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Friday, Dec 9, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Psychedelics

Psyence sends psilocybin mushrooms to Psilo Pharma in Portugal

Shipment marks company’s first successful export to Europe and second to date

Psyence sends psilocybin mushrooms to Psilo Pharma in Portugal
Photo via Psyence.

Psyence Group Inc. (CSE: PSYG) (OTCQB: PSYGF) has now mailed a shipment of magic mushrooms to Portugal after obtaining the necessary stringent permissions.

On Thursday, the company announced that it had exported medical grade psilocybin mushrooms to a research partner of Psilo Pharma Inc. in Portugal from its production facility in Southern Africa.

The news follows Psyence receiving an import permit from Portuguese regulators in February and Psilo Pharma plans on using the fungi to develop extraction methodologies.

Read more: Cybin acquires license for psychedelic molecules from Mindset

Read more: PsyCan pushes federal policy-makers to lift restrictions on psychedelics

Psyence says that its production facility in Southern Africa is ISO22000 (food safety management system) certified and that it recently received an on-site lab addition for in-process analysis and extraction purposes.

Psilo Pharma has a goal to supply high-grade psilocybin to the whole of Europe, according to Psyence.

“Our approach to this extremely promising healthcare segment is to provide the highest quality API, supply clinical trials for drug development and engage in development partnerships,” said David Reckeweg-Lecompte, CEO of Psilo Pharma.

“We are preparing for the eventual commercialization of psilocybin as a crucial component for an alternative and superior treatment of mental health. In Portugal, our goal is to establish proprietary extraction methods and procedures for naturally produced psilocybin.”

Psyence says that its name is a combination of the words psychedelic and science, signifying its dedication to producing psychedelic medicines that have been developed through evidence-based research. The company team consists of experts in mycology, drug development, neurology and palliative care.

The organization has operations in Canada, Australia, the United States, Southern Africa and the United Kingdom.

“The export of Psyence’s psilocybin mushrooms to Psilo Pharma’s Research Partner in Portugal is our first export to Europe and our second successful export to date. We are delighted that we have concluded two important exports as we aim to be a trusted, commercial supplier of psilocybin mushrooms for the legal, global medical market and commercial medical research market,” said Dr. Neil Maresky, CEO of Psyence.

“Psyence’s ISO22000 certified production facility is fully operational, and we are able to ramp up production in line with demand from our customers and the global medical research market.”

 

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