Pure Extracts Technologies Corp. is looking to expand its processing and extraction portfolio to include functional mushroom formulations.
The B.C.-based cannabis and hemp processor says growing interest in psychedelics as treatment options for mental illnesses has motivated the company to look into expanding its existing infrastructure. The company says it is working closely with scientific advisor, Dr. Alexander MacGregor, founder of the Toronto Institute of Pharmaceutical Technology, to develop high bio-available products and novel delivery methodologies including pills, capsules, and edibles. Pure Extracts has also signed a Letter of Intent with one of Canada’s leading functional mushroom wellness brands to co-develop CBD enhanced mushroom products.
“Moving into the field of mushroom extractions is an obvious and exciting opportunity to leverage our advanced technology and proven capabilities,” said Pure Extracts CEO Ben Nikolaevsky. “We look forward to launching our functional products commercially within the next few months and can’t help but see the similarities to the cannabis sector regarding the pathways to both medical and recreational legalization. I believe our ability to immediately begin working in this burgeoning sector will create immense value for our business, our stakeholders, partners and shareholders alike.”
Early research has begun to emerge investigating psychedelics as potential therapy options for mental illnesses such as depression, anxiety, PTSD, bipolar disorder, Alzheimer’s disease and addiction. In a press statement, Pure Extracts also cite reports which indicate that the global market for functional mushrooms is forecasted to reach US$34.3 billion by 2024 and growing at a respectable compound annual growth rate of eight per cent.
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