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Sunday, Dec 3, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Optimi Health enters $1.2M psilocybin distribution agreement

The mushroom cultivator will be supplying a private client for clinical research purposes

Optimi Health employee. Photo by Rowan Dunne

Vancouver-based Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN) has secured a $1.2 million psilocybin supply agreement with a private client that will be using the company’s mushrooms for clinical research purposes.

Optimi announced the new agreement on Thursday and says it will be providing additional details in the coming months.

“This is a big day for Optimi. To be selected as the singular supply entity in the sector capable of scaling to help fulfill the needs of our client reflects our ability to deliver substantial value to the research community and our shareholders,” said Optimi’s CEO Bill Ciprick.

Read more: Optimi Health secures MDMA and psilocybin distribution agreement in Australia

Read more: Optimi Health submits clinical trial application after developing proprietary MDMA drug

Optimi is authorized by Health Canada through controlled drugs and substances regulations to conduct comprehensive drug research and formulate psychedelic compounds like natural GMP-grade psilocybin and MDMA for clinical research purposes. This allows them to produce and supply these substances for scientific investigation.

Optimi received an amendment from Health Canada permitting the company to produce MDMA in addition to psilocybin last August.

“We will have more to say in the coming months; however, for now we are focused on execution as we work to establish a long-term, mutually beneficial relationship,” said Bryan Safarik, Optimi’s Chief Operations Officer.

Optimi Health enters $1.2M psilocybin distribution agreement

Optimi’s Chief Operations Officer Bryan Safarik at the company’s cultivation facility in Princeton, B.C. Photo by Rowan Dunne

The company’s 20,000-square-foot cultivation facilities in Princeton B.C. are the largest of their kind worldwide. The air inside those facilities is as clean as an operating room, those entering them must come in through an airlock and all of the walls are cleaned on a nightly basis to prevent contamination.

Optimi plans on producing other psychedelics in the future but is primarily concerned with MDMA and psilocybin production for the time being.

The news follows Optimi securing its first international supply agreement with Mind Medicine Australia at the beginning of March. The company will be supplying its GMP-certified psilocybin and MDMA to the Australian non-profit in a long-term agreement aimed at combatting PTSD and treatment-resistant depression commencing once Australia’s authorized prescriber scheme takes effect in July.

The company also submitted a clinical trial application for a novel variety of MDMA it developed called OPTI-MHCL in February.

Optimi’s shares rose by 20 per cent on Thursday to $0.27 on the Canadian Securities Exchange.

Corridor of Optimi’s facility. Photo by Rowan Dunne


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