VANCOUVER, BC / ACCESSWIRE / July 11, 2022 / Cube Psytech Inc. (the "Company" or " CUBE"), a biopharmaceutical and biotechnology company focused on the research and development of functional and psychedelic mushroom technologies for use in natural healthcare products, is pleased to announce the approval of the Company's application to Health Canada to begin Phase 1 construction on its Ramara, Ontario property in conjunction with the issuance of a Health Canada Controlled Substance Dealers License.
CUBE has begun the process of permitting and planning the Phase 1 buildout of its facility in accordance with the guidance of Health Canada. Health Canada has approved Cube Psytech's plan, pending final inspection, to install new a Security Level 6 vault and grow rooms based on the Health Canada Directive on Physical Security Requirements for Controlled Substances and Drugs.
Phase 1 construction is a retrofit of an existing 4000 sqft warehouse facility on the Ramara property. The facility will serve primarily as an R&D lab, with a secure vault and grow rooms. Further Phases (2-3) are planned once the Health Canada inspections of Phase 1 are complete. Phase 2 will add a large growing facility of 15,000 sqft and Phase 3 will add an additional 27,000 sqft of EU GMP certified lab, manufacturing and warehousing space.
CUBE Co-Founder and CEO, Erick Factor had the following to say about the license approval: "I'm proud of our team. This is our second positive outcome with Health Canada and it comes ahead of schedule. We are on track with our business plan, building a strong foundation and creating a company that will be leaders in the space."
On Behalf of The Board of Directors
Erick Factor
Chief Executive Officer
About CUBE PSYTECH INC.
Cube Psytech Corporation. is a Canadian bio-pharmaceutical and biotechnology company focused on the use of psilocybin to improve health issues such as mental illness, PTSD, addiction disorders, cancer, and depression. The company is comprised of a best of class sciences and executive leadership team with access to bio-pharmaceutical patents.
Contact: Erick Factor
Investor Relations: investors@cubepsytech.com
Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable securities laws relating to statements regarding the Company's business, products and future of the Company's business. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Company's products and plan will vary from those stated in this news release and the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. The statements in this news release are made as of the date of this release
SOURCE: Cube Psytech Corporation
View source version on accesswire.com:
https://www.accesswire.com/708094/Health-Canada-Approves-the-Application-To-Initiate-Construction-of-Cube-Psytechs-Facility
