Creso Pharma (ASX:CPH) - Creso Pharma
Creso Pharma
Source: Creso Pharma
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  • Halucenex Life Sciences, a subsidiary of Creso Pharma (CPH), secures an amendment to its Controlled Drugs and Substances Dealer’s Licence
  • Granted by Health Canada, the amendment allows the company to produce, package and assemble psychedelic substances including MDMA, psilocybin, LSD and ketamine
  • In mid-August, Halucenex was awarded a Dealer’s Licence in Canada, allowing it to possess, sell and carry out research on psychedelic substances
  • The amended licence will be valid until August 31, 2022, after which it will be subject to Health Canada’s standard licence renewal process
  • Creso Pharma is up 4.17 per cent on the market with shares trading at 10 cents

Halucenex Life Sciences, a subsidiary of Creso Pharma (CPH), has secured an amendment to its Controlled Drugs and Substances Dealer’s Licence.

Granted by Health Canada, the amendment allows the company to produce, package and assemble psychedelic substances including MDMA, psilocybin, LSD and ketamine.

In mid-August, Halucenex was awarded a Dealer’s Licence in Canada, allowing it to possess, sell and carry out research on psychedelic substances.

Halucenex now intends to begin growing its own botanical psilocybin and manufacture synthetic psilocybin.

This will allow for detailed comparative studies, formulation testing, internal clinical trials and the sale of finished goods and products to other licenced dealers.

Additionally, Halucenex will be able to conduct more in-depth research and development (R&D) on both its botanic and synthetic psilocybin.

The R&D will allow Halucenex to cater specific formulations for potential licencing and joint venture opportunities.

The amended licence will be valid until August 31, 2022, after which it will be subject to Health Canada’s standard licence renewal process.

Founder and CEO Bill Fleming commented on the renewal.

“To be awarded the final components of our Dealer’s Licence from Health Canada is a major achievement for Halucenex,” Mr Fleming said.

“It follows extensive reviews of documentation and site security from the regulator, illustrating the high standard of our operations.”

“The amendments provide Halucenex with the most comprehensive licence it could possibly obtain at this stage and is anticipated to unlock significant competitive advantages.”

Creso Pharma was up 4.17 per cent on the market with shares trading at 10 cents at 12:00 pm AEDT.

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