- Pure Extracts Technologies Corp. has announced plans to expand, build fourth unit in dedicated towards research, development of psilocybin
- Announcement on its expansion plans come shortly after the Company revealed it plans to apply to Health Canada for a Dealer’s License
- Award of Dealer’s License would allow Pure Extracts to cultivate, harvest and procure controlled substances and carry out research into psychedelic compounds such as psilocybin and psilocin – paving way towards future commercialization of its product
- The Dealer’s License application has taken on increased relevance following Health Canada’s decision to revise existing regulations to permit certain authorized uses of psilocybin-assisted psychotherapeutic treatments
Pure Extracts Technologies (CSE: PULL) (XFRA: A2QJAJ), a plant-based extraction company, recently revealed that it had begun the buildout of the fourth unit in its 10,000 square foot purpose built and British Columbia-based facility for the extraction of mushrooms in order to conduct research and development of psilocybin under a Dealer’s License (https://ibn.fm/3qqJe).
The news of its expansion plans come shortly after Pure Extracts announced that the Company would be applying to Health Canada for a Dealer’s License under the Controlled Drugs and Substances Act (“CDSA”). The CDSA, which oversees the legal access to controlled substances and regulates the production, distribution, and sale of these substances in Canada, requires companies to obtain regulatory approval from Health Canada prior to carrying out activities within the sector (https://ibn.fm/fcgs3).
Further to the announcement regarding the license application, Pure Extracts also seized the opportunity to state that the Company had retained a globally recognized operations, compliance, and regulatory firm to advise on its application to thereby ensure the Company’s adherence to the criteria put forth by the regulatory body. If obtained, the Dealer’s License would enable Pure Extracts to cultivate, harvest and procure controlled substances – including the likes of psychedelic mushrooms for the purpose of psilocybin extraction, conduct research into controlled substances and ultimately engage in the sale of these substances through a variety of different channels.
“As a plant-based extractor bringing functional mushroom products to market in Q1 2021, we are very excited to be building-out our facility for our move into the controlled substances world of psychedelics,” commented Pure Extracts’ CEO Ben Nikolaevsky regarding the expansion plans. “It’s great to have space adjacent to our cutting-edge facility which is built to Health Canada standards and to know that this space will also have the same high standards of construction that Pure Extracts prides itself on.”
The planned application has gained further relevance in light of Health Canada’s recent decision to revise the Special Access Programme (“SAP”) and related regulations to permit certain authorized uses of psilocybin-assisted psychotherapeutic treatments (https://ibn.fm/YA6ag). Initially announced on December 11, 2020, the revision of the SAP would effectively enable the use of mushroom extracts in a range of new medical applications—including within the complex and ever-broadening mental health sector.
Pure Extracts seized the occasion to announce a collaboration with Dr. Alexander MacGregor, a distinguished Professor of Biopharmaceutics and current President of the Toronto Institute of Pharmaceutical Technology (“TIPT”) ahead of the proposed regulatory changes and the outcome of the Company’s Health Canada license application. Pure Extracts and Dr. MacGregor are set to collaborate on the development and research of optimum psilocybin extraction methodologies, thus laying the groundwork to service the needs of the rapidly advancing growth and demand within the sector.
Nikolaevsky elaborated on Pure Extracts’ corporate prospects within the functional mushrooms space ahead of the anticipated regulatory changes, “The Special Access Programme may prove to be the tipping point and fundamental milestone event that eventually transforms an entire segment of the medical community’s outlook towards the treatment of mental health conditions. Here at Pure Extracts, we believe in the future of the mushroom-based drug development sector and are committed to building shareholder value based on the growing number of positive indicators for future success.”
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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