Psyence Group Completes Export of Psilocybin Mushrooms to Portugal

TORONTO, Sept. 29, 2022 — Psyence Group Inc. (CSE: PSYG | OTCQB: PSYGF) (“Psyence” or the “Company”) 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.”

“The export of Psyence’s psilocybin mushrooms to Psilo Pharma’s Research Partner in Portugal is our first export to Europe and our second successful export to date. We are delighted that we have concluded two important exports as we aim to be a trusted, commercial supplier of psilocybin mushrooms for the legal, global medical market and commercial medical research market,” says Dr. Neil Maresky, Psyence Chief Executive Officer. “Psyence’s ISO22000 certified production facility is fully operational, and we are able to ramp up production in line with demand from our customers and the global medical research market.”

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.

ABOUT PSYENCE GROUP: www.psyence.com

Psyence is a life science biotechnology company listed on the Canadian Securities Exchange (CSE: PSYG) and quoted on the OTCQB (OTCQB: PSYGF), 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.

ABOUT PSILO PHARMA: www.psilo-pharma.com

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. 

Contact information

Katherine Murphy, Investor Relations
Email: [email protected]
Media Inquiries: [email protected]
General Information: [email protected]

FORWARD LOOKING STATEMENTS:

Certain statements in this news release related to Psyence Group Inc and its subsidiaries (collectively the “Company“) are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the manner in which Psyence’s raw mushroom materials are received and viewed internationally and the receipt of further regulatory approvals for the Company’s import and export activities. These forward-looking statements are based on a number of assumptions, including the assumptions that the Company’s applications for further exports of its raw materials will be successful, and that its raw materials will continue to meet international requirements. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information. These risks and uncertainties include demand for the Company’s securities being less than anticipated, fluctuations in the price the Company’s common shares, and the Company not raising the amount expected, or any funds at all. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.

The Company makes no medical, treatment or health benefit claims about the Company’s proposed products. The efficacy of psilocybin, psilocybin analogues, or other psychedelic compounds or nutraceutical products remains the subject of ongoing research. There is no assurance that the use of psilocybin, psilocybin analogues, or other psychedelic compounds or nutraceuticals can diagnose, treat, cure or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. The Company has not conducted clinical trials for the use of its proposed products. Any references to quality, consistency, efficacy, and safety of potential products do not imply that the Company verified such in clinical trials or that the Company will complete such trials. If the Company cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on the Company’s performance and operations.