Core One Labs Subsidiaries Successfully Produce Psilocin Precursor for Psilocybin Production

VANCOUVER, BC /ACCESSWIRE/August 12, 2022/ Core One Labs Inc. (CSE:COOL), (OTCQB:CLABF), (Frankfurt:LD6WKN:A3CSSU) (the “Company” Where “core one“) is pleased to announce that scientists at its wholly-owned subsidiary Awakened Biosciences Inc. (“Wake up“) succeeded in producing a precursor that can be efficiently converted into psilocin, the psychoactive ingredient in psilocybin, with further conversion to commercially viable psilocybin by Vocan Biotechnologies Inc., wholly owned by Core One (“Vocabulary“).

Under the direction of Awakened’s chief researcher, Dr. Tony Durst, who is also a professor emeritus at the University of Ottawa, Awakened has produced over 200 grams of the precursor; a compound that does not fall under the aegis of the Controlled Drugs and Substances Act (CDRS). The precursor to Awakened will be shipped to Vocan’s labs in Victoria, where scientists, operating under a CDSA-licensed reseller lab, will use their processes to turn it into psilocybin. Core One’s team of scientists anticipate that the production methods employed will produce a high purity psilocybin product.

The successful production of this precursor by Awakened presents many opportunities for Core One, including the potential for earlier-than-expected distribution of a commercially viable psilocybin-based API (Active Pharmaceutical Ingredient) product. A commercially viable psilocybin API could generate short-term revenue. Additionally, the collaboration between Awakened and Vocan can streamline the production process, allowing Vocan to focus on accelerating psilocybin production.

“Vocan’s groundbreaking achievement to produce low-cost psilocybin is further advanced through this partnership with Awakened. The approximately $20.8 million invested in Vocan and its research, both in its Victoria-based laboratory and at the University of British Columbia, has enabled Core One Labs to become a leader in the production of compounds profitable psychedelics. said Joel Shacker, CEO of Core One.

About Core One Labs Inc.

Core One Labs is a life science biotechnology research and development company focused on bringing psychedelic drugs to market through the development and production of psychedelic compounds, the advancement of psychedelic-assisted treatments, and the the integration of new technologies of administration systems.

The company has a multi-faceted business approach and integrates multiple business lines and complementary units to establish itself as an industry leader in the emerging and rapidly growing psychedelics market.

Core One, through its wholly owned subsidiary Vocan Biotechnologies Inc., has developed and filed a patent application for a proprietary psilocybin production system using engineered bacteria. It also holds 4 provisional patents for the development of psychedelic-based pharmaceutical formulations targeting neurological and mental disorders, under its wholly owned subsidiary Akome Biotech Ltd., and 3 provisional patents under its other wholly owned subsidiary , Awakened Biosciences. Inc., for additional synthetic technologies for psilocybin and psilocin production methods.

In addition to the development of psychedelics and psychedelic compounds, Core One has interests in four medical clinics that maintain a combined database of over 275,000 patients. Through its clinics, the Company intends to integrate a deployment of its intellectual property related to psychedelic technologies and to participate in the advancement of psychedelic-based treatments for mental health disorders.

Core One Labs Inc.

Joel Shacker
Chief executive officer

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Disclaimer:

The Canadian Securities Exchange has not reviewed and accepts no responsibility for the adequacy or accuracy of the content of this press release.

The information in this press release contains forward-looking statements based on assumptions as of the date of this press release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of important factors, many of which are beyond the Company’s control. These factors include, among others: the risks and uncertainties associated with the Company’s limited operating history and the need to comply with stringent regulatory regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied by the forward-looking information. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking information.

In addition, psilocybin is currently a Schedule III drug under the Controlled Drugs and Substances Act (Canada) and it is a criminal offense to possess substances under the Controlled Drugs and Substances Act (Canada) without a prescription or authorization. Health Canada has not approved psilocybin as a drug for any indication. Core One has no direct or indirect involvement in the illegal sale, production or distribution of psychedelic substances in the jurisdictions in which it operates. Although Core One believes that psychedelics can be used to treat certain medical conditions, it does not advocate the legalization of psychedelics for recreational use. Core One does not deal with psychedelics except in laboratory and clinical trials conducted under approved regulatory frameworks.

THE SOURCE: Core One Labs Inc.

Margie D. Carlisle