Creso Pharma makes further push into psychedelic mushrooms, signs agreement with nanotech Sixth Wave
Health & Biotech
Health & Biotech
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Halucencex’s partnership with Sixth Wave will fast track the research into hallucinogenic mushrooms, as California lifts bans on the product.
Creso Pharma (ASX:CPH) target acquisition company, Halucencex Life Sciences, has just signed a non-binding letter of agreement (LOI) with a leading nanotechnology company, Sixth Wave, to further progress research into hallucinogenic mushrooms.
Specifically, the two companies will work together to identify target molecules to be purified, and develop psilocybin compound separation.
The work will include developing beads and columns to assist in producing psilocybin isolate from distillation of the product, allowing Halucenex to produce a natural pure psilocybin product for research and development – in order to accurately determine dosing for the treatment of mental disorders.
The companies will also develop beads and columns of other wellness components of psilocybe mushroom strains, such as baeocystin and norbeocystin. This will allow Halucenex to perform research into the health and wellness benefits of these molecules without the hallucinogenic effects of the psilocybin compound.
Halucenex expects that work undertaken with Sixth Wave will also complement the advanced extraction agreement with Growing Together Research (GTR) announced on April 12. That agreement sought to sequence the genome of hallucinogenic mushrooms to better understand what makes them so ‘magic’.
Sixth Wave is a world class nanotechnology company listed on the Canadian stock exchange, and is focused on the development of nanotechnology that uses Molecularly Imprinted Polymers (MIPs) for imprinting, capturing and releasing substances at a molecular level.
The technique is used to capture and extract target materials at the molecular level, resulting in extraction efficiency down to the parts-per-billion level, which in turn results in a more efficient extraction system that yields purer end product or detection findings.
The company has developed fully scalable systems underpinned by MIPs, which are expected to replace antiquated and traditional extraction processes delivering considerable improvements including cost savings and higher yields.
Its products have already been commercialised across a range of sectors including mining, cannabis productions, as well as health security with rapid virus detection, with patents for the systems either active or pending in over 40 countries.
President and CEO of Sixth Wave, Dr Jon Glucklman, believes that the use of psychedelics will only grow over time.
“The growth in medical evidence showing botanical psychedelics treatment efficacy for atypical depression, post-traumatic stress disorder, and other conditions is compelling and suggests that the market for these substances in both clinical treatment and potentially outpatient micro-dosing will grow substantially.”
The agreement today is underpinned by the recent move towards the legalisation of psychedelic substances in California.
On April 13, the Senate Public Safety Committee approved Senate Bill 519, which would make a wide range of psychedelic substances legal to use for adults over the age of 21, as well as eliminate prior criminal offences for use and possession.
For psilocybin specifically, the legislation repeals provisions in the Californian statute that prohibited the cultivation and transportation of “any spores of mycelium capable of producing mushrooms or other material that contain the psychoactive ingredient”.
The new bill has also been introduced to progress a more health-focused approach to the use of psychedelic products, and to address the current mental health crisis in the US.
It also marks the ongoing push towards acceptance of psychedelic products as an alternative treatment route.
Creso’s non-executive chairman, Adam Blumenthal, is optimistic about the impact the new law has on psychedelic products.
“Much like recent cannabis reform, we anticipate that there will be a considerable legislative shift to promote the use of psychedelic compounds and through Creso’s pending acquisition of Halucenex, we are very well positioned to benefit.”
This article was developed in collaboration with Creso Pharma, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.