After more than a years worth of development work, Psyched Wellness (CSE: PSYC) this morning had a major announcement. The company has seen the Amanita Muscaria mushroom added to the Natural Health Products Ingredients Database of Canada.
The approval follows the submission by Psyched for the approval of the mushroom for use as an approved ingredient earlier this year. The submission followed scientific work on the fungi, including testing and data-gathering on the firms extract, AME-1.
With the approval, the Amanita Muscaria mushroom is now approved as a medicinal organism under Schedule 1, item 1 of the Natural Health Products Regulations. The approval will enable the company to eventually use the related compound in CPG products that it intends to bring to market.
“The addition of Amanita Muscaria to the NHPID is a significant achievement and is the result of extensive research that Psyched has undertaken to demonstrate its natural medicinal properties. This milestone moves us closer to being able to bring our Amanita-based CPG products to market which we are developing to promote stress relief, relaxation and assist with restful sleeping through the natural calming powers of AME-1,” commented CEO Jeff Stevens on the approval.
Psyched Wellness last traded at $0.17 on the CSE.
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