Psyence Group Inc (CNSX: PSYG) (OTCMKTS: PSYGD) (FRA: EKW0) has received the final portion of a C$600,000-dollar investment.
The funding will benefit the African psilocybin cultivator’s three divisions: Psyence Therapeutics, Psyence Production and Psyence Function.
“Net proceeds from the offering will be used to support the company’s ongoing general working capital needs,” the magic mushroom specialist explained, “including operational expenses and strategic growth initiatives.”
Psyence Therapeutics focuses on natural psilocybin products and clinical trial development. This branch of the company is currently engaged in a research partnership with Canada’s Filament Health Corp (OTCMKTS: FLHLF) (FRA: 7QS).
The second division prioritizes producing psilocybin fungi at the company’s GMP-certified cultivation facility in Lesotho.
“This product is produced for export to our partners across the world to be processed into a standardized encapsulated product,” Psyence has explained.
Notably, the mushroom grower has received import permits from Health Canada and authorities in Portugal. It focuses on producing a variety called Natal Super Strength, native to Southern Africa.

Natal Super Strength psilocybin mushrooms. Image credit: Psyence Group
Lastly, Psyence Function has created a line of non-psychoactive functional mushrooms called GOODMIND. The brand distributes reishi, lion’s mane, cordyceps, chaga and shiitake fungi products. They offer an assortment of health benefits.
These raw mushrooms are primarily sourced from China, but Psyence has invested in creating its own proprietary formulations with them.
Psyence Group is closely related to Psyence Biomedical Ltd (NASDAQ: PBM). Psyence BioMed used to be a subsidiary of Psyence Group, but it split into its own entity through a special purpose merger in early 2024.
It is now one of the only Nasdaq-listed psychedelics companies.
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Psyence leader talks responsible profit in Colorado
Psyence Group’s Executive Vice President and Psyence BioMed’s Chief of Global Impact, Mary-Elizabeth Gifford, was one of the speakers at last month’s Psychedelic Science conference in Denver.
She gave a talk titled We are the Guardrails: Profit with Purpose in Psychedelic Companies.
Cybin Inc (NYSEAMERICAN: CYBN) (FRA: R7E) CEO Doug Drysdale, Beckley Psytech chief executive Cosmo Feilding Mellen and Compass Pathways PLC (NASDAQ: CMPS) (FRA: 5Y6) leader Kabir Nath were other speakers who joined Gifford last month.
She has published multiple articles in the digital psychedelic journal Lucid News and was named “the most quietly influential woman working in psychedelics today” by Spirituality & Health Magazine in 2022.
Read more: FDA gives another one of Filament Health’s psilocybin trials green light
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