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Thursday, Aug 11, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

Avicanna and Ei.Ventures partner to commercialize fungi-based products

Its Psilly brand wants to offer functional mushroom blends, gummies and chocolates.

Avicanna and Ei.Ventures partner to commercialize fungi-based products
Photo by Sigmund via Unsplash

Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) and a tech company focused on psychoactive compounds have partnered into a commercialization agreement to sell “functional” fungi-based products.

On Wednesday, the Toronto-based biopharmaceutical announced the Intellectual Property Licensing & Royalty agreement with Ei.Ventures, Inc. to start researching mushrooms and commercialize its Psilly brand.

The brand wants to offer functional mushroom blends, gummies and chocolates.

“Over the past six years, our team established a scientific platform that has led to the commercialization of several products across international commercial channels in the regulated cannabis industry,” Avicanna CEO Aras Azadian said.

“As a part of our continued growth, we are thrilled to be entering into this agreement where our goal will be to demonstrate our scientific capabilities across alternative natural products and developing new fungi-based functional products,” he explained.

We look forward to working towards developing the new products in the nutraceutical area in a standardized and evidence-based way, as we have with our initial cannabinoid-based products.”

Company stock went up on Wednesday by 3.23 per cent to $0.32 on the Toronto Securities Exchange.

Read more: Avicanna subsidiary in Colombia sends first feminized seeds to Lesotho

Read more: Tetra Bio-Pharma partners with Avicanna to bring cannabinoid medical products to LATAM

“We are excited to enter into this agreement with Avicanna to develop and commercialize the Psilly brand of products, starting with functional mushroom blends, gummies and chocolates, and which relationship can potentially evolve to botanical psychedelic pharmaceutical products” Ei. CEO David said.

“We believe in the Avicanna team and their mission to develop advanced and proprietary plant-based formulations, and we will bring our blockchain, Web3 and Metaverse assets to scale and support the success of the products developed under our agreement.”

Ei.Ventures is an early-stage tech company focused on mental wellness through psychoactive compounds, food supplements and technology. The company uses blockchain, metaverse and other emerging technologies to find treatments for mental health.

 

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