Life sciences development company focusing on performing psychedelic-assisted psychotherapy and clinical research Halucenex Life Sciences Inc. announced having secured a permit to import one kilogram of psilocybe cubensis to refine extraction and formulation techniques for drug development from Health Canada.
Halucenex which is a subsidiary of Creso Pharma Ltd. (ASX: CPH) (OTCQB: COPHF) will be using the permit to import one kilogram of dried Jamaican grown psilocybe cubensis from Grogenex JA Ltd which is equivalent to 20 grams of psilocybin.
According to the company’s chief executive officer and managing directors, William Lay, the imported psilocybe cubensis will provide the company with sufficient inventory especially at this moment when there is a demand increase for the product.
“Securing the import permit from Health Canada allows the company to access a supply of dried psilocybe cubensis during a period where there is strong demand and a bottleneck on supply. Further establishing a relationship with Grogenex for the import of psylocybe cubensis will broaden Halucenex’s exposure to different psilocybe cubensis strains for R&D initiatives and we are confident that this will build our ongoing understanding on how to best leverage the substance for a range of potential benefits,” said the CEO.
The company is expecting to complete importation of the psilocybe cubensis by the end of May so that it can use it in its ongoing research and development activities.