Psyence Group Completes Export of Psilocybin Mushrooms to Portugal

Psyence Group Inc. (CSE: PSYG | OTCQB: PSYGF) is pleased to announce that it has successfully exported medical grade psilocybin mushrooms to Psilo Pharma Inc. (“Psilo Pharma”), from its federally licensed ISO22000 certified production facility in Southern Africa, through its research partner in Portugal (the “Research Partner”).

In February 2022, Psyence received an import permit from the Portuguese regulators for the Research Partner in Portugal. It obtained the necessary, stringent permissions to commence with the export process and the psilocybin mushrooms were successfully delivered to the Research Partner’s facilities. Psilo Pharma will be using the mushrooms to develop extraction methodologies.

Psilo Pharma’s objective is to provide the highest quality psilocybin across Europe. As David Reckeweg-Lecompte, CEO of Psilo Pharma explains, “Our approach to this extremely promising healthcare segment is to (i) provide the highest quality API, (ii) supply clinical trials for drug development, and (iii) engage in development partnerships. We are preparing for the eventual commercialization of psilocybin as a crucial component for an alternative and superior treatment of mental health. In Portugal, our goal is to establish proprietary extraction methods and procedures for naturally produced psilocybin.”

Psyence operates one of the first federally licensed commercial psilocybin production facilities in the world. Its production facility, located in Southern Africa, is ISO22000 certified and is licensed to cultivate and export psilocybin mushrooms for the legal, global medical market and commercial medical research market. Psyence’s cultivation system is designed for continuous harvesting and an on-site laboratory was recently added to provide in-process analysis and extraction.

Psyence is a life science biotechnology company with a focus on natural psychedelics. Psyence works with natural psilocybin products for the healing of psychological trauma and its mental health consequences in the context of palliative care. Our name “Psyence” combines the words psychedelic and science to affirm our commitment to producing psychedelic medicines developed through evidence-based research.

Informed by nature and guided by science, we built and operate one of the world’s first federally licensed commercial psilocybin mushroom cultivation and production facilities in Southern Africa. Our team brings international experience in both business and science and includes experts in mycology, neurology, palliative care, and drug development. We work to develop advanced natural psilocybin products for clinical research and development.

Our key divisions, Psyence Production, Psyence Therapeutics and Psyence Function, anchor an international collaboration, with operations in Canada, the United Kingdom, Southern Africa, and a presence in the United States and Australia.

Psilo Pharma is a Canadian incorporated company, with operations based in Europe. Psilo Pharma’s goal is to provide the highest quality psilocybin across Europe. Three key objectives include (i) becoming a leader in supplying the highest quality API for both naturally and synthetically produced psilocybin; (ii) providing the necessary psilocybin required for clinical trials; and (iii) engaging in drug development partnerships. Our key production partner, Dr. Reckeweg & Co., based in Germany, runs a state-of-the-art GMP certified and narcotics licensed manufacturing facility. The facility was recently expanded for the purpose of tapping into highly promising natural products markets, namely cannabis and psilocybin.