Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) has filed a patent for a new method of extracting psilocybin that may reduce production costs.
Optimi announced the development on Tuesday and says the novel process required extensive research. Extracting psilocybin from mushrooms in this manner yields an extract of considerable potency that is better than synthetic psilocybin while maintaining botanical properties, according to the company.
The mushroom cultivator says its proprietary new method will help open the door for new possibilities to extract other naturally occurring compounds in the fungi.
“The establishment of new intellectual property always represents a significant milestone. All credit should be given to the team that has been instrumental in creating this inventive process and realizing this notable accomplishment,” said Optimi’s CEO Bill Ciprick.
The company congratulated the employees Orion Lekos, Jeffrey Yang, Justin Kirkland, Robin Atwal, Tony Moxam and Preston Chase for their work developing the extract.
Read more: Optimi Health disputes allegations of failing $1.2M supply agreement
Read more: Psilocybin-like drug may help people suffering from anorexia: COMPASS study
Optimi recently received a termination notice and a demand for payment from a private client because the company allegedly failed to meet its obligations under a $1.2 million psilocybin supply agreement initiated in May.
Optimi is disputing those allegations and considering legal avenues to resolve the situation.
The company also recently agreed to supply MDMA for a new training program involving the psychedelic at a series of Vancouver clinics owned by Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF) and received a license to produce natural health products in May.
The Natural Health Product Site License will permit the company to produce vitamins and minerals, homeopathic remedies and other medicines.
Other British Columbia companies producing psilocybin products include Filament Health Corp. (OTCQB: FLHLF) (NEO: FH) (FSE: 7QS), Apex Labs and Lucy Scientific Discovery Inc. (NASDAQ: LSDI).
Optimi shares stayed flat Tuesday at $0.19 on the Canadian Securities Exchange and have dropped by 24 per cent since the beginning of this year.
rowan@mugglehead.com
