Health Canada Oks Clinical-Grade MDMA Export To UK
Life sciences psychedelics company PharmAla Biotech Holdings Inc. and its manufacturing partners received a Health Canada export permit for no less than 300 grams of proprietary MDMA LaNeo.
“We’re incredibly proud of this milestone. It is additional proof that the clinical development of MDMA is moving forward. PharmAla exists to assist our client researchers around the world by not only saying we’ll provide them with research materials, but actually delivering.” said CEO Nick Kadysh.
The MDMA is destined for a UK-based client who will use the materials for research and development and a proposed commercial purpose.
Red Light Holland’s Ontario Farmland Expands Mushrooms Division In North America
Canadian all-mushrooms grower Red Light Holland Corp. TRUFF shared updates on its recently expanded farmland located in Cavan-Monaghan, Peterborough (Ontario).
The company keeps working with its majority-owned mushroom product business Acadian Exotic Mushrooms Ltd. (AEM Farms) to develop two mushroom production facilities with an additional 65,000 sq. ft. to be located within the Peterborough Farm.
This development will expand the company’s farm division, adding the new facility to other four existing farms both in Canada and the Netherlands.
With the design phase nearing completion -see initial 3D render- the company would submit the final plans within the next weeks towards obtaining the construction permits. The building phase will take 18 months and cost around $6 million (CA$ 8 million).
According to the company, the new Peterborough Farm would generate immediate weekly revenues of approx. $60.000, and an annual $12 million when operating at full capacity.
"Red Light Holland remains very confident because of how prudent we have been at running our psychedelic business, preserving cash at a time when most of our peers are straining to attract new capital,” said CEO and director Todd Shapiro.
He further added that the company still has a “significant cash position” as it is “focused on increasing revenues while having a strategic and aligned plan to grow, in order to weather difficult markets and harder economic times."
Universal Ibogaine Re-Opens The Kelburn Recovery Center
Medicalized ibogaine-centered addiction care provider Universal Ibogaine Inc.’s Kelburn Recovery Center, an addiction and mental health treatment clinic operating near Winnipeg, Manitoba via a wholly-owned subsidiary of U.I., has re-opened as of January 23, 2023.
The company’s CCO Dr. Ian Rabb explained that the 2022 long closure period corresponded to on-site basement flooding damages and the subsequent repairs as well as a facility upgrade process.
“It has been a transformational process both within the physical structure of the clinic as well as with the programming, staff and services offering,” Dr. Rabb further detailed. “We also intend to provide ibogaine-based detox therapy upon the planned eventual regulatory approval by Health Canada. Addiction treatment is in high demand, so we expect to be busy.”
Psyence And Eden Labs Team Up For Extraction & Product Development
Natural psychedelics company Psyence Group Inc. PSYGF and product development and extraction tech company Eden Labs LLC. have entered into a partnership entailing a global IP licensing agreement.
As part of the contract, Eden received 2,195,874 Psyence shares as part of the pay. Those shares correspond to a portion of the purchase price of the equipment valued at $195,330.
The new deal will have Psyence commercialize the Eden-developed extraction technology and formulation IP towards the production of a water-soluble, doseable and stabilized psilocybin powder. The new product’s raw materials are the fruiting bodies of psilocybin-yielding mushrooms cultivated and processed at Psyence’s licensed and certified Southern Africa facility.
Following the partnership, Eden Labs’ CEO AC Braddock will become part of Psyence’s scientific advisory board to provide her skill sets in methodology and product development. The deal will be facilitated by South African entrepreneur Cody Futeran, who will actively participate in the new venture’s business development.
Mrs. Braddock stated: “It is clear that the health and wellness sectors are clamoring for naturally derived medicinal products and we are thrilled to be collaborating with a company that shares our vision in bringing safe, highly effective, plant-based medicines to the forefront of medical science and available to patients across the globe.”
Psyched Wellness Launches E-Commerce Fulfillment At Scale With New Partner
The renowned Amanita Muscaria mushroom-based health and wellness products company Psyched Wellness Ltd. PSYCF has launched a new fulfillment service with partner ShipHero.
The company will now offer its Amanita Muscaria Extract “Calm” customers their orders within 5-7 business days across the USA.
"Shipping has been our biggest challenge because of the high demand for our product. However, we have changed our shipping terms to be as efficient as possible by formalizing our e-commerce fulfillment process. Orders will be dispatched same day, and tracking updates will be shared with the purchaser throughout the process,” explained Psyched’s CCO Matthew Singh.
He further said the company expects the new service will allow for the continuation of brand-building as well as customer experience improvement.
Photo: Benzinga edit with photo by anaterate and sergeitokmakov on Pixabay.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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