Much like cannabis, the psychedelics story is growing like a weed. So, it’s no wonder investors are pushing into related stocks like Pure Extracts Technologies (CSE:PULL)(OTC:PRXTF), Entheon Biomedical Corp. (OTCPK: ENTBF) (CSE: ENBI), Thoughtful Brands Inc. (CSE:TSI)(OTC:PEMTF), Delic Holdings Inc. (CSE:DELC)(OTC:DELCF), and Field Trip Health Ltd. (CSE:FTRP)(OTC:FTRPF), all of which are showing significant progress.
Entheon Biomedical, for example is developing DMT-assisted therapy to help treat issues of addiction. In February 2021, the company announced ethics approval for an upcoming pre-clinical study to be conducted by the clinical research organization, Science in Action. “The objective of the Study is to determine the acute toxicity of IV doses of DMT in a 14-day in vivo study. The Study is being performed in advance of the Company’s human studies to evaluate DMT’s pharmaco-therapeutic profile for the treatment of substance-use disorder, anticipated to be conducted in Q4 of 2021.”
Field Trip Health Ltd., for example, entered into a strategic partnership with the Heroic Hearts Project, which connects military veterans struggling with mental trauma to psychedelic therapies, to increase access to, and awareness of, psychedelic therapies for veterans struggling from mental health disorders such as PTSD, according to a recent press release. “HHP will be conducting active outreach and education programs for military veterans about the therapeutic potential of ketamine-assisted psychotherapy.”
Thoughtful Brands Inc. owns and operates a 110,000 square foot pharmaceutical manufacturing facility in Germany, where its team conducts clinical studies using naturally occurring psilocybin and other compounds found in psychedelics for the treatment of opiate addiction. Delic Holdings Inc. recently acquired all of the issued and outstanding shares in the capital of Complex Biotech Discovery Ventures, a licensed psilocybin and cannabis research lab.
Pure Extracts Technologies (CSE:PULL)(OTC:PRXTF) Just Signed LOI with ShroomBloom Labs
Pure Extracts Technologies Corp. just announced that it has signed a Letter of Intent (LOI) with ShroomBloom Labs/Floja Bioscience Inc. to enter into an agreement for the supply of psychedelic mushroom biomass.
ShroomBloom is a British Columbia based mushroom cultivator whose unique growing method uses a sustainable forest product to grow organic Psilocybe Azurescens mushrooms. Also known as Azures, they are native to British Columbia and are one of the most potent psilocybin mushrooms that have ever been found. Azures contain up to 1.8% psilocybin, 0.5% psilocin, and 0.4% baeocystin by dry weight – nearly three times more than the more common Psilocybe Cubensis mushrooms. ShroomBloom is currently conducting a bio-tech research and development program utilizing artificial intelligence (AI) to industrialize the cultivation of psychedelic mushrooms. Their goal is to become the global leader in the production of psilocybin mushrooms.
Under the terms of the LOI, Pure Extracts would get preferential access to ShroomBloom’s crop of psychedelic mushrooms and would get ‘most favoured nation’ pricing. The LOI is subject to both ShroomBloom and Pure Extracts holding Dealer’s Licences under the Controlled Drugs and Substances Act (CDSA).
Pure Extracts CEO, Ben Nikolaevsky, remarked, “A supply agreement with a world-class cultivator like ShroomBloom would ensure a reliable source of high-quality, high-potency, psychedelic mushroom biomass for our extraction facility so that we can produce plenty of psilocybin for our formulation R&D activities and for any resulting clinical trials.”
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