Under the coverage of a Health Canada Schedule 1 Controlled Drugs and Substances Dealer’s License, Mydecine Innovations Group, Inc., (CSE:MYCO) (OTC:MYCOF) (FSE:0NFA) (“Mydecine™” or the “Company”) announced that it is the first organization to exercise its cGMP capabilities under a special license to legally produce, transfer, sell, and export pharmaceutical-grade psilocybin, naturally derived from whole-mushroom extraction.
Mydecine™ has the full range of capabilities to extract fungi’s natural psychedelic compounds, such as psilocybin and psilocin from certain species of fruiting body mushrooms all the way through to distribution. Mydecine™ also has the ability to conduct the most advanced techniques to produce purified pharmaceutical-grade extract, then legally export its finished byproducts to its various research partners throughout the world, including but not limited to the Imperial College of London and Johns Hopkins University.
The Company is also capable of supporting commercial research institutions with product donations, including charitable contributions to provide its purified extracts and formulations to end-of-life distressed patients. The announcement comes on the heels of a recent landmark decision by Health Canada to permit four terminally ill patients to consume psilocybin mushrooms to ease their distress. This historic decision establishes a precedent that will pave the way for a wider adoption of psilocybin-based therapies.
“Mydecine’s breakthrough to legally supply naturally-sourced psilocybin within our spore-to-sale™ process will be a major advancement for mental therapeutics, due to the fact that these unique psychedelic compounds are both safe and effective for afflictions, such as depression, anxiety, and PTSD,” quoted Damon Michaels, COO and Co-Founder of Mydecine™.
There is still debate as to which is more successful in psychedelic-based treatments between naturally derived psilocybin or the use of a synthetic form. Given Mydecine’s full legal ability to access both types of active compounds, the Company is poised to internally answer that question as well as aid various qualified groups also conducting this type of research. In theory, there are a plethora of added benefits in regard to the entourage effect of naturally-sourced psilocybin versus the synthetic route. Additionally, Mydecine™ is developing a number of unique API’s from their naturally-sourced cGMP psychedelic extracts. Mydecine™ will also be conducting R&D to produce novel proprietary formulations by synergizing psychedelic fungi compounds with other various API’s; Mydecine™ will then attach their formulations to their exclusive delivery mechanisms. Mydecine™ plans to utilize these psychedelic medicinal formulations in various clinical environments around the world in aspiration to better the lives of many.
The Company notes that although several international companies and research institutions are permitted to utilize synthesized psilocybin, the process is extremely challenging and cost prohibitive with a single gram having the price tag of thousands of dollars. Being able to legally extract psilocybin from its natural source, Mydecine™ will hope to reduce these significant costs and improve the scalability of world-class research initiatives and novel therapies.
CEO and Director of Mydecine™, Joshua Bartch stated, “We are extremely grateful to have the ability to provide cGMP psychedelic API’s to qualified organizations, research partners, nonprofits, and clinical groups throughout the globe. We believe the reason current psilocybin-based research initiatives come with a very high cost using inefficiently produced synthetic psilocybin is simply due to a lack of capabilities and legal restraints. Mydecine’s legal capabilities through the dealer’s license will incorporate our range of abilities, which will be valuable for naturally-sourced medicine paired with new-age technology. We believe our achievement is the first-of-its-kind.”