Initiated in Q1 of 2022, the year of commercialization is a strategic growth initiative designed to scale all aspects of Optimi Health’s revenue generation in relation to market demand for natural psychedelic and functional mushrooms and synthetic psychedelic substances.

Recent disclosure by the Biden administration that FDA approval for psychedelic therapy is anticipated within 24 months, and an August 25^thmeeting between Canadian Health Minister Carolyn Bennet and members of the Oregon Psilocybin Advisory Board, shows encouraging signs that the regulatory landscape in psychedelics is poised for rapid advancement.

“With policymakers increasingly aligning around psychedelic therapy and a robust commercial sector developing to meet the challenge of delivering better health outcomes with these substances, Optimi is building a global distribution pipeline and is positioned to be the leader in psychedelic drug supply,” said Optimi Health CEO Bill Ciprick.

“With hundreds of active clinical trials, we are keeping a keen eye on jurisdictions that are loosening supply regulations and are in active discussions with Health Canada on how to further supply Canadians with homegrown medicine,” Ciprick added.

Since the May 2022 inauguration of its Princeton, B.C. cultivation and processing facility, Optimi Health has secured five domestic psilocybin supply agreements with Halucenex Life Sciences, Filament Health, ATMA Journey Centers, SABI Mind, and Bloom Psychedelic Therapy and Research Centre, respectively, as well as one international psilocybin supply agreement with Promises Innovative Recovery Center.

Additionally, the Company has signed retail and e-commerce distribution agreements for its Optimi Life line of functional mushroom formulations and supplements with Well.ca, Healthy Planet, and Vitasave.

On August 10^th, the Company partnered with Canadian psilocybin patient advocate Thomas Hartle to create Blue Serenity, Canada’s first therapeutic psilocybin product for use by approved patients and research entities. Blue Serenity, and other Optimi product offerings, will be featured in the company’s upcoming psilocybin product catalogue, to be launched in September 2022.

In preparation to meet the diverse needs of the psychedelic sector, Optimi received an amendment to its Health Canada Controlled Substances Dealers Licence, allowing it to manufacture and distribute synthetic psychedelics, with the Company’s specific commercial focus to be on MDMA. Large scale production of MDMA is scheduled to begin in October 2022 under the supervision of Chief Science Officer Justin Kirkland, with domestic and international supply agreements anticipated for later this year and into 2023 shortly thereafter.

By October 2022, Optimi will be the only publicly listed company in the psychedelics sector growing natural psilocybin and producing MDMA for clinical research and patient trials in-house, an accomplishment Ciprick says the Company has worked hard to achieve and is an example of how the company has delivered on top of their prospectus.

“The existing MDMA deal structures we have observed to date give us every confidence that there is plenty of room for Optimi to occupy a significant piece of the market,” said Ciprick. “Our fully integrated, on-site production and analytical facilities will be able to improve upon the logistical efficiency of current offerings, in which clinicians and drug developers have difficulty obtaining consistent products synthesized, tested, and brought to market in-house by a single supplier. As such, we look forward to being the first company to supply an all-Canadian made MDMA product to a Canadian MDMA trial.”

Finally, the Company is pleased to share that it is currently preparing to harvest what it believes will be the largest crop of EU-GMP psilocybin cultivated in North America to date, to be used in the fulfillment of the aforementioned domestic and international supply agreements, SAP applications, and upcoming clinical trials.

LANGLEY, BC / ACCESSWIRE / August 31, 2022 / Adastra Holdings Ltd. (CSE:XTRX) (FRA:D2EP) (“Adastra” or the “Company”), a leading cannabis company focused on processing, adult-use and medical sales, organoleptic testing and analytical testing, is pleased to announce that the Company has received its Controlled Drug and Substances Dealer’s License (“Dealer’s License”) on August 24, 2022. This license allows Adastra to process psilocybin and psilocin, the active compounds derived from psychedelic mushrooms.

“This is another significant step forward in the next phase of Adastra’s goal to become a leader in alternative, plant-based treatments and remedies for physical, mental health and optimal functioning,” said Michael Forbes, Chief Executive Officer of Adastra. “The medically regulated psychedelics market is just beginning to lay its foundation in North America; receiving this license enables us to process, formulate and perform scientific tests to verify the active ingredient and its stability for use in products once the market matures.”

Under the Dealer’s License, Adastra can possess up to 1,000 grams of psilocybin and psilocin at any time and can transfer the extracted material to other companies who hold a valid Dealer’s License. Adastra intends to utilize its in-house analytical testing lab, Chemia Analytics, to validate and develop its extraction processes, to optimize and enhance efficiency ahead of any future potential regulatory modifications to the existing psychedelics framework. As the market matures to include regulations for other compounds, such as MDMA, LSD, 5-MeO-DMT and Ketamine, Adastra plans to include these substances in future Dealer’s License amendments, positioning itself to leverage clinic and patient demand. When approved, the Company will be permitted to process and formulate a variety of psychedelic compounds, increasingly used and sought-after by patients and healthcare practitioners to combat a variety of physical and mental ailments.

