- Pure Extracts Technologies Corp.’s subsidiary Pure Mushrooms Corp. has submitted an application to Health Canada for a Dealer’s License
- Award of a Dealer’s License will enable company to procure controlled substances, conduct research, carry out business-to-business sales
- Pure Extracts has recently commenced a study into psilocybin-based active treatments, with research set to be carried out under auspices of Toronto Institute of Pharmaceutical Technology
- Functional mushroom, psychedelic drug market is forecast to grow to value of $6.85 billion by 2027
Pure Extracts Technologies (CSE: PULL) (XFRA: A2QJAJ) (XFRA: A2QJAJ), a plant-based extraction company focused on the cannabis, hemp, functional mushrooms and the rapidly emerging psychedelic sector, announced that its wholly owned subsidiary, Pure Mushrooms Corp., had submitted an application to Health Canada for a Dealer’s License under the Controlled Drugs and Substances Act (“CDSA”) (https://ibn.fm/W0X2t).
Under the CDSA’s regulations, companies are required to obtain a license issued by Health Canada to carry out a variety of regulated activities with controlled substances. Among other items, the award of a license would effectively enable Pure Mushrooms Corp. to:
- Procure controlled substances, including by import, synthesis, propagation, cultivation and harvesting of psychedelic mushrooms for psilocybin extraction
- Research and manufacture of controlled substances such as psilocybin and psilocin
- Business-to-business sale of controlled substances, including by export
- Sell controlled substances via pharmacies
Prior to Pure Mushrooms Corp.’s license application, Pure Extracts had revealed that it had already commenced a study into the formulation and manufacturing of psilocybin-based active treatments, with oral tablets, capsules and nasal gels set to be used as investigational products. The study, which was set to focus on the formulation, manufacturing and clinical bioavailability testing of rapid onset psilocybin forms, was being carried out ahead of the company’s Dealer’s License application and, as such, was to be carried out at the Toronto Institute of Pharmaceutical Technology (“TIPT”) under the auspices of Dr Alexander MacGregor, a key scientific advisor to the company (https://ibn.fm/X7n3K).
Pure Extracts has actively sought to diversify its existing toll processing and extraction businesses through a new business vertical into the functional mushrooms sector. To that end, the company recently announced that it had begun work on a fourth unit within its 10,000 square foot, British-Columbia based, purpose-built facility, destined towards facilitating its research and development into psilocybin and functional mushrooms as a whole (https://ibn.fm/JcsJV).
Gaining a Dealer’s License from Health Canada would allow Pure Mushrooms Corp., the ability to carry out extraction research and development into psychedelic compounds such as psilocybin and psilocin. This in turn would prepare the company to work with partners such as medical doctors, pharmaceutical companies and pharmacies in an eventual future in which clinical trials could lead to the advancement of micro-dosing and the legalization of psychedelics.
Pure Extracts CEO Ben Nikolaevsky stated in reference to the company’s Dealer’s License application, “We are grateful to have the support of one of Canada’s premiere consulting companies with subject matter proficiency in cannabis and other regulated consumer product industries in assisting that we submitted a fully compliant Dealer’s Licence application to Health Canada. As a plant-based extractor bringing functional mushroom products to market in Q2, we are very excited to be laying the groundwork for our move into the controlled substances world of psychedelic extracts.”
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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