Psyence Production Expands Capability

TORONTO, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Psyence Group Inc. (CSE:PSYG), a clinical-stage life science biotechnology company pioneering the use of nature-derived psilocybin in mental health and wellbeing (“Psyence”), is pleased to provide the following update on Psyence Production. Psyence Production is a division of Psyence that oversees its psilocybin cultivation and production facility.

Psyence operates one of the first government licensed commercial psilocybin production facilities in the world. Its cultivation and production facility, located in Southern Africa, is ISO22000 certified. Psyence is licensed to cultivate and export nature-derived psilocybin mushrooms for the legal, global medical market and commercial medical research market.

Extraction capability expanded

Psyence recently designed a new laboratory at the facility in order to expand its extraction capabilities. The building of the laboratory has since commenced and is expected to be completed in Q4 2023. The expansion fits under the existing building footprint, and once completed, new state-of-the-art extraction equipment will be installed to enhance its current extraction capabilities. There are multiple potential benefits to on-site extraction including increased product shelf life, a more stabilized format for export, and reduced transport costs.

The extraction equipment is being manufactured and supplied by Eden Labs LLC (Eden Labs). Eden Labs is a product development and extraction technology company based in Seattle, Washington; the supply of the equipment is part of Psyence and Eden Labs’ previously announced collaboration agreement. The equipment will enable the on-site extraction and processing of Psyence’s nature-derived psilocybin-producing mushrooms prior to the product being exported to Psyence’s extraction partners and contract research organisations or CROs. These partners can then process this stabilized input material into an active pharmaceutical ingredient (API).

“It is Psyence’s aim to become a leading supplier of psilocybin mushroom and products for the legal, global medical and commercial medical research market,” said Tony Budden, Chief Strategy Officer, Psyence Group. “By enhancing our extraction capabilities, we are able to meet our objectives of ramping up the production of our psilocybin and psilocin extracts as we look to supply a range of quality-certified psychoactive ingredients from Psyence’s facility in the future.”