PharmAla Biotech Holdings Inc. (CSE: MDMA) has received approval from Canadian government authorities to ship 300 grams of its LaNeo MDMA drug to an unnamed client in the United Kingdom for research purposes.
On Tuesday, the Vancouver company announced receiving Health Canada approval for what it believes to be the heaviest shipment of MDMA the government department has ever permitted.
“We’re incredibly proud of this milestone. It is additional proof that the clinical development of MDMA is moving forward. PharmAla exists to assist our client researchers around the world by not only saying we’ll provide them with research materials, but actually delivering.” said Nick Kadysh, CEO of PharmAla Biotech.
“The global psychedelics industry is still in its infancy, but strong demand for these molecules helps ensure a foundational role for manufacturers like PharmAla.”
This morning, PharmAla’s CEO and director of sales hosted a webinar on planning clinical trials involving psychedelics with the CEO of Mindset Pharma (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF), James Lanthier.
Mindset and PharmAla entered a psilocybin distribution agreement last November.
PharmAla is the first publicly traded company to manufacture GMP-certified MDMA. The company’s CEO Nick Kadysh is the board chair of Psychedelics Canada, the only national-level trade association for legal psychedelics internationally.
PharmAla’s stock dropped by 20 per cent today to $0.04 while Mindset’s stock stayed flat at $0.30 on the Canadian Securities Exchange.