VANCOUVER, BC / ACCESSWIRE / December 8, 2023 / Core One Labs Inc. (CSE:COOL)(OTCQB:CLABF)(Frankfurt:LD6) (WKN:A3CSSU) (the "Company" or "Core One") is pleased to announce the signing of an Initial Agreement (the "Agreement") with Cube Psytech Corp. ("Cube Psytech") marking a significant step towards exploring the potential sale of biosynthetically produced psilocybin, or the licensing of its proprietary method for biosynthetic psilocybin production technology. This Agreement with Cube Psytech could set the stage for Core One products to enter the international market.
Cube Psytech, is a Canadian bio-pharmaceutical and biotechnology company focused on psilocybin and psilocin research and development programs designed to create innovative psilocybin and psilocin drugs and protocols for clinical trials and patient prescribed uses globally.
Today's announcement represents the second potential partnership the Company has announced to provide its proprietary psychedelics, in as many months, underscores the increasing interest in the innovative products developed by Core One's subsidiaries, and highlights that the Company's pioneering psychedelic solutions are gaining traction in the broader psychedelics sector.
Core One, leveraging its wholly-owned subsidiaries Vocan Biotechnologies Inc. ("Vocan") and Awakened Biosciences Inc. ("Awakened"), has successfully developed a proprietary method for the manufacturing of biosynthetic psilocybin and synthetic psilocin. Additionally, Awakened has pioneered the creation of an inactive precursor that, when mixed with simple ingredients, can be converted into pharmaceutical-grade psilocin. By utilizing Awakened's inactive psilocin precursor and its conversion method, there is the potential to distribute the precursor to other pharmaceutical entities, laboratories, and research partners internationally, addressing some of the legal constraints associated with the transportation of psychedelic substances.
Core One continues to explore opportunities to access the international market through Cube Psytech, as well as licensing arrangements to utilize the intellectual property for biosynthetic psilocybin production on a non-exclusive basis in certain jurisdictions.
The successful conclusion of any sale or licensing transaction with Cube Psytech remains contingent on several conditions, including the satisfactory completion of due diligence by each party, the negotiation and execution of definitive documentation, and compliance with applicable laws in Core One's and Cube Psytech's operating jurisdictions.
Core One is excited about the potential opportunities this collaboration with Cube Psytech presents and is committed to pursuing innovative solutions in the biosynthetic psilocybin sector. The growing demand for psychedelic medicines as alternatives to traditional treatments positions Core One at the forefront of a transformative industry.