Pure Extracts Technologies (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ), a plant-based extraction company focused on cannabis, hemp, functional mushrooms and the rapidly emerging psychedelic sector, has inked a letter of intent (“LOI”) to form a joint venture (“JV”) with Psyence Group Inc. (CSE: PSYG). The agreement with Psyence, one of the world’s first psychedelic mushroom companies operating a federally legal commercial cultivation and extraction facility in Southern Africa, calls for the development of high-class techniques for the extraction of psilocybin from psychedelic mushrooms as well as the development of advanced formulations containing psilocybin for the long-term treatment of psychological trauma and its mental health consequences. By combining their strengths and areas of expertise, the two companies intend to leverage the use of their joint infrastructure and networks in reach key milestones. Pure Extracts brings a strong Canadian network of psychedelic mushroom experts to the table; Psyence’s network in South Africa, Lesotho and Jamaica provides the ability and expertise to develop natural psychedelics and novel drug delivery systems for patients throughout the world as quickly as possible. Psyence also has background and experience in running clinical trials. “We are excited about working with the deeply qualified science team at Psyence, one of only a handful of companies in the world operating a vertically integrated, federally licensed, psychedelic mushroom facility,” said Pure Extract CEO Ben Nikolaevsky in the press release.
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About Pure Extracts Technologies Corp.
Pure Extracts features an all-new, state-of-the-art processing facility located just 20 minutes north of world-famous Whistler, British Columbia. The bespoke facility has been constructed to European Union GMP standards aiming towards export sales of products and formulations, including those currently restricted in Canada, into European jurisdictions where they are legally available. On Sept. 25, 2020, Pure Extracts was granted its Standard Processing License by Health Canada under the Cannabis Act. In addition, the company’s stock began trading on the Canadian Securities Exchange (“CSE”) on Nov. 5, 2020. For more information about the company, please visit www.PureExtractsCorp.com.
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