Psychedelics producer Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN) has received a termination notice and a demand for payment from a private client because the company allegedly failed to meet its obligations under a psilocybin supply agreement.
Last May, the company announced it entered into a $1.2 million supply agreement with an unnamed private entity focused on developing mushroom-based therapeutic drugs through pre-clinical research and clinical trials.
The client claims that Optimi has failed to perform its obligations under the agreement. However, Optimi has disputed the allegations and maintained the position that the termination is wrongful and that there was no breach of the agreement.
The company is evaluating available legal avenues to solve the situation.
“Optimi has a proven track record of operational excellence, honouring its commitments, and meeting the terms of our agreements,” the company said in a statement sent to Mugglehead.
“We have an enduring dedication to providing the highest quality in our cultivation practices, research and formulations, and quality systems, and we have consistently demonstrated our adherence to these standards across all our partnerships,” the company wrote.
The company’s aim is to resolve this matter amicably and continue focusing on the growth of the company and the industry at large.
“As we navigate through this process, we would like to assure our stakeholders that we remain fully committed to upholding the rigorous standards of operational excellence that have propelled us to our industry-leading position.”
Read more: Optimi Health to supply MDMA for new psychedelic therapy program at Numinus clinics
Read more: Optimi Health completes harvesting psilocybin mushrooms for Australia-bound medical extract
Last month, the company announced an MDMA supply agreement for the therapist experiential training program at Numinus. In May, the company harvested 300 kilograms of Psilocybe cubensis shrooms to be used for its GMP medical-grade psilocybin extract being shipped to Mind Medicine Australia.
Optimi Health grows psilocybin mushrooms at its facilities in Princeton, British Columbia as well as producing GMP-certified MDMA.
Optimi stock went up by 7.89 per cent on Friday to $0.20 on the Canadian Securities Exchange.
natalia@mugglehead.com
