Core One Labs Engages In Talks With GMP Manufacturing Partner For Commercial Scale Production Of Proprietary Biosynthetic Psilocybin

Core One Labs Inc. (the "Company" or "Core One"), a life sciences biotechnology research and development company focused on bringing psychedelic medicines to market through the development and production of psychedelic compounds, the advancement of psychedelic assisted treatments, and the integration of novel delivery systems technology, is excited to announce that it has engaged in discussions with a contract development and manufacturing organization (CDMO), for the commercial scale GMP-compliant production of its patent-pending Active Pharmaceutical Ingredient (API) biosynthetic psilocybin product.

The Company expects to engage the Ontario, Canada based CDMO, and enter a manufacturing agreement, whereby the CDMO would employ its best practice manufacturing technologies to replicate the processes for production of biosynthetic psilocybin at a commercial scale.

A formalized agreement between Core One and the identified CDMO could have enormous implications for the future of the psychedelics medicine space, as API-grade psilocybin is safe, and can be precisely calibrated to provide exact and appropriate dosage, and its processing methods are extremely efficient, yielding a 100% pure psilocybin API. The production system is also extremely cost-efficient when compared to the synthetic and extraction/isolation production methods that are currently employed by other producers of psilocybin.

The proprietary production system combined with at scale processing of its API product, would present clinical researchers, academics, public and private companies, and other authorized end users, including physicians, with a cost efficient, reliable API and GMP compliant psilocybin source at a fraction of the current US$3,000 - US$10,000 a gram market prices, and also present the capacity potential for the Company to meet the significantly growing demand for a safe and compliant product, in general.

"Partnering with a GMP compliant manufacturing facility will allow the Company to efficiently produce large quantities of our patented pending biosynthetic psilocybin at low cost and distribute through sales to pharmaceutical and psychedelic companies. GMP certified facilities meet global standards and allow for products to be shipped internationally which will greatly increase the Company's potential client base and revenue stream," stated Joel Shacker, Core One Labs CEO.