Dr. Justin Grant of Psyence reports

PSYENCE GROUP AND PURE EXTRACTS FINALIZE "PURE PSYENCE," A JOINT VENTURE FOR THE DEVELOPMENT OF PSYCHEDELIC MEDICINAL MUSHROOM EXTRACTs

Psyence Group Inc. and Pure Extracts Technologies Corp. have signed a joint venture agreement, Pure Psyence, for the development of nature-derived psilocybin extracts and advanced psilocybin formulations for the long-term treatment of psychological trauma and its mental health consequences.

Pure Psyence will leverage Psyence's supply of high-quality standardized psilocybin mushrooms with Pure Extract's expertise in extraction technologies to produce high-quality, high-purity medicinal mushroom extracts and formulations on a commercial pharmaceutical scale.

Psyence has built and operates one of the first federally licensed commercial psilocybin cultivation and production facilities in the world, focused on the production of certified, high-quality psilocybin/psilocin-yielding mushrooms. The facility, which is in the Kingdom of Lesotho, has been designed and constructed to the British Standards Institute (BSI) and good manufacturing practice (GMP) standards. All harvests are shipped with an export permit from the Lesotho Ministry of Health and a certificate of analysis indicating the psilocybin and psilocin potency of each batch of psychoactive mushrooms.

Pure Extracts is a plant-based extraction company with extensive expertise in cannabis, hemp, functional mushrooms and psychoactive mushrooms. A dealer's licence was submitted to Health Canada under the Controlled Drugs and Substances Act (CDSA) to process psilocybin mushrooms at its state-of-the-art extraction facility. Located in Pemberton, B.C., the Pure Extract facility was built for EU-GMP certification.

Dr. Justin Grant, chief scientific officer of Psyence, commented, "Psilocybin mushrooms hold a rich pharmacopeia of unique elements that Pure Psyence is researching to create breakthrough synergies in mental health solutions."

The JV's combined expertise in formulation development of psychoactive compounds will enable Pure Psyence to produce stable and effective psilocybin medicinal products. Pure Psyence's physicians and scientists will work to make psilocybin more accessible to leading Canadian research institutions as well as provide psilocybin to its own research team at Pure Psyence for human clinical trials.

Pure Extracts chief executive officer Ben Nikolaevsky remarked: "Pure Psyence sits at the intersection of evidence-based science and nature. The researchers, scientists and physicians at Pure Psyence will now be uniquely positioned to bring psilocybin whole mushroom in measurable pharmaceutical dosages to market; a first."

About Psyence Group Inc.

Psyence, a public life science biotechnology company listed on the Canadian Securities Exchange, sets the global standard for natural psychedelics. Psyence leads the way in natural psilocybin and other psychedelics for the healing of psychological trauma and its mental health consequences in the context of palliative care. The name Psyence combines the words psychedelic and science to affirm the company's commitment to producing psychedelic medicines developed through evidence-based research.

Informed by nature and guided by science, the company built and operates one of the world's first federally licensed commercial psilocybin mushroom cultivation and production facilities. The company's team brings international experience in both business and science, and includes experts in mycology, neurology and drug development. The company works to develop advanced psilocybin products and other psychedelic breakthroughs for research institutes, clinics, therapeutic immersions and destination experiences for clinical research. The company is also developing a nutraceutical mental wellness collection that supports improved focus, calm and sleep.

The company's four key divisions (Psyence production, Psyence therapeutics, Psyence function and Psyence experience) anchor an international footprint with operations in Canada, United States, United Kingdom, Jamaica, South Africa and Australia.

About Pure Extracts Technologies Corp.

Pure Extracts features an all-new state-of-the-art processing facility located just 20 minutes north of world-famous Whistler, B.C. The bespoke facility has been constructed to European Union GMP standards aiming toward export sales of products and formulations, including those currently restricted in Canada, into European jurisdictions where they are legally available. Health Canada, under the Cannabis Act, granted Pure Extracts its standard processing licence on Sept. 25, 2020, and its sales amendment on July 19, 2021. The company's stock began trading on the Canadian Securities Exchange on Nov. 5, 2020.

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