Core One Labs Announces Breakthrough with Proprietary Isolation and Purification Method of Psilocybin from Mushrooms; Prepares Patent Application

VANCOUVER, BC / ACCESSWIRE / September 30, 2022 / Core One Labs Inc. (CSE:COOL)(OTCQB:CLABF)(Frankfurt:LD6) (WKN: A3CSSU) (the "Company" or "Core One") is pleased to announce that its wholly-owned subsidiary Awakened Biosciences Inc. ("Awakened") has developed a groundbreaking proprietary method for isolating and purifying psilocybin from mushrooms biomass. This breakthrough will provide the company with the opportunity to partner and work with the growing number of companies who are cultivating psilocybin mushrooms. Core One has prepared a patent application for submission to the United States Patent and Trademark Office ("USPTO") for the protection of this proprietary isolation and purification method.

The patent application describes a potential process for the isolation of the psychoactive hallucinogenic alkaloids from extracts of psilocybin containing fungi biomass. The final stage of the process would result in a mixture of mostly psilocybin content that can be formulated for clinical use.

The invention is being developed by Awakened's Chief Researcher Dr. Tony Durst and would add to Core One's growing portfolio of psychedelics products and can enable the Company to further its manufacturing capabilities for at scale production of cost efficient, pharma-grade synthetic psilocybin. Once the process reaches commercial stage and is produced in Current Good Manufacturing Practice (cGMP) facility, the Company will have the ability to produce and provide medicinal psychedelics in the form of capsules, pills and tinctures to licensed pharmaceutical companies, research organizations and healthcare professionals both domestically and abroad, and subsequently, allow the possibility of revenue generation for the Company and its subsidiary.

A final patent approval would bring Core One another step closer to ultimately becoming a leading developer and manufacturer in the global psychedelic drugs industry that is projected to reach a market value of US$10.75 Billion by 2027,¹as the Company looks to protect its intellectual property from industry competitors.

In addition to further solidifying the Company's place as leaders in the psychedelics space, Awakened's successful and proprietary psilocybin isolation and purification method, will effectively open opportunities to mushroom producers from around the globe to partner with the Company, and/or license the proven production methods to isolate and extract the psychoactive components of their mushroom biomass, cost effectively and efficiently.