Optimi Health Completes Expansion Of On-Site Analytical Laboratory

Rhea-AI Summary

Optimi Health Corp has completed the expansion of its analytical laboratory located in Princeton, British Columbia, designed to ensure consistent dosages of natural psilocybin products meeting FDA and EU-GMP standards. The lab, overseen by Chief Science Officer Justin Kirkland, aims to enhance research capabilities and support clients in drug discovery processes. CEO Bill Ciprick emphasized the importance of this facility for operationalizing psychedelic science and the company's revenue strategy. Optimi aims to lead in supplying safe, high-quality psilocybin mushrooms.

Positive

• Completion of lab expansion enhances research capabilities and potential revenue.
• Lab meets FDA and EU-GMP standards, ensuring product quality.
• Company's focus on operationalizing psychedelic science aligns with market demand.

Negative

• None.

Lab’s completion brings Company closer to full commercialization

VANCOUVER, British Columbia, May 11, 2022 (GLOBE NEWSWIRE) -- Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN) (“Optimi” or the “Company”), is pleased to announce that it has completed a planned expansion of the on-site analytical laboratory at its Princeton, British Columbia facility.

The on-site lab is purpose built inside one of Optimi’s EU-GMP capable 10,000 square foot, state-of-the-art indoor growing facilities dedicated to the cultivation of safe, high-quality psychedelic and functional mushrooms. Optimi Chief Science Officer, Justin Kirkland, will oversee the Company’s analytical operations.

“Our analytical lab will prove a completely consistent dosage on natural psilocybin products that will meet stringent FDA and EU-GMP standards,” said Kirkland. “We will measure and ensure integrity, ongoing stability, and accuracy in all of our natural psilocybin and psychedelic formulations and are finalizing our Standard Operating Procedures to meet Health Canada and international standards.”

The newly enlarged analytical laboratory will operate as a division of Optimi Labs Inc., a wholly owned subsidiary of Optimi Health, and is designed both for research into the company’s proprietary formulations and extraction methods and to be utilized by clients and partners and approved companies to conduct investigations into molecular discovery with restricted psychedelic compounds.

Optimi CEO Bill Ciprick says that the lab expansion is a critical component of the Company’s planned revenue strategy.

“While Optimi’s main focus remains the cultivation of a safe, scalable supply of natural EU-GMP psilocybin, we realize that operationalizing a future for psychedelic science in which the largest number of authorized patients have access to these medicines requires a more robust research infrastructure than currently exists, particularly in light of the current levels of interest and demand from so many entities across the space. This laboratory is our contribution to that future,” added Ciprick.

Alongside its primary objective of becoming a tier one ingredient supplier of naturally cultivated psilocybin mushrooms and extracts, the Company intends to develop efforts on third parties requiring supplementary facilities and analytical support in drug discovery processes as well as for single and multi-site clinical trials.

In a press release issued by the Company on Monday, May 9, Optimi applauded Health Canada’s May 6 Notice to Stakeholders emphasizing the “importance of drug quality and Good Manufacturing Practices (GMP)” regarding “the proposed use of psilocybin mushrooms in clinical trials, or as a drug accessed through the Special Access Program (SAP).”

“We commend Health Canada for making quality assurance and GMP compliance a necessity in all clinical and observational protocols moving forward,” said Ciprick. “With our analytical capacity now in place, we look forward to helping industry suppliers validate their product and meet the demand for GMP grade psilocybin.”

ABOUT OPTIMI (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN)

Optimi Health is a homegrown, Canadian success story producing and supplying natural, EU-GMP grade psilocybin and functional mushrooms that focus on the health and wellness markets. Built with the purpose to produce scalable, natural mushroom formulations for transformational human experiences, the Company’s goal is to be the number one trusted, compassionate supplier of safe, natural GMP grade psilocybin across the world. With a vertically integrated approach, Optimi intends to cultivate, extract, process and distribute high quality functional and psychedelic mushroom products at its two facilities comprising a total of 20,000 square feet in Princeton, British Columbia.

To fully investigate the science of mushrooms, the Company has received a research exemption under Health Canada Food and Drug Regulations (FDR) for the use of Psilocybin and Psilocin for scientific purposes via its wholly owned subsidiary Optimi Labs Inc. Optimi has also been granted a dealer’s license under Canada’s Narcotic Control Regulations governing possession, distribution, sale, laboratory analysis of and research and development of Psilocybin and Psilocin formulations. Optimi is committed to expert cultivation and quality production subject to and in accordance with the terms of all applicable laws and governing regulations to ensure safe, superior Canadian fungi production.

FOR INTERVIEW REQUESTS OR FURTHER INFORMATION PLEASE CONTACT:

Investor Relations
Email: investors@optimihealth.ca
Phone: +1 (902) 880 6121
Web: https://optimihealth.ca

FORWARD‐LOOKING STATEMENTS

This news release contains forward‐looking statements and forward‐looking information within the meaning of Canadian securities legislation (collectively, “forward‐looking statements”) that relate to Optimi’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result,” “are expected to,” “expects,” “will continue,” “is anticipated,” “anticipates,” “believes,” “estimated,” “intends,” “plans,” “forecast,” “projection,” “strategy,” “objective,” and “outlook”) are not historical facts and may be forward‐looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward‐looking statements. No assurance can be given that these expectations will prove to be correct and such forward‐looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. In particular and without limitation, this news release contains forward‐ looking statements pertaining to activities proposed to be conducted under the Company’s dealer’s license and associated business related to Psilocybin and Psilocin and Optimi’s plans, focus and objectives.

Forward‐looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Optimi’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking statements. Such risks and uncertainties include, but are not limited to, the impact and progression of the COVID‐19 pandemic and other factors set forth under “Forward‐Looking Statements” and “Risk Factors” in the Company’s Annual information Form dated January 12, 2022, and other continuous disclosure filings available under Optimi’s profile at www.sedar.com. Optimi undertakes no obligation to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Optimi to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward‐looking statement.

Any forward‐looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

FAQ

What is the significance of Optimi Health's lab expansion?

The lab expansion enhances research capabilities and supports Optimi's revenue strategy by ensuring consistent and high-quality psilocybin products.

How does the new lab comply with regulatory standards?

The laboratory is designed to meet stringent FDA and EU-GMP standards, ensuring quality and stability in psilocybin formulations.

What role does the lab play in Optimi's business strategy?

The lab is critical for operationalizing psychedelic science and supplying safe, scalable psilocybin to meet growing market demand.

When was the lab expansion announced by Optimi Health?

The lab expansion was announced on May 11, 2022.

What does the lab's existence mean for psilocybin research?

The lab allows for advanced research into psilocybin formulations and supports third parties in clinical trials and drug discovery.