“We believe our Dealer’s License offers Adastra a preemptive advantage over our peers, by having our processes for the extraction and formulation of psilocybin validated before any future potential changes in regulations, enabling us to stay ahead,” added Forbes. “Having foresight over what we can control today – standardization of our processes and training of our personnel – we believe positions Adastra for continued growth as we expand our capabilities and revenue streams.”

About Adastra Holdings Ltd.

Adastra is a leading manufacturer and supplier of innovative ethnobotanical and cannabis science products designed for the adult-use, medical markets and forward-looking therapeutic applications. Adastra is recognized as a high-capacity processor and co-manufacturer throughout Canada. Adastra acquired 100% of the legacy-built brand Phyto Extractions in September 2021. The brand is well-known for its cannabis concentrate products, available on shelves at over 1,400 adult-use retailers across the country. The Company also operates Adastra Labs, a 13,500 sq. ft. agricultural-scale Health Canada licensed facility located in Langley, British Columbia, focused on extraction, distillation, and manufacturing of cannabis-derived products. Adastra has successfully taken steps in becoming a licensed cultivator, tester, extractor, and seller of controlled substances, including Psilocybin and Psilocin, by receiving its Controlled Substances Dealer’s License on August 24, 2022. Adastra is poised to be a drug formulation and development leader in this emerging sector. In addition, the acquisition of 1225140 B.C. Ltd., doing business as PerceiveMD, Adastra operates a multidisciplinary manufacturer for medical cannabis and psychedelic therapies, working alongside practitioners and healthcare professionals within the regulated environment to help create efficacious remedies that address the actual needs of patients. For more information, visit: www.adastraholdings.ca.

Contacts

Michael Forbes, CEO, Corporate Secretary & Director
(778) 715 5011
[email protected]

Stephanie Martens, Investor Relations
[email protected]

Forward-Looking Information

This news release contains forward-looking information within the meaning of Canadian securities legislation concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward looking information in this news release includes statements regarding, but not limited to: Adastra’s goal to become a leader in alternative, plant-based treatments and remedies for physical, mental health and optimal functioning; the intention to utilize its testing lab to validate and develop its extraction processes, to optimize and enhance efficiency; the plan to include additional substances in future Dealer’s License amendments; the belief that the Company’s Dealer’s License offers it a preemptive advantage over the Company’s peers by having its processes for the extraction and formulation of psilocybin validated before any future potential changes in regulations; and the belief that the new license positions Adastra for continued growth as it expands the Company’s capabilities and revenue streams. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information. Important factors that could cause actual results to differ materially from those expressed in the forward-looking information include: the availability of a qualified workforce; changes in regulations or licensing affecting the Company’s business; patients’ access to products containing controlled substances and other factors beyond the control of the Company. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.

SOURCE: Adastra Holdings Ltd.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

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.

VANCOUVER, British Columbia, Dec. 21, 2021 (GLOBE NEWSWIRE) — Optimi Health Corp. (CSE: OPTI) (OTCQB: OPTHF) (FRA: 8BN) (“Optimi” or the “Company”), developers of a vertically integrated mushroom brand targeting functional as well as novel psychedelic compounds focused on the health and wellness sector, is pleased to announce a facility inspection under the auspices of Health Canada has commenced concurrent with today’s announcement regarding the implementation and inauguration of an internal control department focused on Quality Assurance efforts aimed at ensuring GMP standards are fully integrated and maintained at all times, post facility certification and commissioning.

As previously noted (news release Dec 7, 2021), the Princeton, BC mushroom facility has been purpose-built to meet globally recognized GMP standards as part of the Company’s aim to develop a world-class seed-to-sale research and commercial production facility designed to compete at the very highest level of product excellence.

Since December of 2020, the Company has invested over CAD$8.5 million in completing its state-of-the-art facilities in full compliance with Health Canada’s Directives and all regional, provincial, and federal security, design and building standards. Optimi believes that the completion of the physical inspection by Health Canada, subject to any comments or concerns, paves the way for Dealers License certification early in the new year.

Alongside the installation of operational and laboratory research equipment and final exterior fittings, the Company is rapidly moving towards an operational posture including the commencement of human resource plans for phase one departmental activation. The first additions to the operations team comes with today’s announcement introducing the buildout of Optimi’s Quality Assurance department with the appointment of Department Head, Mr. Raphael Moxam and QA Manager, Farkhanda Saifullah Khowaja, Ph.D.

Quality Assurance in a controlled growing environment requires extensive knowledge of specialized agronomy as well as operational considerations such as (but not limited to), environmental considerations and monitoring systems (i.e.: ventilation, humidity), fertilizer, nutrient composition, product care & handling, facility cleanliness, pest control, irrigation, and related systems. The department will oversee both quality control (QC) and quality assurance (QA) and compliance with Health Canada’s QA guidelines pertaining to business, production, facility, security, storage, packaging, labeling as well as establishing and enforcing GAP, GMP, HACCP standards for the Mushroom program. The team will develop, update, audit and maintain Standard Operating Procedures (SOP) and Quality Manuals ensuring continuous compliance with regulations and our own commitment to pure, high-quality products.

