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  • Lobe Sciences has signed a letter of intent with Core One Labs in a joint venture to develop and gain regulatory approval and marketing of biosynthetic psilocybin and other psychedelic compounds
  • Core One Labs will develop and manage the production and delivery of biosynthetic psilocybin, the active ingredient in psychotropic mushrooms
  • Lobe Sciences will be responsible for the clinical development, and commercialization of the product
  • Lobe is a life sciences company focused on psychedelic medicines
  • Core One Labs (COOL) is down 3.09 per cent, trading at $0.94 per share
  • Lobe Sciences (LOBE) is up 3.85 per cent and is trading at $0.135 per share

Lobe Sciences has entered into a non-binding letter of intent with Core One Labs.

The companies will work together to develop and gain regulatory approval of biosynthetic psilocybin and other psychedelic compounds.

Core One Labs is a technology company that licenses its technology to a state-of-the-art production and packaging facility.

Vocan Biotechnologies, a subsidiary of Core One Labs, has identified a patentable method of producing psilocybin, the active ingredient in psychotropic mushrooms.

Core One Labs will develop and manage the production and delivery of biosynthetic psilocybin. Lobe Sciences will be responsible for the clinical development, and commercialization of the product.

Philip Young, CEO of Lobe Sciences, commented,

"Lobe is pleased to pursue a partnership with Core One Labs as we continue our business expansion efforts within the rapidly growing psilocybin and psychedelics space."

He added,

"A joint venture is the logical next step for us as it has the potential to provide cGMP grade psilocybin for use in clinical studies we plan to initiate in the future."

Due to the non-binding nature of the letter of intent, the joint venture is subject to a number of conditions, including but not limited to a due diligence process by both parties and the negotiation and execution of a definitive agreement.

Lobe is a life sciences company focused on psychedelic medicines.

The company is engaged in drug research using psychedelic compounds and the development of innovative devices to improve mental health and wellness.

Core One Labs (COOL) is down 3.09 per cent, trading at $0.94 per share as of 11:21 am ET.

Lobe Sciences (LOBE) is up 3.85 per cent and is trading at $0.135 per share as of 11:26 am ET. 

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