Core One Labs Prepares for Commercial Production of API-Grade Psilocybin Plans Initial Production Run at GMP Facility in January

Core One Labs Inc. (CSE: COOL | OTC: CLABF | Frankfurt: LD6, WKN: A3CSSU) is pleased to announce the initial production run of its psilocybin active pharmaceutical ingredient (API) product at a good manufacturing practices (GMP) facility is projected for January 2023, to test the Company’s commercial production capabilities.

After a successful commercial production trial, the Company intends to progress toward full commercial production of its API-Grade psilocybin and other psychedelic compounds. Commercial production could result in Core One being in a position to manufacture and then supply high-quality psychedelic compounds to licensed medical clinics and professionals, as well as to clinical researchers and other psychedelic-focused research and development companies across Canada, and potentially on an international front.

With progressive developments and changes in the psychedelic space such as the introduction of Health Canada’s Special Access Program (SAP) and the growing number of Canadians supporting the use of psilocybin-assisted therapy for life ending and major illnesses, Core One’s planned January 2023 trial and subsequent commercial production schedules would push the Company closer to this unique opportunity.

The Canadian Psychedelic Association published the findings of a survey conducted by Nanos Research which revealed that ‘82% of Canadians approve the use of psilocybin-assisted therapy for people suffering from an end-of-life illness, and 78% would support a government that legalized the same. The growing adoption of psychedelic assisted-therapies in Canada complements the global growth of the psychedelic drugs market which is projected to grow with a CAGR of 13.3% between 2022 to 2029 and is projected to be valued at $6.4 billion by 2029.

The statistics and future of the psychedelic industry present a favorable climate for Core One’s prospect of generating revenue from commercialization, and the possibility of transforming the Company into one of the leading manufacturers of high-grade psychedelic medicine.

Core One Labs is a life sciences biotechnology research and development company focused on bringing psychedelic medicines to market through the development and production of psychedelic compounds, the advancement of psychedelic assisted treatments, and the integration of novel delivery systems technology.

The Company has a multi-faceted business approach and incorporates several complementary lines of businesses and units in establishing itself as an industry leader in the rapidly growing and emerging psychedelics market space.

Core One, through its wholly owned subsidiary Vocan Biotechnologies Inc., has developed and filed for patent protection of a proprietary psilocybin production system using engineered bacteria. It is also the holder of 4 provisional patents for the development of psychedelic-based pharmaceutical formulations targeting neurological and mental health disorders, under its 100% owned subsidiary Akome Biotech Ltd., and 3 provisional patents under its other 100% owned subsidiary, Awakened Biosciences Inc., for additional synthetic technologies for psilocybin and psilocin production methods.

In addition to the development of psychedelics and psychedelic compounds, Core One holds an interest in four medical clinics which maintain a combined database of more than 275,000 patients. Through its clinics the Company intends to integrate a roll out of its intellectual property related to psychedelic technologies and participate in the advancement of psychedelic-based treatments for mental health disorders.