fm/iWj6b).

Led by an experienced team of global doctors and scientists, Psyence is one of the world’s first psychedelic mushroom companies operating a federally legal commercial cultivation and extraction facility. The facility, located in Lesotho in Southern Africa, is dedicated to conducting cutting-edge research in neurology, palliative care, neuroscience and drug development. With its solid Canadian network of psychedelic mushroom research and development experts, Pure Extracts plans to leverage Psyence’s network in South Africa, Lesotho and Jamaica to rapidly develop natural psychedelics and novel drug delivery systems for patients across the world.

The companies plan to utilize their combined infrastructure and networks to attain near-term milestones. Pure Extracts operates a best-in-class production and processing facility under a Standard Processing License issued by Health Canada under the Cannabis Act, and the Psyence team has experience in structuring and running clinical trials. As part of their joint venture, both companies aim to conduct Canada-based human clinical trials as part of their near-term milestones.

“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,” said Psyence Chief Scientific Officer Dr. Justin Grant. “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.”

Pure Extract’s state-of-the-art newly constructed processing facility is built to EU GMP standards with the aim of producing products for worldwide export where their sale and consumption are permitted. As new research reveals the effects of functional and medicinal psychedelic products (https://ibn.fm/pAkIw), Pure Extracts continues to make strides towards establishing a prominent position in the industry through its commitment to developing superior extracts for the rapidly growing plant-based wellness sector.

For more information, visit the company’s website at www.PureExtractsCorp.com.

NOTE TO INVESTORS: The latest news and updates relating to PULL are available in the company’s newsroom at https://ibn.fm/PULL

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