Albert Labs now licensed by Health Canada

Albert Labs International Corp. Logo (CNW Group/Albert Labs Inc.)

VANCOUVER — Health Canada has granted Albert Labs International Corp. a license for its research and production facility in Burnaby, B.C.

Albert Labs is a research and drug development company which creates medicines for mental health treatments.

The approval permits the company’s legal possession, production, assembly, sale and delivery of psilocybin and other psychoactive controlled substances within regulations that govern controlled substances.

Albert Labs cultivate, extract and process pharmaceutical-grade natural psilocybin. With this new license in place, the company can distribute APIs to Canada and other places in the world where import licenses are required.

Additionally, the license will allow Albert Labs to supply their product at their upcoming Real World Evidence trial in the UK as well as distribute and sell API to other licensed customers.

“This is an important milestone for Albert Labs; it firms up our supply chain and provides us with more market opportunities,” said Dr. Michael Raymont, CEO in a statement.

“We have spent significant effort to develop our production technology, allowing us to cultivate and process the most consistent natural pharmaceutical psilocybin products in the industry. With this license, we now have the flexibility to produce and supply precursor APIs to our own operations in Europe and to explore sales to other customers in Canada and elsewhere.”