Here’s the press release on the development…
Toronto, Ontario–(Newsfile Corp. – June 24, 2020) – Nutritional High International Inc. (CSE: EAT), (OTCQB: SPLIF) (“Nutritional High” or the “Company“) is pleased to announce that a subsidiary of Psychedelic Science Corp (“PSC“) has entered into an agreement with Rangsit University (“RSU“) to develop a cactai based water beverage product and conduct research on psychoactive cactai and mushrooms. The Institute will conduct efficacy studies and trials of alkaloids in cactai for treatment of mental ailments including anxiety, depression and addiction, as well as appetite suppression. As Psilocybin is more progressively legalized, the Institute, in exclusive collaboration with PSC’s subsidiary, will engage in the research and development of Psilocybin based products targeted towards the same treatments.
Kruzo LLC (“Kruzo“) is a wholly owned subsidiary of Psychedelic Science Corp (“PSC“) which Nutritional High has entered into a letter of intent to acquire, per announcement from the Company on June 1, 2020. PSC will also raise a minimum of $1.5 million CAD prior to being acquired by Nutritional High. Further details of the acquisition will be provided once definitive agreements have been negotiated between the Company and PSC.
Kruzo has executed a binding agreement (“Agreement”) with RSU Royal Herbal Co. LTD to establish a Psychedelic Research Institute (the “Institute“). The successful execution of this Agreement cements a significant milestone in PSC’s strategy towards psychedelic research and global product development.
John Durfy, CEO of Nutritional High, commented, “Entering into this Agreement completes an important milestone in our overall strategy to capitalize on opportunities in the psychedelics space. The establishment of the Institute will serve as our beachhead into this space and a platform to develop high-margin consumer and medicinal products.”
Tom Kruesopon, Director at Nutritional High and co-founder of Kruzo commented, “This is a culmination of a lot of hard work, with CBD, herbal medicine and now psychedelics being on the forefront to address a broad range of consumer health and wellness goals. I am proud to be a key facilitator in the establishment of this first ever Psychedelic Research Institute in Asia. This is just the start, and it will be exciting to see where this leads us in the coming years. This is a pivotal step in unlocking the wonders of plant-based medicine.”
Per the terms of the Agreement, the goal of the Institute will be to research the efficacy of various psychedelic components found naturally in various entheogenic plants such as cacti, mushrooms and others. In addition, the Institute will investigate the efficacy of various non psychoactive components found in such plants. Kruzo and RSU will look to develop commercially viable consumer and medicinal products targeting the health and wellness markets. All research and development will be done in full compliance with ASEAN GMP standards. The Institute will seek to establish a cultivation facility with a view towards the production of cactai for the purpose of extracting Mescaline, Hordenine and other alkaloids, and mushrooms for the purpose of extracting Psilocybin.
Furthermore, the Institute will immediately commence development of a commercially viable water-based functional beverage with non-psychoactive cactai as the active ingredient (the “Cactai Beverage“). Targeted functions of the Cactai Beverage will include appetite suppression and mild pleasure or euphoria. In accordance with the Agreement, RSU will be responsible for sourcing raw plant material, plant extraction processes, beverage formulation, product testing and the development of the Cactai Beverage. The commercialization of the Cactai Beverage is not expected to require FDA or Health Canada approval in its functional non-psychedelic version. Future psychedelic version will require approval.
Any intellectual property developed within the scope of the Agreement or otherwise through the Institute, will remain the exclusive property of Kruzo. Future projects of the Institute may involve other third parties and grant of intellectual property to those third parties will be subject to prior written approval by Kruzo.