Optimi Health Corp (OTCMKTS:OPTHF) Stock Falls : Company Requests Approval To Manufacture MDMA

Optimi Health Corp (OTCMKTS:OPTHF) is a homegrown, Canadian success story producing as well as supplying natural, EU-GMP grade psilocybin and functional mushrooms. Made with the objective of producing natural mushroom formulations for transformational human experiences, the firm’s goal is to be the most trusted and a compassionate supplier of EU-GMP psilocybin globally. Optimi is engaged in cultivation, extraction, processing as well as distribution of high quality functional and psychedelic mushroom products at the two facilities of 20,000 square feet in Princeton, British Columbia.

Trading Data

On Friday, OPTHF stock slid 19% to $0.17 with more than 17K shares, compared to its average volume of 20K shares. The stock moved within a range of $0.1700 – 0.1991 after opening trade at $0.1891.

Optimi Health Requests Approval To Manufacture MDMA, Other Synthetic Psychedelics

Optimi Health Corp on June 20, 2022, submitted a request to Health Canada for amending the Controlled Substances Dealer’s Licence. This amendment will enable the firm to synthesize, process as well as distribute pharmaceutical grade 3,4Methylenedioxymethamphetamine at its Princeton, British Columbia facility.

The company will now move to expand offerings encompassing a large number of synthetic psychedelics through the market-leading EU-GMP cultivation as well as analytical laboratory. This move is in line with the firm’s planned year of commercialization leading to revenue-generating opportunities.

The ongoing large-scale studies, include Phase III clinical trials investigating MDMA conducted by the Multidisciplinary Association for Psychedelic Studies.

Optimi Health Chief Science Officer Justin Kirkland said that the company has got a higher volume of inquiries related to production of synthetic psychedelics from stakeholders. Kirkland added that its analytical laboratories were purpose-built for enabling the firm to act as EU-GMP compliant drug manufacturer. He believes that the company is an industry leader harnessing the drug manufacturing expertise shown in the USPTO awarded Bromo-LSD manufacturing patent sold in 2020 for C$10M.

Optimi CEO, Bill Ciprick said that its operational footprint as well as throughput capacity is unmatched in North America. Ciprick added that it would take much time for new entrants to enter the space and millions of dollars for meeting the firm’s scale as well as clinical efficiency.

The CEO further stated that the company has a robust idea on its market position and how the amendment fits within its strategic priorities. The CEO further stated that the firm views its capacity to produce and distribute various substances as a vital part of its overall revenue generation and positioning in the sector’s supply chain.

Key Quote

Optimi Health Chief Science Officer Justin Kirkland stated that, “Since our inception, Optimi has received a steadily increasing volume of inquiries related to the production of synthetic psychedelics from stakeholders within the sector, made all the more timely by recent developments. Our analytical laboratories were purpose-built to enable us to act as an EU-GMP compliant drug manufacturer for these interests, without in any way detracting from our primary goal of cultivating natural psilocybin.”

Technical Data

OPTHF stock is trading below the 20-Day and 50-Day Moving averages of $0.23 and $0.23 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.36.