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  • Creso Pharma’s (CPH) subsidiary, Halucenex, is being awarded a dealer’s licence in Canada, allowing it to advance its clinical trial plans
  • Health Canada awarded Halucenex Life Sciences a Controlled Drugs and Substances Dealer’s Licence on August 11
  • The licence allows the business to possess, sell, and carry out research on psychedelic substances including psilocybin, ketamine, LSD and MDMA
  • Halucenex says the licence allows it to progress its planned phase two clinical trial of psilocybin on treatment-resistant post-traumatic stress disorder
  • Shares in CPH are up 7.69 per cent at 14 cents each

Creso Pharma’s (CPH) subsidiary, Halucenex, has been awarded a dealer’s licence in Canada, allowing it to advance its clinical trial plans.

Health Canada awarded Halucenex Life Sciences a Controlled Drugs and Substances Dealer’s Licence on August 11.

The licence effectively allows the business to possess, sell, and carry out research on psychedelic substances including psilocybin, ketamine, LSD and MDMA.

Halucenex said it also allows it to progress its planned phase two clinical trial of psilocybin – the active ingredient in magic mushrooms – on treatment-resistant post-traumatic stress disorder.

Halucenex Founder and CEO, Bill Fleming, said receiving the licence marked a milestone for the business.

“The receipt of our dealer’s licence is the result of astringent due diligence process undertaken by Health Canada, as well as ongoing consultations with the
regulatory body which have highlighted the exceptional standards of our operations and R&D protocol,” Mr Fleming said.

“To date, we have been focused on the lead up to this milestone and have done a lot of essential preparatory work in anticipation of receiving the Dealer’s Licence, which will provide us with a significant competitive advantage as we progress our entry into the lucrative psychedelics drug space.”

Creso’s subsidiary will now try and expedite its clinical trial application with Health Canada, so it can begin its psilocybin trial.

Shares in CPH were trading up 7.69 per cent at 14 cents each at 11:50 am AEST.

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