Ontario Cannabis Company Requests Government Permission to Produce, Study Psychedelic Substances

New Leaf Canada has requested an exemption under the federal drug laws to allow it to construct a lab meant for the production and study of psychedelic substances. The marijuana company, which is based in Toronto, announced that if its request is approved, the company will commence the expansion of its marijuana production facility, which is located in Norfolk Country, Ontario.

The lab will adjoin its current production facility and will be utilized in the production of psilocin and psilocybin. The two substances are active compounds found in hallucinogenic mushrooms, which are currently illegal in Canada.

Despite the illegal status of those components, however, researchers have found that the compounds may be used as alternative treatments for addictions and mental illness. It should be noted that research on the compounds is still ongoing.

The laboratory will be managed by New Leaf subsidiary Psirenity. Psirenity’s CEO Chris McCullogh revealed that the facility would develop new mushroom strains as well as new ways to extract drugs; the facility will also continue to carry out clinical trials.

Research on psychedelics is a burgeoning field in medicine, with researchers exploring the potential of psilocybin in treating various disorders including PTSD, obsessive-compulsive disorder, depression and anxiety. The federal government recently begun loosening the regulations on drugs, with Health Canada granting four exemptions to comfort care patients, allowing them to use psilocybin for their end-of-life therapy sessions.

Following this, other exemptions have been granted to therapists who would like to create new therapies using the substances and to patients who would like to utilize hallucinogenic mushrooms. Currently, while there aren’t any approved therapies that contain psilocybin in the country, there are some medical practitioners who provide psychedelic-assisted therapy services in Canada.

McCullogh also noted that the company’s objective was to study the possible wellness and health applications of micro-dosing, as research has found that consuming small doses of psychedelic drugs could help relieve anxiety and improve an individual’s mood. Micro-dosing simply refers to the consumption of minute doses of psychedelic drugs.

Additionally, a study carried out in 2018 by York University and the University of Toronto had discovered that individuals who microdosed on psychedelics have lower dysfunctional and negative attitudes, as well as higher wisdom and creativity. Scientists noted that while the study’s findings were promising, more research was needed before psilocybin could be considered medicine.

McCullogh added that future research could help scientists prove if psilocybin was highly effective and could be utilized as an alternative to current pharmaceutical anti-depressants.

While New Leaf Canada is seeking permission to start growing as well as studying psychedelics, other companies based in Canada, including Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF), have already hit the ground running on matters of rapidly developing and commercializing medicinal as well as functional products from psychedelic substances.

NOTE TO INVESTORS: The latest news and updates relating to Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) are available in the company’s newsroom at https://ibn.fm/PULL

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