Mydecine Fully Completes the First-Ever International Export of Psilocybin Mushrooms and Solidifies its Clinical and Commercial Supply Chain

Rhea-AI Summary

Mydecine Innovations Group (CSE: MYCO) (OTC: MYCOF) has achieved a significant milestone by successfully completing the world’s first international legal export of dried psilocybin mushrooms. The company harvested 20 kilograms of mushrooms in December 2020, now forming a solidified commercial supply chain for psilocybin. This accomplishment allows Mydecine to support its research and supply other licensed facilities globally. The CEO stated that their natural-sourced psilocybin will be a cost-effective alternative to synthetic versions, which could enhance the company's R&D and market position.

Positive

• Completed the first legal international export of dried psilocybin mushrooms.
• Established a commercial supply chain for psilocybin to support research.
• Natural-sourced psilocybin is projected to be less costly than synthetic forms.

Negative

• None.

DENVER, March 01, 2021 (GLOBE NEWSWIRE) -- Mydecine Innovations Group (CSE: MYCO) (OTC: MYCOF) (FSE: 0NFA) (“Mydecine” or the “Company’), an emerging biopharma company in the life sciences category committed to the research and development, production, and acceptance of alternative nature-sourced medicine for mainstream use, has completed the world’s first international legal export of dried psilocybin mushrooms.

In December 2020, the Company announced the completion of its first commercial harvest of 20 kilograms (44 lbs) of psilocybin mushrooms at a private mycology-focused research and cultivation facility in Jamaica. The first shipment of the harvest has now been received at Mydecine’s Canadian Current Good Manufacturing Practice (CGMP) facility, which has a Health Canada Schedule 1 Dealer’s License attached to it, allowing for legal import/export, research and development, cultivation, product development, and commercial sale of active psychedelic medicinal compounds.

“This milestone is significant to our 2021 goals as we are now able to access a quality source of much needed product for both our own research purposes, as well as provide CGMP naturally-derived psilocybin to sell and transfer to other licensed research facilities around the globe. Our team has spent significant time working with various government agencies to create and develop sound protocols to ensure a smooth flow of biomass that is in full compliance with all federal laws. This is the first and only solidified commercial supply chain of psilocybin mushrooms and we believe this supply chain will open up many doors to potentially collaborate and participate in initiatives that we find potentially promising,” said Joshua Bartch, CEO and Chairman of Mydecine. “We have made significant progress towards having the first IND number on a 99.9% pure psilocybin product that the synthetic form mimics. We believe our natural-sourced psilocybin, that is both significantly less costly and more efficient than the synthetic form, will prove to be a better overall option to meet the current market demand as well as voids any and all potential patent claims. This marks a milestone of fulfilling on the promise of creating a fully vertical and uninterrupted global supply chain.”

“In the most potent psychedelic mushrooms, psilocybin is typically only around 1% of its total mass. This means that as much as 99% of the mushroom is composed of vegetative matter plus other potential active medicinal compounds. At our lab, we have already discovered multiple other active compounds separate from psilocybin and psilocin from just our initial psychedelic mushroom analysis. Based upon our preliminary studies, we believe that this could have more effective results than just single-molecule synthetic psilocybin. This supply chain will give us unrestrictive scalable access including numerous types of unique psychedelic mushroom species native to Jamaica. This should significantly increase our research and development and production efforts with some of the best types of mushrooms that we know of,” said Damon Michaels, Mydecine's Co-Founder and Chief Operating Officer.

He continued, “Throughout history we have seen many historical instances involving the use of psychedelic medicine, more so the use of psychedelic mushrooms to be used as safe and effective therapeutic medicine to help improve mental injuries or expand one's overall consciousness. Today we are able to take this ancient form of holistic medicine and pair it with modern technology to better understand its active ingredients and how they specifically interact with the brain and body to produce the best, most controllable and beneficial results possible. For Mydecine to be able to create the world's first legal global supply chain of nature-sourced psilocybin to not only meet its own needs, but to supply to other licensed research organizations, universities, and healthcare facilities around the world, we hope to finally break the barrier of stigma and help people obtain mainstream access to this sacred medicine and turn it back into a traditional therapy.”

