Psyence Group to form joint venture with Pure Extracts Technologies to develop psychedelic mushroom treatments for psychological trauma

Psyence Group Inc (CSE: PSYG) is poised to form a joint venture with Canada-based Pure Extracts Technologies Corp (CSE: PULL) (OTCMKTS:PRXTF) (FRA:PUX) in a bid to develop natural psychedelic treatments for psychological trauma and mental health disorders. 

The pair have inked a letter of intent on the venture to advance “superior” techniques to extract psilocybin from psychedelic mushrooms and develop formulations for long term treatments. 

WATCH: Psyence looking to be a major player in psychedelics using their federally licensed facilities

Global player Psyence is one of the world’s first psychedelic mushroom companies and operates a federally legal commercial cultivation and extraction facility in Southern Africa, while plant-focused Pure Extracts boasts a state-of-the-art processing facility 20 minutes north of Whistler, British Columbia.

Both companies aim to leverage their combined infrastructure and networks to achieve near-term milestones, with Psyence’s network in South Africa, Lesotho and Jamaica, meaning it can rapidly develop natural psychedelics and novel drug delivery systems for patients throughout the world.

Psyence also has experience in running clinical trials and a near-term goal will be to hold a Canada-based, human clinical trial.

“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 Dr Justin Grant, the chief scientific officer at Psyence.

“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.”

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