Core One Labs Inc. announced the initial production run of its psilocybin active pharmaceutical ingredient (API) product at a good manufacturing practices (GMP) facility is projected for January 2023, to test the Company's commercial production capabilities. After a successful commercial production trial, the Company intends to progress toward full commercial production of its API-Grade psilocybin and other psychedelic compounds. Commercial production could result in Core One being in a position to manufacture and then supply high-quality psychedelic compounds to licensed medical clinics and professionals, as well as to clinical researchers and other psychedelic-focused research and development companies across Canada, and potentially on an international front.

With progressive developments and changes in the psychedelic space such as the introduction of Health Canada's Special Access Program (SAP) and the growing number of Canadians supporting the use of psilocybin-assisted therapy for life ending and major illnesses, Core One's planned January 2023 trial and subsequent commercial production schedules would push the Company closer to this unique opportunity.