Will Successful Export News Prove a Breakout for Psychedelic Stock?

The potentials and interest in the use of psychedelics in mainstream pharmaceuticals is growing. This innovative company just cleared a major hurdle in its quest to use psychedelics for research and development.

Biotechnology concern Havn Life Sciences Inc. (CSE: HAVN) (OTC: HAVLF) is on a quest to standardize extraction of psychedelic compounds for investigational research, specifically to support brain health. According the the company’s press release, HAVN announced that it successfully exported naturally derived psilocybin from its facility in Jamaica into the U.S. through its strategic partnerships with Hypha Wellness and P.A. Benjamin Manufacturing Company

The partnership provides cultivation and processing facilities for psilocybin-containing mushrooms for authorized research purposes. The firm’s supply partner Mycrodose Therapeutics was granted an import license from the United States Drug Enforcement Administration. The firm will act as distributor in the U.S. and has a long standing track record with the U.S. Food and Drug Administration.

Shares have been trending lower over the past few months. Canadian shares ended Friday at $0.20, while U.S. shares were at $0.0094.