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Pharmocann to develop drugs based on magic mushrooms

Pharmocann will investigate the use of psilocybin mushroom-based medications to treat Alzheimer’s disease and depression.

Psilocybe semilanceata magic mushrooms - Wikipedia
Psilocybe semilanceata, magic mushrooms

Pharmocann, an Israeli firm that specializes in medical cannabis products, has established a joint venture with the Shamir Research Institute to conduct research and development on psychedelic medications derived from psilocybin semilanceata mushrooms (magic mushrooms).

Psilocybin, or liberty cap is a fungus that produces psychoactive compounds. Whether fresh or dried it is both, it is hallucinogenic, and some people have required medical care as a result of consuming this species.

It is one of the most widely distributed fungi in nature and one of the most Psilocybin potent mushrooms. They have the same drug designation as cocaine, heroin, and LSD. The possession or sale of these mushrooms is illegal in many countries.

Pharmocann will control 51% of the company, while the Shamir Research Institute, situated near Katzrin on the Golan Heights, will possess 49%. The center is affiliated with the University of Haifa and has an international reputation for psilocybin mushroom research.

According to research conducted at prestigious universities, psilocybin may be beneficial for individuals suffering from depression, post-traumatic demoralization syndrome, anxiety, and obsessive compulsive disorder.

Pharmocann has begun producing ten distinct mushroom strains for research purposes. After extracting the active ingredients, it will be determined whether they may be used to manufacture medications for a variety of medical reasons, including depression and Alzheimer’s disease.

Pharmocann will invest $110,000 for a stake in the joint venture, while the Shamir Research Institute will grant the company an exclusive license to use its intellectual property related to mushrooms, as well as research, development, and mushroom cultivation services.

According to Globes, Pharmocann’s market capitalization on the Tel Aviv Stock Exchange is NIS 67 million (approx. $15 million). This year, its share price has plunged 50%, following a 23% decline in 2020.

Pharmocann (TASE: PMCN), an Israeli company that mostly deals in cannabis products, has announced the establishment of a joint venture with the Shamir Research Institute to conduct research and development on psychedelic medications derived from psilocybin mushrooms (magic mushrooms).

Pharmocann will control 51% of the company, while the Shamir Research Institute, situated near Katzrin on the Golan Heights, will possess 49%. The center is affiliated with the University of Haifa and has an international reputation for psilocybin mushroom research.

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