The Company’s goal and ambition towards becoming the leading producer and supplier of GMP certified medicinal and psychedelic mushrooms strains starts with Quality Assurance and Mr Moxam and Ms. Khowaja have the necessary expertise to execute. Mr. Moxam previously served as the Senior Quality Assurance Officer at DSM-Dietary Nutritional Products (DNP) and Process Chemist II (Pharmaceutical-cGMP) at Apotex Pharmachem Inc. During this period, he worked as liaison with government regulatory bodies, and implemented safety and quality standards for products. In these roles, he was responsible for developing equipment qualification, process validation, Quality Systems including SOP, recall procedures, HACCPs, and quality assurance of raw materials and products, for pharmaceutical drugs and fish oil products. He is experienced in the development of effective preventative actions, optimizing production processes to decrease the chance of out-of-specifications conditions, trouble shoot out-of-specifications and production equipment monitoring failures, and reviewed and/or approved laboratory equipment qualifications and validated analytical test methods. Mr Moxam earned his B.Sc. Chemistry at McMaster University, Hamilton, Ontario.

Ms. Khowaja previously served over 5 years at a Cannabis Cultivation Facility utilizing environmentally controlled automated systems with credentials approved by Health Canada for Quality Assurance Person (worked as Independent Contractor for responsibilities of QC/QA Supervisor, Production Manager, and leading R&D related activities). She gained hands-on knowledge of BioTrackTHC software, this comes under the category of ERP system for operational and business activities and keeping complete and auditable batch records from seed to sale. Ms. Khowaja has the proven ability to obtain security clearances. Ms. Khowaja earned her Ph.D. in Plant Molecular Genetics at the University of Aberdeen, U.K., M.Sc. in Plant Biotechnology, Wye College, University of London, U.K. and B.Sc. in Plant Breeding, Sindh Agriculture University, Tando Jam, Pakistan.

Optimi COO Bryan Safarik notes, “As we near facility completion and certification, the activity level on-site is shifting dramatically from construction to detailed preparations for commercial efforts to commence. To say it is exciting is such an understatement. Years of effort, millions of dollars and so much planning are materializing before our eyes. Even so, the real work is just about to begin. With this shift comes new attention to processes, procedures and policies that will form the basis for our future success. I’m delighted to have the opportunity to introduce our new Quality Assurance department and can’t wait to get started working with Raphael and Farkhanda. Their experience and attention to detail is developmentally critical to our ability to deliver the highest quality products in our sector. This is of extreme importance to us as we are 100% committed to delivering the finest all-natural products to our future customers.”

On Behalf of the Board of Directors,

Bill Ciprick
Chief Executive Officer
Optimi Health Corp.

ABOUT OPTIMI (CSE: OPTI) (OTCQB: OPTHF) (FRA: 8BN)
Optimi is developing a sophisticated mushroom brand that focuses on the health and wellness markets. With a vertically integrated approach, Optimi intends to cultivate, extract, process and distribute high quality functional mushroom products at its two facilities comprising a total of 20,000 square feet nearing completion in Princeton, British Columbia. To fully investigate the science of mushrooms, the Company has received a research exemption under Health Canada Food and Drug Regulations (FDR) for the use of Psilocybin and Psilocin for scientific purposes via its wholly owned subsidiary Optimi Labs Inc. Optimi has also applied for a dealer’s license under Canada’s Narcotic Control Regulations governing possession, distribution, sale, laboratory analysis of and research and development of Psilocybin and Psilocin formulations. Optimi is committed to expert cultivation and quality production subject to and in accordance with the terms of all applicable laws and governing regulations to ensure safe, superior Canadian fungi production. Find out more at: https://optimihealth.ca/.

FOR FURTHER INFORMATION CONTACT:
Investor Relations
Email: [email protected]
Phone: +1 (778) 930-1321
Web: https://optimihealth.ca/

FORWARD‐LOOKING STATEMENTS
This news release contains forward‐looking statements and forward‐looking information within the meaning of Canadian securities legislation (collectively, “forward‐looking statements”) that relate to Optimi’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result,” “are expected to,” “expects,” “will continue,” “is anticipated,” “anticipates,” “believes,” “estimated,” “intends,” “plans,” “forecast,” “projection,” “strategy,” “objective,” and “outlook”) are not historical facts and may be forward‐looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward‐looking statements. No assurance can be given that these expectations will prove to be correct and such forward‐looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. In particular and without limitation, this news release contains forward‐ looking statements pertaining to the Company’s potential Nasdaq listing, the dealer’s license application, activities proposed to be conducted under the Company’s research exemption and associated business related to Psilocybin and Psilocin and Optimi’s plans, focus and objectives.

Forward‐looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Optimi’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking statements. Such risks and uncertainties include, but are not limited to, the impact and progression of the COVID‐19 pandemic and other factors set forth under “Forward‐Looking Statements” and “Risk Factors” in the Company’s Final Prospectus dated February 12, 2021. Optimi undertakes no obligation to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Optimi to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward‐looking statement. Any forward‐looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

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.