OSOYOOS, British Columbia, Nov. 17, 2021 (GLOBE NEWSWIRE) — via InvestorWire — Way2Grow Biopharma Corp. (“W2G” or the “Company”), a privately held therapeutic corporation existing under the laws of British Columbia, is pleased to announce approval of a Health Canada Dealer’s Licence Application, in which Health Canada issued notice to W2G to complete the construction of a Level 8 Secure Environ and Psilocybin Production Campus. A Health Canada Dealer Licence and production facility will allow W2G to procure psychedelics as well as propagate, cultivate, harvest and sell psychedelics to pharmacies, clinics and other licenced research facilities for allowable research purposes pursuant to the Controlled Drugs and Substances Act (the “CDSA”).
W2G is pioneering a comprehensive Life Science Therapeutic Production Campus with the goal of researching, advancing and manufacturing life science therapeutics. W2G’s Therapeutic Production Campus supports small room, closed-loop, evidence-based therapeutic research and production. The Company’s pure cultivation approach is rooted in science, is empirically based, organically grown and evidence driven. W2G’s approach uses standardized tissue culture and micropropagation to cultivate and extract pure organic cannabis and psychedelic therapeutics. Completion of the Level 8 Controlled Substances Dealer’s Licence will allow W2G to cultivate, extract and store up to $30 million in value of psychedelics compounds, including psilocybin/psilocin (magic mushrooms), N, N-Dimethyltryptamine (DMT), Ololiuqui (Morning Glory), mescaline and peyote.
W2G will be the first comprehensive Life Science Therapeutic Production Campus specializing in psychedelic and cannabis production, micropropagation, organic cultivation, processing and therapeutic manufacturing in North America. Approval of the Controlled Substances Dealer’s Licence allows W2G to procure controlled substances by synthesis, propagation, cultivation and harvesting of psychedelic substances. W2G will be permitted to sell psychedelic compounds to other licenced dealers, authorized hospitals, research facilities and academic institutions until such time that psychedelics are prescribed by authorized physicians.
To fulfill W2G’s innovative research plans in psychedelic formulations, the Company’s plans include EU-GMP-compliant facility construction to allow for the import and export of psychedelics therapeutics to expand evidence-based psychedelics research through global partnerships. W2G’s research plans include improving breeding programs, standardizing psilocybin production, and the examination of psychedelics’ combinative efficacy on treating certain health conditions.
W2G’s cultivation relies on a small, closed room approach to growing consistent organic medical psilocybin. Each W2G cultivar or spore starts with a consistent germplasm developed though natural breeding and tissue culture. The future of W2G germplasm development will integrate the use of advanced genomic and genetic engineering to produce novel biotechnologies. Each cultivation room operates under specific growing conditions to maintain optimal production and consistent quality of medicinal compounds.
W2G has pioneered a new and strategic comprehensive Life Science Therapeutic Production Campus by combining its expertise in organic cultivation technology with an experienced genetic advancement team, innovative pharmaceutical research plans and intellectual property development, coupled with the highest level of security.
“We are excited to enter this next phase of life science therapeutics, and we believe this unique combination will lead to the highest-quality targeted organic therapeutic products. As we enter this next phase of our company’s evolution, we will focus on building strategic partnerships to help disseminate our psychedelics research and to expand our distribution,” stated W2G CEO Jamie Filipuzzi.
W2G is a privately held therapeutic company in the life science industry. W2G began with a vision to help patients gain better access to high-quality, consistent, organic therapeutics. To achieve this vision, W2G has developed a consistent growth plan using tissue culture and molecular biology. These methods allow for the standardization of the procedures used to ensure quality and consistency of W2G’s therapeutics.
W2G’s extensive research and intellectual property approach are focused on the development of several new plant-based cultivation techniques, hybrid cultivar development, genetic profiling and tissue culture. By developing a molecular breeding and genetics program, we can identify new bioactive compounds to determine interaction with specific genes responsible for chronic diseases.
W2G is located in Osoyoos, British Columbia, and is federally regulated in Canada under the Cannabis Act (S.C. 2018, c. 16) and the Cannabis Regulations (SOR/2018-144)).
This news release may contain “forward-looking statements.” These statements relate to future events or future performance of Way2Grow. Statements which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, outlook, expectations or intentions regarding the future, including words or phrases such as “anticipate,” “may,” “will,” “might,” “should,” “could,” “can,” “intend,” “expect,” “believe,” “plan,” “project,” “continue” or similar expressions that suggest future outcomes or the negative thereof or similar variations. Such forward-looking statements include, but are not limited to, statements concerning W2G’s research, development and expansion plans, including its Health Canada application for the Dealer Licence and Section 56 Exemption, and the potential results from such Licensing.
Forward-looking statements are based on management’s current expectations and may materially differ from actual results. Further, such forward-looking statements are subject to risks and uncertainties that could negatively affect our business, operating results and financial condition, including, without limitation, risks arising from a delay in Licensing and financing risks. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
JJ Filipuzzi, Investor Relations
Phone: (403) 554-5973
READ MORE: https://www.globenewswire.com/news-release/2021/11/17/2336251/0/en/Way2Grow-W2G-Biopharma-Corp-Receives-Health-Canada-Approval-Notice-for-Construction-of-a-Controlled-Substances-Dealer-s-Licence-Level-8-Psychedelic-Secure-Environ-and-Psilocybin-Pr.html