Psyence Group Advances Psilocybin Production with Facility Expansion and Strategic Partnerships

LOS ANGELES- Psyence Group Inc.  a trailblazer in the clinical-stage life sciences sector specializing in nature-derived psilocybin for mental health treatments, has announced significant developments in its Psyence Production division. The company takes pride in operating one of the pioneering government-licensed commercial psilocybin cultivation facilities, located in Southern Africa and ISO22000 certified, which positions Psyence at the forefront of supplying the global medical and research market with nature-derived psilocybin.

Enhancing Extraction and Production Capabilities

Aiming to refine its extraction process, Psyence has initiated the construction of a new laboratory at its Southern African facility. The completion of this lab, expected in the fourth quarter of 2023, will house advanced extraction equipment provided by Eden Labs LLC, a company from Seattle, Washington, known for its expertise in extraction technology. This move aligns with Psyence’s strategy to bolster its production of psilocybin and psilocin extracts, anticipating the delivery of high-quality psychoactive ingredients for therapeutic use.

Successful Completion of Meticulous Audit

Further solidifying its commitment to excellence, Psyence’s ISO22000-certified facility has recently undergone a rigorous audit by MGC Pharmaceuticals Ltd, a European bio-pharma entity. The audit, which measured the facility against EU-GMP standards, concluded with Psyence meeting all necessary criteria to export its raw mushroom materials to MGC’s facilities in Europe. This compliance paves the way for MGC to assist Psyence with analytical and stability testing, alongside exploring new market opportunities for its psilocybin products.

Financial Infusion for Expansion and Expertise

To support the expansion project, Psyence has secured an additional CAD $162,697 investment from private investors, including notable figures Brandon Kerzner and Cody Futeran. The funding is earmarked for enhancing the facility and augmenting the Psyence Production team with a specialist in chromatography. In exchange for the investment, Psyence has allocated common shares at a set price, with a finder’s fee also settled through a share issuance.

Strategic Share Issuance to Eden Labs

In a demonstration of collaborative commitment, Psyence has issued common shares to Eden Labs, part of the purchase agreement for the extraction equipment. These shares are subject to a four-month holding period, with additional transfer restrictions set to release in four tranches across key dates from February 2024 to March 2025.

About Psyence Group

With a mission encapsulated in its name—a portmanteau of ‘psychedelic’ and ‘science’—Psyence Group Inc. stands as a pioneer in the life science biotech industry, advancing natural psychedelics for the treatment of psychological trauma. The company’s dedication to evidence-based research and global collaboration spans across continents, with its key divisions, Psyence Production and Psyence Therapeutics, laying the groundwork for significant contributions to clinical research and palliative care.

By combining business acumen with scientific expertise, Psyence is forging a path in the development of nature-derived psilocybin products. The company’s progress in facility expansion, strategic partnerships, and compliance with international standards reflects its vision to be at the vanguard of psychotropic medicine for mental health and wellbeing.