VANCOUVER, British Columbia, Oct. 14, 2020 (GLOBE NEWSWIRE) -- PRIMO NUTRACEUTICALS INC. (CSE: PRMO) (OTC: BUGVF) (FSE: 8BV) (DEU: 8BV) (MUN: 8BV) (STU: 8BV) ("PRIMO" or the "Company")
Primo Nutraceuticals Inc. has entered intoa non-binding letter of intent (the "LOI") with MedCanBiotechnologies Inc. (“MEDCAN BIOTECH”). MEDCAN BIOTECH will act as a consultant to conduct a chemo typing (Chemical Analysis) and a genotyping (Genetic Analysis) study of up to 5 strains of Psilocybin mushrooms (commonly known as Magic Mushrooms).
Terms of Engagement
Health Canada (HC) has recently shifted towards psychedelic-assisted psychotherapies in safe, controlled environments as acceptable treatment options.
Pursuant to Section 56 exemption from the Canadian Drugs and Substances Act to treat anxiety associated diagnoses,MEDCAN BIOTECH will apply to Health Canada to receive approval under the Controlled Drug and Substances Act to allow MEDCAN BIOTECH to conduct research in order to effectively standardize the extraction of psilocybin from mushrooms.
The Health Canada permitby MEDCAN BIOTECHwill allow to develop and license intellectual property (IP) exclusively for further product development by PRIMO via chemo-typing and geno-typing of 5 different mushrooms to understand their properties.
MEDCAN BIOTECHwill proceedto patent methods of analysis and results on behalf of PRIMO, whereby data generated will be used in the production of nutraceutical products.
All IPand products developed as a result of the analysis will become the property of PRIMOfor their exclusive use.
Psychedelic research focused on psychedelic medicine and psychedelic drugs have demonstrated that these substances have potential for treating ailments including anxiety, addiction, depression, substance dependency, attention deficit hyperactivity disorder and even post-traumatic stress disorder.The data produced can be used to generate premium natural health mushroom nutraceutical products. Genotyping can be used for the identification and labeling of different varieties of psilocybin mushrooms.
About MEDCAN BIOTECH
MEDCAN BIOTECH is an all-natural solution research and development company to better personal wellbeing.MEDCAN BIOTECH has already researched and formulated a range of cannabinoid products that combine with the multi-faceted cannabinoid component with other natural active ingredients to create products for Sleep, Mood, Mind
presented online at: www.medcanbiotech.com
Founder, Dr. David Noshad is a part-time faculty member at British Columbia’s Thompson Rivers University as well as President of Bio-Act Technology which specializes in research and development consulting with respects to life-science, cannabis and agri-food industry.
In 2010, Dr. Noshad served as Principle Co-Investigator with the UBC’s Faculty of Pharmaceutical Sciences in cannabis pharmacology; characterizing cannabinoids and terpenes in cannabis and Humulus. The projects included in vitro culture techniques, biochemical analysis, molecular biology and genomic techniques.
About the Psychedelic Market
In the first half of 2020, US$150 million was raised by psychedelics-focused companies. The research group projects that the global psychedelics industry may reach a total value of US$7 billion by the year 2027. According to: https://reportonpsychedelics.com/
Richard Cindric, CEO of Primo Comments:
“It is an honor to have Dr. Noshad collaborating with us. We are confident his qualifications and experience in characterizing cannabinoids and terpenes in cannabis will translate into the development of IP focusing on psilocybin treatments for neuropsychiatric diseases.
By investing resources in functional mushroom beverages with Brujera Elixer, as well as developing an IP on psychedelics with MedCan, we will be able to introduce premium natural health mushroom products toboth thepsychedelic and non-psychedelic market places.”
About Primo Nutraceuticals Inc
Primo Nutraceuticals Inc. ("Primo" or the "Company") is dedicated to funding the rapid growth in production, processing, retail and branding of cannabis and non-cannabis natural health products in Canada and the United States. Primo has invested in several brands and is pursuing partnerships with retailers and distribution companies in Canada and the United States. Primo Nutra's management is in the process of building a corporate road map to further vertically integrate the Company, specifically by way of the “Primo” & "Thrive," brands and a selection of curated partner brands. Most recently Primo announced that it had received its Natural Product Number (NPN
) and it has been issued a Medical Device Establishment License(MDEL)
from Health Canada.
On behalf of the Board of Directors
PRIMO NUTRACEUTICALS INC.
President and Director
For further information, please contact Zoltan Sarkozy, IR Representative at: 604-722-0305, or; firstname.lastname@example.org
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FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. No regulatory authority has approved or disapproved the information contained in this news release.