Health Canada approves request to start construction of Cube Psytech facilities

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 health products, is pleased to announce the approval of the application of the Company with Health Canada to begin Construction of Phase 1 on its property in Ramara, Ontario, in conjunction with the issuance of a Health Canada Controlled Substance Dealer License.

CUBE has begun the licensing and construction planning process for Phase 1 of its facility in accordance with Health Canada guidelines. Health Canada has approved Cube Psytech’s plan, pending final inspection, to install a new Security level 6 vault and culture room based on the Health Canada Directive on Physical Security Requirements for Controlled Substances and Drugs.

The Phase 1 construction is a renovation of an existing 4,000 square foot warehouse on Ramara’s property. The facility will primarily serve as an R&D laboratory, with a secure vault and culture rooms. Further phases (2-3) are planned once the Phase 1 Health Canada inspections are completed. Phase 2 will add a large 15,000 square foot growth facility and Phase 3 will add an additional 27,000 square feet of EU GMP certified laboratory, manufacturing and warehousing space.

CUBE co-founder and CEO Erick Factor said of the license approval, “I’m proud of our team. This is our second positive result with Health Canada and it is ahead of schedule. We are on track with our business plan, building a strong foundation and creating a company that will be a leader 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 biopharmaceutical and biotechnology company focused on using psilocybin to improve health conditions such as mental illness, PTSD, addiction disorders, cancer and depression. The company is comprised of a top-notch scientific and management team with access to biopharmaceutical patents.

Contact: Postman Erick

Investor Relations: [email protected]

Forward-Looking Information: This press release contains “forward-looking information” within the meaning of applicable securities laws relating to statements regarding the Company’s business, products and future 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. These 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 products and business plan the Company differ from those indicated in this press release and the Company may not be able to carry out its business plans as planned. 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 contained in this press 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 contained in this press release are made as of the date of this press release.

THE SOURCE: Cube Psytech Corporation

See the source version on accesswire.com:
https://www.accesswire.com/708094/Health-Canada-Approves-the-Application-To-Initiate-Construction-of-Cube-Psytechs-Facility