Mydecine Snags License To Produce, Sell and Export Natural Psilocybin For Research

Mydecine Innovations Group MYCO MYCOF announced Wednesday that it has begun to exercise its GMP capabilities under a special license to legally produce, transfer, sell, and export pharmaceutical-grade psilocybin.

The psilocybin is naturally derived from whole-mushroom extraction.

The company claims to be the first organization to achieve this goal, since previous similar licenses only exist for synthetically-produced psilocybin. Extracting natural psilocybin from mushrooms could potentially be more cost-effective and more easily scalable to large-scale production.

“The ability to legally supply naturally-sourced psilocybin through our spore-to-sale process represents a major advancement for therapeutic medicine research,” said Mydecine co-founder and COO Damon Michaels. “Not only are these unique psychedelic compounds safe, but there is also a growing body of evidence to support its use as an effective treatment for afflictions, such as depression, anxiety, and PTSD.”

According to Josh Bartch, CEO and Director of Mydecine, the company will leverage its ability to produce purified pharmaceutical-grade psilocybin extracts and export its finished byproducts to its various research partners throughout the world, such as the Imperial College of London and Johns Hopkins University.  

“Psychedelic research is currently constrained by very high costs and inefficiently produced synthetic psilocybin,” Bartch told Benzinga. 

“Our ability to produce naturally-sourced medicine, paired with new-age technology, will help advance the medical community’s understanding of mental health and psychedelics,” he concluded.

Photo by Zhen Hu on Unsplash

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Posted In: Damon MichaelsJosh BartchmydecinePsilocybinpsychedelicsCannabisPenny StocksMarkets