VANCOUVER, British Columbia, June 2, 2020 /CNW/ -- Mydecine Brands Inc. (CSE: NLB) (OTC: NLBIF) (FSE: 0NF) ("Mydecine Brands" or the "Company"), soon to put into effect its name change to Mydecine Group, is pleased to announce the completion of its wholly-owned and operated world class R&D Lab and Facilities focused on the mycology of the fungtional© mushroom space.
Earlier last year, Denver became the first U.S. city to decriminalize mushrooms containing the psychedelic substance psilocybin. The proposal, Initiative 301, suggested making both personal use and possession of psilocybin mushrooms among people 21 and older, the lowest possible law enforcement priority in Denver. In addition, the Initiative prohibits the city from spending resources to pursue criminal penalties related to the use or possession of psilocybin mushrooms among people 21 and older. Now, Mydecine's research and product development lab and facilities will be the first of its type in North America and demonstrates the Company's aggressive plans and approach in leading this exciting space into the future.
"With the addition of Rob Roscow as CSO, I'm incredibly excited to move into our 7,500 sq. ft. lab in Colorado," Josh Bartch, CEO of Mydecine Brands, said. "Opening this lab gives us the opportunity to develop unique IP revolving around a number of exotic breeds of fungi. For ages, varieties of mushrooms have been used in Eastern medicines to help treat many types of ailments and have been known to hold immense health benefits. We know the various compounds work but there's a lot to be discovered as to why there is, which holds a vast potential blue sky to improve the efficiency and efficacy of these various compounds."
The Lab will be run by Mydecine's CSO Rob Roscow and Dr. Mali Reddy, a seven-time Nobel peace prize nominee, along with a number of associate scientists. The Company will also continue to expand on the build out by adding additional staff and equipment to the new headquarters lab in Denver to strengthen Mydecine's research and development capacities. The 7,500 sq. ft. facility will serve as a central hub for all of Mydecine's research and will spearhead the Company's investigation into fungtional mushrooms for human wellness. The facility will be housed in a purposely renovated lab space; Dr. Mali Reddy, a scientific advisor to Mydecine, previously utilized this space to run FDA compliant testing on food products. This prior use has greatly accelerated the timeline of renovation and allowed for repurposing of expensive industrial and scientific equipment, saving Mydecine both time and funds in the process of establishing this cutting-edge facility.
The facility will house state-of-the-art chemical analysis, genomic sequencing, purification, and tissue culture capabilities. Mydecine will use this capacity to leverage knowledge found in traditional medicine, and academic literature, for new innovations. Fungtional mushrooms have long been held in high regard for their healing properties by cultures around the world. This potential for healing is not well developed in modern society. As such, Mydecine will use its research to drive the development of products that give the consumer full access to this healing potential.
"We strongly believe in the power that fungtional© mushroom compounds and formulations will be able to provide. Similar to cannabis with its hundreds of various chemical profiles, varieties of fungi also provide a pharmacopoeia of hundreds if not thousands of unique chemical properties that are beneficial for human consumption. Our genetics and pharmacology teams are currently trying to define exactly what these chemicals can be used for independently and also synergistically to take both a mono and poly pharmacological approach toward developing retail products where the outside label matches the ingredients within. We will start with the infusion of simple common products with the extracts from fungi varieties such as lion's mane mushroom and mycelium, reishi, cordyceps, turkey tail, to name a few that the general market can relate to rather easily at first and build out the portfolio bigger each year in parallel with our educational and marketing platforms," said Damon Michaels, COO of Mydecine Brands.
Mydecine is assembling an expansive and highly capable ecosystem of resources designed to unlock the healing and wellness power of fungi. The Company strongly believes in the untapped potential of fungi for the betterment of the human condition and that this potential will only be fully available to everyone with a much better understanding of mushrooms and their compounds; this understanding will require pointed research to uncover and Mydecine is currently conducting this research with in-house resources and partnerships.