On February 12th, 2020, Flourish Mushroom Labs Inc. announced the signing of a letter of intent with Kingdom Brands Management Inc. for their proprietary mushroom manufacturing process. Kingdom agreed to pay $500,000 for the right to use the extraction process and has the ability to sub-license the process in the United States.

The letter of intent states the license specifically applies to psychedelic mushrooms. The agreement will further allow medical advancements to the technology by Kingdom.

Flourish Mushroom Labs is a subsidiary of The Yield Grow Corp which is a vertically-integrated public cannabis company. The mushroom extraction technique originated from the process they were using in making hemp root oil. The Yield Growth saw the opportunity to bring this method to the psychedelic industry and acquired a patent on the technology. The manufacturing process is also internationally safeguarded by the Patent Cooperation Treaty (PCT).

According to Penny White, CEO of The Yield Growth Corp. and Flourish Mushroom Labs, the patent encompasses a particular process that “Is able to extract both water-soluble and non-water-soluble compounds, which enables us to get the full spectrum of compounds available in the mushrooms.” Currently, the mushroom extract can be produced in the form of a water solution or spray-dried powder.

This is a monumental step forward for Kingdom Brands Management Inc. in securing the commercialization of psilocybin mushrooms.