Core One Labs Inc (OTC:CLABF) Stock Soars 29%: What’s The Buzz?

This morning, many investors are going to be looking into those companies that may have come into the news cycle this past Friday, and one of those could well be Core One Labs Inc. (OTC:CLABF). On December 8, the company came into focus after it announced that it had inked an initial agreement with the firm Cube Psytech Corp.

The company noted in its news release that the agreement was a major new step towards the possible sale of bio-synthetically produced psilocybin. Additionally, the deal could also lead to the licensing of Core One Labs’ proprietary bio-synthetic psilocybin production technology. It was also noted that the agreement with Cube Psytech could also pave the way for the company’s products to hit international markets.

Cube Psytech is based in Canada and involved in the biopharmaceutical and biotech spaces. The company is currently focused on psilocybin research with the purpose of creating innovative psilocybin as well as psilocin drugs. It seeks to take the drugs through clinical trials and then to patients for prescribed uses internationally.

Through its fully owned subsidiary units, Awakened Biosciences Inc. and Vocan Biotechnologies Inc., Core One Labs has been successful in the development of a proprietary method for manufacturing synthetic psilocin and biosynthetic psilocybin.

It was also revealed that the subsidiary Awakened had been able to pioneer the development of an inactive precursor that could be turned into psilocin of pharmaceutical grade. Through the use of the inactive psilocin precursor along with its proprietary conversion methodology, Core One Labs could change the game.

There could then be the possibility of distributing the precursor to other players in the pharmaceutical industry as well as to research partners and laboratories across the world. International collaborations could help in addressing the legal issues related to transporting psychedelic products.