Mydecine Brands (CSE: NLB) this morning announced that it has completed its wholly owned and operated R&D and product development lab in Denver, Colorado. The lab will be utilized by the firms Mydecine division for the purpose of researching mushrooms for human wellness.
The facility, 7,500 square feet in size, is said to include chemical analysis, genomic sequencing, purification and tissue culture capabilities. The lab is stated to be used for “fungtional mushrooms” and to research the healing potential of such products, lead by Mydecine CSO Rob Roscow and Dr Mali Reddy.
Naturally, the facility is located in Denver, Colorado as a result of the city decriminalizing psilocybin mushrooms in 2019. The move as a result “prohibits the city from spending resources to pursue criminal penalties related to the use and possession of psilocybin mushrooms among people 21 and older.” The company claims that the facilities will be the first of their type in North America as a result.
Given this, the lab is intended to be used to develop unique IP on exotic breeds of fungi. It should be noted however, that given the status of psilocybin on a state and federal level, its unclear that this IP will be able to be protected after development.
Mydecine Brands last traded at $0.78 on the CSE.