Red Light Holland has already begun building out its North American sales arm.
Toronto-based Red Light Holland (CSE: TRIP) (OTCQB: TRUFF) has entered into a consulting agreement with synthetic psychedelics drug maker PharmAla Biotech Holdings Inc. (CSE: MDMA), the company announced Thursday.
The deal involves PharmAla Biotech providing consulting services to Red Light Holland to help reach regulatory compliance and Good Manufacturing Practice (GMP) standards for its psilocybin capsules. The agreement is set for one year, payable in cash, with a potential future option for PharmAla to act as the exclusive sales agent for Red Light Holland’s products.
“This partnership is perfectly timed, as our natural psilocybin microdosing capsules (developed from psilocybin truffles grown in our company’s farm in The Netherlands), have completed their product specification which are based on the completed stability testing and COA’s,” Red Light Holland CEO Todd Shapiro said in a statement.
Nick Kadysh, CEO of PharmAla Biotech, pointed to the dual market demand for synthetic and naturally derived psychedelic products and the role of the partnership in meeting this demand amid changing regulations on medical psilocybin use.
“With the increasing number of markets allowing for medical use of psilocybin, and with the ability to sell psilocybin to properly licensed entities under the terms of our controlled drugs and substances dealer’s license, we are pleased to act in a consulting basis for Red Light Holland to help them develop their product portfolio,” Kadysh said.
One of the key differentiators for PharmAla is its focus on of medical-grade psychedelics, including synthetic forms of MDMA (methylenedioxymethamphetamine).
Synthetic psychedelics are created in the laboratory and can offer several advantages over naturally sourced psychedelics, including greater purity, the ability to precisely control dosages, and the avoidance of legal and sustainability issues associated with harvesting substances from the wild.
The firm will help develop clinical-grade psilocybin products for Red Light Holland to create microdosing capsules from the truffles it grows on its Dutch farms. Especially now that the company has begun building out its North American sales arm.
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