Regulatory Approvals Place Filament Health at the Forefront of Natural Psychedelic Research and Manufacturing

Health Canada Dealer’s License to allow the possession, production, and delivery of all controlled natural psychedelic substances

VANCOUVER, BC , July 29, 2021 /CNW/ – Filament Health Corp. (NEO: FH) (“Filament” or the “Company”), a global leader in natural psychedelic drug development, has been granted an amendment to its existing Health Canada Dealer’s License, amplifying the Company’s position at the forefront of natural psychedelic research and manufacturing.

Filament operates a state-of-the-art GMP facility currently manufacturing drug candidates naturally extracted from psychoactive mushrooms. The amendment to Filament’s Health Canada Dealer’s License allows the possession, production, research supply, export, import, and delivery for all remaining controlled natural psychedelic substances, including N,N-dimethyltryptamine, mescaline, and others. Filament will seek to create the first-ever natural pharmaceutical grade extracts of these substances and enter them into clinical trials to demonstrate their safety and efficacy.

“This license amendment significantly increases the scope of our work with natural psychedelics,” said Filament’s Director of Research, Ryan Moss . “By studying untapped psychedelics in a scientific setting, we believe we can unlock and standardize their healing power. This is a promising step forward in our mission to get safe, natural psychedelics into the hands of everyone who needs them, as soon as possible.”

The compounds covered by Filament’s license amendment have a long history of use in traditional medicine and recreational settings. The company plans to develop naturally derived, standardized preparations, and study their applications for therapeutic use to treat a range of health conditions.

“We are encouraged by this development, which we believe strengthens Filament’s position and opens up new revenue sources for us,” said Filament Chief Executive Officer Benjamin Lightburn . “The benefits of these valuable plants are well-documented; we will be among the first to purposefully explore their pharmaceutical applications.”

Filament will produce the psychedelic extracts in-house at its GMP-certified facility in Metro Vancouver, where it has also developed compounds which will be studied in the first ever FDA-approved natural-psilocybin clinical trials, beginning in Q3 2021.

ABOUT FILAMENT HEALTH
Filament is an exclusively-natural psychedelic drug discovery and extraction technology company. Its mission is to see safe, approved, natural psychedelics in the hands of everyone who needs them as soon as possible. Filament believes measurable and efficacious medicines will be a catalyst to addressing many of the world’s mental health problems and that natural psychedelics provide an optimal option for widespread adoption of these substances. Filament engages in natural extraction technology commercialization, utilizing its intellectual property portfolio, in-house GMP facility, and Health Canada Dealer’s License for all natural psychedelics. Filament is headquartered in Vancouver, British Columbia and trades on Canada’s NEO Exchange (NEO:FH).

FORWARD LOOKING INFORMATION
Certain statements and information contained herein may constitute “forward-looking statements” and “forward-looking information,” respectively, under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “should”, “believe”, “intends”, “forecast”, “plans”, “guidance” and similar expressions are intended to identify forward-looking statements or information. The forward-looking statements are not historical facts, but reflect the current expectations of management of Filament regarding future results or events and are based on information currently available to them. Certain material factors and assumptions were applied in providing these forward-looking statements. The forward-looking statements discussed in this press release may include, but are not limited to, information concerning compliance with extensive government regulation; general business, economic, competitive, political and social uncertainties; Filament’s expectations concerning its ability conduct clinical trials; the timing and results of such clinical trials; the nature, timing, and possible success of Filament’s Health Canada Dealer’s License amendment on Filament’s business and controlled natural psychedelic substances; and the impact and accessibility of psychedelic treatments. Forward-looking statements regarding the Company are based on the Company’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of Filament to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures and other costs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Filament will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

SOURCE Filament Health Corp.

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About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.