Cube Psytech Receives Site Plan Approval To Build 45,000 sq/ft Facility For Psychedelic Mushrooms

November 10, 2021
News

Cube Psytech Holdings is pleased to announce an approved site plan application from Ramara Township to build a 45,000 square foot faculty for psychedelic mushrooms. The facility operations will include research, cultivation, processing manufacturing and distribution of psylocibin as governed by Health Canada.

This is a first of its kind psylocibin production facility in Ontario. Once the project is completed and licensed, it would be of the largest grow operations in the world with the potential to produce 34,000 Kgs of fresh psilocybin and 5,100 kg of dry weight. Cube Psytech made a land investment in at the beginning of 2021 purchasing 3.5 acres of land in the industrial zone of Ramara, Township.

The municipality of Ramara, which is approximately one hour away from Toronto has been actively involved in the process.

Cube Psytech anticipates that the project will advance quickly. Ramara’s planning department has already approved the preliminary construction design for the initial portion of the facility. Detailed plans for the first 5,000 sq-ft R&D facility have been submitted and approved by Ramara’s building department. Cube has assembled an in-house team of compliance experts that have successfully obtained multiple licences with Health Canada. Cube has submitted complete license application for research and development of psylocibin with Health Canada.

“This is an important and significant milestone for Cube Psytech and the ongoing progression of psychedelic research in the medical space.” said Erick Factor, Cube’s Founder and CEO. “We have all of the architects, engineers and consultants in place, and with the full support of the municipality of Ramara, we are moving full steam ahead.”

Once licensing is approved, Cube Psytech intends to use the licensed facility to expand research and development into:

  • Psilocybin and psilocin production
  • Psilocybin containing mushroom strain development
  • Extraction and isolation of psilocybin and psilocin method development
  • Formulation of investigational products for future clinical trials
  • Supply of investigational products for clinical trials

Once fully complete and licenced, the facility will employee over 100 people. The total investment of the project will be close to $10,000,000.00. “We wanted to make a land acquisition in Ontario where we felt there was promising upside in value over the next decade. Ramara Township is a great place to do business. It’s an excellent community with tremendous potential. We are very excited about our future here.”

On Behalf of The Board of Directors

Erick Factor

Founder and Chief Executive Officer

Contact: Erick Factor

Investor Relations: investors@cubepsytech.com

Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable securities laws relating to statements regarding the Company's business, products and future of the Company's business. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Company's products and plan will vary from those stated in this news release and the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. The statements in this news release are made as of the date of this release

Source: Cube Psytech Corporation

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