Mycology Interest on the Rise as Researchers Unearth More Benefits of Functional Mushroom Products

FN Media Group Presents USA News Group News Commentary


Vancouver, BC – March 26, 2021 – USA News Group  –  Expanding way beyond just hunting for the perfect truffle, rising interest in the “megascience” of mycology is creating gains across the health and wellness sector, with a wave of new products to help us under development. Now with the potential addition of new products containing the psychedelic ingredient of psilocybin “magic” mushrooms, many are calling the flood of investment into mushroom-related stocks and its new products that come with it, a “shroom boom”.  Now several companies are making rapid progress both with lawmakers, and with their own research to move closer to bringing more products (both psychedelic and non-psychedelic) to market, including Pure Extracts Technologies Corp. (OTCPK:PRXTF) (CSE:PULL), Psyched Wellness Ltd. (OTCQB:PSYCF) (CSE:PSYC), Cybin Inc. (OTCQB:CLXPF) (NEO:CYBN), Red Light Holland Corp. (OTCPK:TRUFF) (CSE:TRIP) and Mydecine Innovations Group (OTCPK:MYCOF) (CSE:MYCO).


Abrupt changes to the societal landscape in 2020, including geopolitical unrest and seemingly endless waves of health-related lockdowns have caused a historic rise in mental health issues. The crisis has spurred on a need for new solutions for mental health needs, including what some are seeing as a breakthrough involving psychedelics.


Analyst Simeon Schnapper and his JLS Fund have invested US$10 million in 12 psychedelics companies, and is currently raising another US$50 million. According to Schnapper: “The possibilities for psychedelics to be a new medicine and replace antidepressants is 100 times greater than cannabis.”


One company that’s already working to bridge the gap between cannabis and psilocybin is Canadian-based Pure Extracts Technologies Corp. (CSE:PULL) (OTCPK:PRXTF), which has successfully built its business upon extracting ingredients from hemp and cannabis plant matter.


During this ongoing 4th quarter, Pure Extracts has been working diligently and swiftly to recalibrate its business model to include the rapidly emerging function mushroom sectors.


More recently, the company’s announced it has engaged a globally recognized operations, compliance, and regulatory consulting firm to advise on an application to Health Canada for a Dealers License under the Controlled Drugs and Substances Act (CDSA).


As that process carries through, Pure Extracts Technologies Corp. is preparing through collaborations with experts in the field such as Dr. Alexander MacGregor of the Toronto Institute of Pharmaceutical Technology, and with PURICAtm to develop both psilocybin-related and CBD-full-spectrum+mushroom derived wellness combinations, respectively.


These significant moves come in congruence with milestone moves being made by Health Canada to revise its Special Access Programme (SAP) to permit certain authorized uses of psilocybin-assisted psychotherapeutic treatments—a shift that Pure Extracts has publicly lauded.


Should Pure Extracts be eventually granted a Health Canada license, the company could then be permitted to procure, import, synthesize, propagate, cultivate, and harvest psychedelic mushrooms for psilocybin extraction—thus complimenting its current cannabis extraction business model.


“Having the support of one of Canada’s premiere consulting companies with subject matter proficiency in cannabis and other regulated consumer product industries assures that we will submit a fully-compliant Dealers Licence application to Health Canada in the shortest time possible,” said Pure Extracts CEO, Ben Nikolaevsky. “As a plant-based extractor bringing functional mushroom products to market in Q1 2021, we are very excited to be laying the groundwork for our move into the controlled substances world of psychedelics.”


Looking to shore up its own offerings of potential products involving novel psychedelic molecules, newly-public Cybin Inc. (NEO:CYBN) (OTC:CLXPF) recently closed an acquisition of Adelia Therapeutics, while growing its IP portfolio to 7 patent filings.


“We are thrilled to join forces with Adelia. We see this acquisition as potentially advancing Cybin’s ability to innovate our psychedelic drug development program and diversify beyond major depressive disorder,” said Cybin CEO, Doug Drysdale. “Adelia’s expertise across multiple molecules and multiple indications, could potentially give Cybin the ability to address gaps across a larger domain.”


Across the ocean in Europe, an additional 1,000,000 grams of magic truffles are on the way, grown by Ontario-based Red Light Holland Corp. (OTC:TRUFF) (CSE:TRIP). The company announced it had commenced growing its second crop, consisting of three different strains, including Psilocybe Mexicana, Psilocybe Galindoi, and Psilocybe Tampanensis. The expected batch is expected to be available in the Netherlands (an already legal market) in mid 2021.


“We are proud as a company, in the Psychedelic sector to actually produce product now, as opposed to making mere projections about the future,” said Red Light Holland CEO, Todd Shapiro. “We believe in providing responsible adult access now, through education and information and we are happy to be moving so quickly and efficiently. We are almost done harvesting our expected first batch, which has been pre-sold, and we are again, excited for this future growth.”


Coming back into Canada from grow operations in Jamaica, Mydecine Innovations Group (OTC:MYCOF) (CSE:MYCO) announced it had completed a harvest and is preparing to legally export 20kg of psilocybin mushrooms.


Much like what Pure Extracts Technologies Corp. is applying for, Mydecine’s Canadian cGMP already has a Health Canada schedule 1 Dealer’s License attached to it, allowing for legal import.


“We are pleased to announce the completion of our first commercial harvest of natural psilocybin mushrooms,” said Mydecine CEO and Chairman, Joshua Bartch. “There is more research needed on these compounds in order to better understand the entourage effect experienced by patients which has shown dramatically effective results compared to single-molecule synthetic psilocybin in preliminary studies. As the industry grows, the need for naturally occurring psilocybin and access to large quantities of these molecules will be paramount and we are excited to be the first to advance this movement at scale.”


Utilizing dried Amanita Muscaria mushrooms, Psyched Wellness Ltd. (CSE:PSYC) (OTC: PSYCF) announced it had successfully completed its first extraction of a legal psychedelic derived from caps sourced from five separate suppliers from different geographic regions around the world.


Psyched Wellness used its proprietary extraction protocol to extract from the dried Amanita, before packaging and sending the product along with samples of the raw materials to an independent lab for testing and a report to finalize specifications for pure, natural, and safe human consumption.


“Our scientific team is working around the clock to ensure we achieve these key milestones in a timely fashion,” said Psyched Wellness COO, David Shisel. “Once we finalize our specifications, we will be able to produce our first large-scale extraction that will be used for our pre-clinical trials, the accelerated stability tests and all of our scientific needs.


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