KELOWNA, British Columbia, Dec. 24, 2020 (GLOBE NEWSWIRE) — Allied Corp. (“Allied”) (OTCQB: ALID) – an international medical cannabis company focused on creating and providing health solutions to address today’s medical mental health issues is pleased to announce the signing of a letter of intent to acquire the psilocybin company Pacific Sun Fungi (“Pacific Sun”). This further expands upon Allied’s press release of October 20, 2020 communicating the submission of the provisional patent for Allied’s functional mushroom formulation targeting major depression and anxiety.
Pacific Sun is a British Columbia corporation that has been working on Research and Development activities in the psilocybin space for the past 10 years. Pacific Sun holds several formulations that have been tested under physician supervision. Pacific Sun also has proprietary extraction technology, proprietary formulations for several specific disease targets and physician-led therapy protocols that have proven to be effective for several specific disease targets.
Over the past two years, in parallel with psilocybin moving into the pharmaceutical research realm, Allied has continued to develop its pharmaceutical research infrastructure. This represents the evolution of Allied beyond specific cannabis-based therapies to more pharma-based health targets.
Allied was born out of the need to support veterans and first responders suffering from PTSD with targeted cannabinoid solutions. This acquisition has advanced Allied into the broader mental health market encompassing both pharmaceutical and natural health products. Building upon our experience with PTSD, we are expanding our research and treatment options to encompass depression, anxiety and general mental health. This puts Allied in the unique position to provide a full-scope, closed-loop therapy protocol. Typical psilocybin therapies support the patient for an episodic micro-dosing treatment regime which follows a specific dosing and wash out cycle. Unfortunately, this leaves the patient with a treatment gap between dosing periods. This can now be bridged with Allied’s existing cannabinoid treatment solutions. A “full scope treatment” option.
The proprietary “Allied full scope treatment” offers the patient continual therapy with treatment options both before and after the psilocybin treatment period. This is accomplished by offering Allied’s cannabinoid and natural health products combined with the psilocybin products and protocols. This will all be accomplished under legal license and physician supervision.
A timeline leading towards Allied as being positioned as a leader in this space:
- In 2018, the FDA recognized psilocybin therapies as a “breakthrough” therapy for PTSD and Major Depressive Disorder. (Food and Drug Administration, 2018).
- In 2019, Imperial College of London and John Hopkins open the first psychedelic research centers. MAPS clinics across the nation conduct research on psilocybin therapy. (Forbes.com, 2019).
- In 2020, Health Canada approves psilocybin for select patient with terminal illness. 2020 Oregon State decriminalizes psilocybin. On November 30, 2020 Oregon state issues call for participants in State Guidance Committee. Allied executive applies to be a member of this committee. (Health Canada, 2020 and Oregon State Health, 2020).
- On October 20, 2020, Allied submits provisional patent on drug formulation containing psilocybin and a combination of additional functional mushrooms for the disease targets of PTSD, depression and general anxiety. (Allied Corp press release of Oct 20, 2020).
- On December 20th, 2020, Allied moves to acquire Pacific Sun Fungi by signing Letter of Intent to acquire.
Allied’s initial focus will be on pharmaceutical R&D while also entering the Oregon State market with additional markets to follow as legislation allows. As well, Allied is in the process of applying for a Section 56 exemption in Canada for Allied’s Physician group to be able to prescribe Allied’s formulation to veterans and first responders. With this infrastructure in place, Allied will be able to be one of the first companies to come to market in the psilocybin space with both psilocybin products augmented by Allied’s current natural health and cannabis-derived pharma products.
“We were seeing many people coming through our healing retreats reporting the benefits of the micro dosing with psilocybin products. We put our best scientists to task to explore the pharmaceutical benefits of functional mushroom formulations. We truly believe that several pharma drug indications will be discovered with the products that we have. We are excited to begin this important research in the New Year.” said Calum Hughes, CEO and Founder of Allied Corp.
About Allied Corp. – https://allied.health/
Allied Corp. is an international heath and technology company with a mission to address today’s medical issues by researching, creating and producing targeted health solutions. Allied Corp. uses an evidence-informed scientific approach to make this mission possible, through cutting-edge pharmaceutical research and development, innovative plant and mushroom based production and unique development of therapeutic products.