- Red Light Holland has officially begun an experimental research project on its psilocybin truffles
- The research will focus on developing a process for the commercial manufacture of natural-source Active Pharmaceutical Ingredient-derived from Red Light’s truffles
- The project will be managed by researchers from PharmAla Biotech
- Shares of Red Light Holland are unchanged at C$0.06
Red Light Holland (CSE:TRIP) has revealed it has begun an experimental research on its psilocybin truffle through a project managed by PharmAla Biotech (CSE:MDMA).
In a statement, the Toronto, Ont.-based company said the research will focus on developing a process for the commercial manufacture of natural-source Active Pharmaceutical Ingredient-derived from Red Light’s truffles.
“While we have seen excellent movement in a number of emerging markets, it has become clear that there is also a demand for a range of medical products based off of Psilocybin mushrooms and truffles and optionality is key in our two-pronged approach,” Todd Shapiro, CEO of Red Light Holland, said in a news release. “With the development of a process to manufacture natural-source Psilocybin API, we believe that Red Light Holland will be able to produce high-margin Psilocybin medical products – and gain valuable intellectual property.”
The company said its psilocybin truffles imported under its previously-announced 5kg import through CCrest Labs will act as the starting point for the process development.
“As we move towards regulated therapeutic psilocybin markets in countries like Australia, we continue to believe that a high-quality natural source of API is of significant value,” Nick Kadysh, CEO, PharmAla Biotech, said in a statement.
Red Light Holland is focused on the production, growth and sale of functional mushrooms and mushroom home grow kits in North America and Europe, and a premium brand of psilocybin truffles to the legal, recreational market within the Netherlands.
Shares of Red Light Holland are unchanged at C$0.06.
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