TEL AVIV, Israel and BETHESDA, Md., March 17, 2021 /PRNewswire/

Cannabics Pharmaceuticals Inc. (OTCQB: CNBX), a global leader in the development of cancer related cannabinoid-based medicine, announced today the launching of a new research program using Psylocibin and Psilocin. The announcement comes after the company was able to obtain a license from the Israeli Ministry of Health to conduct scientific research using Psylocibin and Psilocin in the company’s in-house laboratory facilities in Rehovot, Israel.

Eyal Barad, Cannabics Pharmaceuticals co-founder and CEO said: “We see the growing interest in psychedelic-based drug development, and we understand the potential of psychedelic-based medicine. We also believe that given our knowhow, experience and state of the art in-house drug discovery platform, we are well positioned to take advantage of this growing market opportunity. Accordingly, we have been working on the development of specific Psylocibin and Psilocin IP for various medical conditions and indications, and we are in the process of forming collaborations with leading research institutions as part of this new research program. Our objective is to buildout this activity as a separate business unit which may eventually become a new subsidiary.”

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