About Mydecine Innovations Group
Mydecine Innovations Group™ (CSE: MYCO) (OTC:MYCOF) (FSE:0NFA) is an emerging biotech and life sciences company dedicated to developing and commercializing innovative solutions for treating mental health problems and enhancing vitality. The company’s world-renowned medical and scientific advisory board is building out a robust R&D pipeline of nature-sourced psychedelic-assisted therapeutics, novel compounds, therapy protocols, and unique delivery systems. Mydecine has exclusive access to a full cGMP certified pharmaceutical manufacturing facility with the ability to import/export, cultivate, extract/isolate, and analyze active mushroom compounds with full government approval through Health Canada. Mydecine also operates out of a state-of-the-art mycology lab in Denver, CO to focus on genetic research for scaling commercial cultivation of rare (non-psychedelic) medicinal mushrooms.

At the heart of Mydecine’s core philosophy is that psychedelic-assisted psychotherapy will continue to gain acceptance in the medical community with many of the world’s best accredited research organizations demonstrating its remarkable clinical effectiveness. Mydecine recognizes the responsibility associated with psychedelic-assisted therapy and will continue to position itself as a long-term leader across the spectrum of clinical trials, research, technology, and global supply. Mydecine has also successfully completed multiple acquisitions since its inception.

Learn more at: https://www.mydecine.com/ and follow us on Facebook, Twitter, and Instagram.

Mydecine Innovations Group Media Contacts
Anne Donohoe / Nick Opich
KCSA Strategic Communications
adonohoe@kcsa.com / nopich@kcsa.com
212-896-1265 / 212-896-1206

On behalf of the Board of Directors:
Joshua Bartch, Chief Executive Officer
contact@mydecineinc.com

Corp Communications:
Charles Lee, Investor Relations
corp@mydecineinc.com
+1 720-277-9879

For further information about Mydecine Innovations Group, Inc., please visit the Company’s profile on SEDAR at www.sedar.com or visit the Company’s website at www.mydecine.com.

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof. This news release contains forward-looking information within the meaning of Canadian securities laws regarding the Company and its business, which relate to future events or future performance and reflect management’s current expectations and assumptions. Often but not always, forward-looking information can be identified by the use of words such as “expect”, “intends”, “anticipated”, “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would” or “will” be taken, occur or be achieved. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, without limitation, risks regarding the COVID-19 pandemic, the availability and continuity of financing, the ability of the Company to adequately protect and enforce its intellectual property, the Company's ability to bring its products to commercial production, continued growth of the global adaptive pathway medicine, natural health products and digital health industries, and the risks presented by the highly regulated and competitive market concerning the development, production, sale and use of the Company's products. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.

This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. This news release does not constitute an offer of securities for sale in the United States. These securities have not and will not be registered under United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to a U.S. Person unless so registered, or an exemption from registration is relied upon.

FAQ

What is the significance of Mydecine's recent psilocybin mushrooms export?

Mydecine's export marks the first legal international shipment of psilocybin mushrooms, establishing a commercial supply chain for research and therapeutic use.

How much psilocybin did Mydecine harvest before the export?

Mydecine harvested 20 kilograms of psilocybin mushrooms in December 2020.

What are the future implications of Mydecine's supply chain for psilocybin?

The supply chain enables Mydecine to enhance R&D efforts and supply naturally-derived psilocybin to licensed facilities worldwide.

What advantages does natural-sourced psilocybin offer according to Mydecine?

Mydecine claims that their natural-sourced psilocybin is significantly less costly and more efficient than synthetic alternatives.

How is Mydecine preparing to meet market demand for psilocybin?

Mydecine aims to fulfill market demand by leveraging its unique supply chain and focusing on scalable access to various psychedelic mushroom species.