The Agreement will utilize HAVN Life's fully integrated supply chain model, from the growing of psilocybin through to extraction, compounding, and encapsulation
VANCOUVER, BC / ACCESSWIRE / June 29, 2021 / HAVN Life Sciences Inc. (CSE:HAVN)(OTC PINK:HAVLF)(FSE:5NP) (the "Company" or "HAVN Life"), a biotechnology company pursuing standardized extraction of psychoactive compounds and the development of natural healthcare products, is thrilled to announce it has entered into a supply agreement (the "Supply Agreement") with Allied Health (OTCQB:ALID), an innovator in the cannabis and psychedelics space, integrating medical research, cultivation and processing, and proprietary products and natural health product distribution.
Allied Health is in the process of developing Psilonex™ RX Capsules, a proprietary formulation of psilocybin, cordyceps, lion's mane, vitamin B, and other ingredients that will be available to their patient cohort, including more than 300 veterans, police, fire, and ambulance personnel struggling with PTSD and related mental health issues. Allied Health is currently seeking a Section 56 special access exemption for their patient cohort for the use of Psilonex™ RX Capsules, with continued research and data gathering planned for future product development.
"We are beyond excited to welcome Allied Health to our growing list of supply partners," says HAVN Life CEO, Tim Moore. "With a supply partner roster that includes Revive Therapeutics, The Heroic Hearts Project, Health Tech Connex, ATMA and now Allied Health, we are demonstrating industry support in our business model as an end-to-end supply chain for psychedelic compounds. With plans underway to have our Vancouver facility fully licenced and operational in the near future, this new aspect of production will be a tremendous revenue opportunity for us," he adds.
Pursuant to the Supply Agreement, Allied Health will have access to the Company's full range of psychedelic compounds and APIs, cultivated at the Company's facility in Jamaica, which opened this May. This Supply Agreement is a major milestone, marking the completion of HAVN Life's vision of a fully integrated supply chain model, from the growing of psilocybin, through to extraction, compounding and finally to encapsulation.
Allied Health's decision to use naturally derived psilocybin in their Psilonex™ RX Capsules underscores the growing patient preference for plant-based products over synthetic ones. By partnering with another industry innovator, HAVN Life further consolidates its position as an integral supply chain provider in respect of naturally-derived psychedelics for clinical providers and researchers around the globe.
With the recent news that California is moving toward decriminalizing psychedelics through Senate Bill 519 - Controlled substances: decriminalization of certain hallucinogenic substances, the growing demand for clinical and therapeutic use of psychedelic compounds is undeniable, and highlights HAVN Life's unique position as a source of safe and standardized products.
Any transactions to be completed pursuant to the Supply Agreement, including any supply of psilocybin thereunder, will be subject to compliance with any and all applicable laws and regulations, including those of Health Canada.
On Behalf of The Board of Directors
Chief Executive Officer
About Allied Corp.
Allied Corp. is an international heath company with a mission to address today's medical issues by researching, creating and producing targeted health solutions. Allied Corp. uses an evidence-informed scientific approach to make this mission possible, through cutting-edge pharmaceutical research and development, innovative plant- and mushroom-based development of therapeutic products.
About HAVN Life Sciences Inc.
HAVN Life Sciences is a Canadian biotechnology company pursuing standardized extraction of psychoactive compounds, the development of natural health products, and innovative mental health treatment to support brain health and enhance the capabilities of the mind. Learn more at: havnlife.com and follow us on Facebook, Twitter, Instagram and Youtube.
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Cautionary Note Regarding Forward-Looking Statements
Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable securities laws relating to statements regarding the Supply Agreement, 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 risk that the products under the Supply Agreement will not be supplied as contemplated, or at all, risks that the anticipated benefits of the Supply Agreement will be realized as expected, or at all, 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.