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Creso Pharma (ASX:CPH) - Non Executive Chairman, Adam Blumenthal - The Market Herald
Non Executive Chairman, Adam Blumenthal
Source: EverBlu Capital
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  • Creso Pharma's (CPH) target acquisition company Halucenex Life Sciences has secured an additional 10 grams of synthetic psilocybin
  • Halucenex's inventory now totals 22.3 grams, making it one of the largest holders of GMP-grade synthetic psilocybin in Canada
  • Psilocybin is a hallucinogenic substance people ingest from certain types of mushrooms that grow throughout Europe, South America, Mexico and the U.S.
  • This additional supply allows Creso Pharma and Halucenex to increase the number of participants in its proposed clinical trials
  • Furthermore, Creso Pharma will explore the potential to combine synthetic psilocybin with existing products to create new offerings
  • Shares in Creso Pharma are steady on the market this morning and are trading at 18 cents

Creso Pharma's (CPH) target acquisition company Halucenex Life Sciences has secured an additional 10 grams of synthetic psilocybin.

Halucenex's inventory now totals 22.3 grams, making it one of the largest holders of GMP-grade synthetic psilocybin in Canada.

Psilocybin is a hallucinogenic substance people ingest from certain types of mushrooms that grow throughout Europe, South America, Mexico and the U.S.

This additional supply allows Creso Pharma and Halucenex to increase the number of participants in its proposed clinical trials which are scheduled to begin in Q3 2021.

Furthermore, Creso Pharma will explore the potential to combine synthetic psilocybin with existing products to create new offerings.

"Halucenex is now one of the largest holders of single batch GMP grade synthetic psilocybin in Canada. This is a major development and opens a number of doors for Halucenex in medium and long term," Non-Executive Chairman Adam Blumenthal said.

"Once it secures its licence from Health Canada, Halucenex will have the capacity to progress a number of research and development initiatives, which have the potential to unlock new drug delivery methods and combinations," he added.

Shares in Creso Pharma are steady on the market this morning and are trading at 18 cents at 10:33 am AEST.

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