VANCOUVER, BC / ACCESSWIRE / August 12, 2022 / Core One Labs Inc. (CSE:COOL), (OTCQB:CLABF), (Frankfurt:LD6, WKN:A3CSSU) (the "Company" or "Core One") is pleased to announce that scientists at its wholly-owned subsidiary Awakened Biosciences Inc. ("Awakened") have successfully produced a precursor that can be efficiently converted into psilocin, the psychoactive ingredient of psilocybin, with further conversion into commercially viable psilocybin by Core One's wholly owned Vocan Biotechnologies Inc. ("Vocan").
Under the leadership of Awakened's Chief Researcher, Dr. Tony Durst, who is also Emeritus Professor at the University of Ottawa, Awakened has produced more than 200 grams of the precursor; a compound that does not fall under the umbrella of Canada's Controlled Drugs and Substances Act (CDSA). Awakened's precursor will be shipped to Vocan's laboratories in Victoria, where scientists, operating under a CDSA licensed Dealer's Lab, will use their processes to turn this into psilocybin. Core One's team of scientists anticipate that the production methods employed will yield a high purity psilocybin product.
The successful production of this precursor by Awakened, presents many opportunities for Core One, including the potential for sooner than anticipated distribution of a commercially viable psilocybin API (Active Pharmaceutical Ingredient) product. Commercially viable psilocybin API could lead to revenue generation in the near term. Additionally, the collaboration between Awakened and Vocan, can streamline the production process, to allow Vocan to focus on ramping up production of psilocybin.
"Vocan's breakthrough achievement to produce low cost psilocybin is being advanced further through this partnership with Awakened. The roughly $20.8 million invested in Vocan and its research, at both its Victoria based laboratory and the University of British Columbia, has resulted in Core One Labs becoming a leader in cost effective psychedelic compounds production. " stated Joel Shacker, Core One CEO.