Toronto, Ontario--(Newsfile Corp. - February 9, 2021) - Pursuant to our news release of December 7, 2020, Canbud Distribution Corp. (CSE: CBDX) (FSE: CD0) ( "Canbud") is pleased to confirm commencement of psychedelics related activity in Jamaica.
The company is pleased to announce that the property is being prepared for Phase 1 in Westmoreland parish, Jamaica. Construction has started on the psilocybin facility which will allow for cultivation and extraction. The plan is to build modular facilities that enable cultivation of psychedelic mushrooms and extraction in the most cost-efficient manner.
Psilocybin is a naturally occurring psychedelic prodrug compound produced by more than 200 species of fungus. As a prodrug, psilocybin is quickly converted by the body to psilocin, which has mind-altering effects. Psilocybin is considered to have extremely low toxicity and a favourable safety profile. As a result, considerable research, development and testing is taking place to enable targeted usage for individuals suffering from anxiety, depression, and PTSD.
Steve Singh, CEO, comments on the importance of the work in Jamaica for local and international exports: "Jamaica provides a favourable regulatory and economic environment to support our endeavours. Psilocybin is showing considerable promise as a therapeutic intervention for neuropsychiatric disorders including depression, anxiety, and addiction. Compelling evidence of the therapeutic benefits of psychedelic drugs appears in multiple scientific studies. It is intended that our Jamaican cultivation and extraction facilities will assist and support valuable research and development in this regard."
About Canbud Distribution Corp.
Canbud Distribution Corp. is a science and technology health and wellness company that encompasses plant based, psychedelic pharmaceutical and non-psychedelic nutraceutical, and hemp cannabinoids (CBD) verticals.
www.canbudcorp.com
https://www.instagram.com/empathyplantco/?hl=en
For further information, please contact:
ir@canbudcorp.com
or
Robert Tjandra, President and COO
Tel: 1 416 847 7312
Notice Regarding Forward Looking Information
Certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Corporation, including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward looking information. The Corporation undertakes no obligation to update forward-looking information except as otherwise may be required by applicable securities law.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/73989
