PBG BioPharma Inc. Receives Controlled Drug and Substances Dealer's Licence

LEDUC, AB, March 2, 2022 /CNW/ - PBG BioPharma Inc. ("PBG" or the "Company"), a Phytochemical Biopharmaceutical Group company, is pleased to announce that the Company has received its Controlled Drug and Substances Dealer's Licence from Health Canada. This licence will allow the Company to possess, produce, sell and transport the controlled drugs psilocin and psilocybin.

As natural compounds found in certain species of mushrooms, psilocin and psilocybin have shown promising therapeutic properties in the treatment of serious mental health disorders. PBG has the capacity both to extract psilocin and psilocybin compounds from natural mushrooms and to synthesise them from other compounds.

Dr. Jacqueline Shan, PBG's President and CEO, said, "Mental illness is one of the most prominent global health challenges facing our society today. Emerging research indicates that psychedelics such as psilocybin, psilocin, DMT and MDMA, may provide alternative therapies for treating serious mental health disorders such as PTSD, depression, anxiety and other treatment resistant disorders. Our team has spent years developing psychedelic compounds in the treatment of mental health disorders and holds multiple patents. Our expertise in pharmacology, biochemistry, extraction and formulation makes us perfectly positioned to be expanding our research and development efforts into this exciting space."

PBG will be actively collaborating with universities and medical centres to advance the research and development of novel psychedelic compounds and formulations and support clinical trials for new psychedelic drugs and alternative mental health therapies. The Company plans to expand its Dealer's Licence to cover other psychedelic compounds. With the Dealer's Licence and pending GMP Drug Establishment Licence, PBG will supply businesses, research institutions, and labs with various psychedelic active pharmaceutical ingredients (APIs) and support industrial partners with contract research and development, manufacturing, regulatory submissions and analytical testing of psychedelic compounds.

ABOUT PBG

PBG BioPharma is a vertically integrated biopharmaceutical company focusing on the research and development, testing and manufacturing of nutraceuticals and biopharmaceuticals, including science-based natural health, cannabis and psychedelic products. Using its proprietary GenBioChem^® Triple Fingerprinting Technology platform, the Company takes a pharmaceutical approach to its product development, testing and manufacturing process for premium quality. PBG has constructed a 25,000 square foot state-of-the-art biopharmaceutical production and lab facility, and amassed a large licence portfolio, including a Cannabis Standard Processing Licence with Sale Amendment Licence, Cannabis Analytical Licence, 3 Cannabis Research Licences, GMP NHP Site Licence, Controlled Drug and Substances Dealer's Licence, and ISO 10725 certification, which will allow the company to provide point-to-point services to its industrial partners from research and development to manufacturing and testing to end consumers. PBG is currently conducting research and development in the areas of immunotherapy, broad-spectrum anti-viral therapy, neuropathic pain and other neurological disorder management, and psychedelics for mental health disorders. PBG also has several product lines on the market, including GenBioChem^® line natural health products, CannFx^® brand cannabis products and various plant-based active pharmaceutical ingredients such as 100% pure CBD isolates.

SOURCE PBG BioPharma Inc.

Victoria Todhunter, [email protected]