Red Light Holland Corp. (OTCQB:TRUFF) (CSE:TRIP) (FSE: 4YX) announced the successful completion of the first phase of psilocybin extraction in collaboration with PharmAla Biotech Holdings Inc. (OTCQB:MDXXF) (CSE:MDMA). On Tuesday, the company announced the achievement of a rough powdered extract of psilocybin at Chiral Labs, a laboratory jointly operated by the Canadian biotech duo.
Psilocybin Truffles Successfully Processed In Canada
Following the Health Canada-approved import of natural psilocybin truffles from the Netherlands, the truffles underwent dehydration and initial testing at CCrest Laboratories Inc. in Montreal. Subsequently, they were processed at PharmAla’s facilities, reaching this critical milestone. The next step involves optimization and validation to refine the psilocybin extraction procedure.
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Red Light Holland CEO Comments
Todd Shapiro, CEO of Red Light Holland, stressed the importance of this development. “The successful creation of a rough powdered extract marks a pivotal moment for Red Light Holland. We are now poised to enter the crucial stages of optimizing and validating our extraction methods, paving the way for scalable production of high-quality, natural-source Active Pharmaceutical Ingredients (API),” Shapiro stated.
PharmAla Collaboration Targets Commercial Psilocybin API
This collaboration with PharmAla seeks to produce naturally derived API from psilocybin truffles at a commercial scale, as Benzinga reported in March. The experimental research involves imported truffles serving as starting material for process development. Furthermore, this project seeks regulatory approval for standardized doses of natural psilocybin products for clinical trials and government-approved access programs.
The company will continue to update stakeholders on the progress and results of this collaboration, advancing the potential for high-margin psilocybin medical products and valuable intellectual property.
TRUFF Price Action
TRUFF's shares were trading 8.09% lower at $0.0403 per share at the time of this writing around 3:15 PM ET Wednesday.
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