Lophos Pharmaceuticals Corp. Receives Health Canada Approval for Expanded Controlled Substance Operations Following HVAC Revisions

NAPANEE, Ontario, Nov. 21, 2023 (GLOBE NEWSWIRE) -- Lophos Holdings Inc. ("Lophos", or the "Company") (CSE:MESC) is delighted to share additional information on its wholly-owned subsidiary, Lophos Pharmaceuticals Corp., which has achieved an important milestone by obtaining a significant amendment to its Controlled Substance Dealer's license by Health Canada for its facility located in Napanee, Ontario.

"This approval marks a significant milestone for Lophos Pharmaceuticals Corp., demonstrating the company's dedication to responsible and ethical pharmaceutical exploration," said Giselle Barona, QPIC.

This achievement seeks to expand the company's capabilities, allowing it to engage in the possession, storage, sale, and transportation of additional controlled substances at its licensed facility. With Health Canada's recent amendment approval, Lophos Pharmaceuticals is poised to handle a broader range of controlled substances, including but not limited to:

1. N-Methyl-3,4-methylenedioxyamphetamine (MDMA)
2. Ketamine
3. Lysergic Acid Diethylamide (LSD)
4. N,N-Dimethyltryptamine (DMT)
5. Mescaline
6. Psilocin
7. Psilocybin
   

The Lophos Pharmaceuticals facility had previously obtained approval for the production of Psilocin, Psilocybin, and Mescaline and maintains this authorization.

Updated Facility Highlights:

• Authorized to produce mescaline, psilocin, and psilocybin.
• Authorized for the sale, transportation, and distribution of controlled substances including mescaline, psilocin, and psilocybin, DMT, LSD, MDMA, and ketamine.
• Privately owned, state-of-the-art facility spanning 10,000 sq. ft., recently constructed for optimal functionality.
• Advanced laboratory equipped with cutting-edge technology.
• Robust security measures ensuring safe storage of controlled substances.
• Occupancy inspection with the city is underway.

This strategic expansion not only enhances Lophos Pharmaceuticals' testing capabilities but also positions the company to offer its expertise to other entities in the pharmaceutical and research industries seeking services related to these controlled substances.

It is important to note that Lophos Pharmaceuticals Corp. is presently in the process of awaiting city approval for the occupancy of its facility. The company plans to initiate operations promptly upon the approval of occupancy.

Alongside its activities related to controlled substance testing, storage, and distribution, Lophos Pharmaceuticals will also manage a peyote cultivation facility on the same premises, adhering strictly to all applicable regulations.

The approval of this amendment marks a noteworthy achievement for Lophos Pharmaceuticals Corp., underscoring the company's commitment to conscientious and ethical exploration in the field of pharmaceuticals.
For media inquiries or further information, please contact:

For Further Inquiries:
Contact: Claire Stawnyczy, CEO, Lophos Holdings Inc.
Email: [email protected]
Website: https://lophos.com
Phone: 1-833-450-7407

About Lophos
The Company's wholly-owned subsidiary, Lophos Pharmaceuticals Corp., is a biosciences company that specializes in Peyote cultivation, research, and sale. It is also licensed to possess, sell/provide, send, transport and deliver the controlled substances covered by their Controlled Substances Dealers License (CSDL), namely mescaline, psilocin, psilocybin, LSD, DMT, MDMA, and ketamine, as well as produce mescaline, psilocin and psilocybin.

Cautionary Statement
Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.

This press release contains ?forward-looking information' within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Lophos' current belief or assumptions as to the outcome and timing of such future events. Forward-looking information in this press release includes information with respect to the Company's peyote cactus product development. Forward-looking information is based on reasonable assumptions that have been made by Lophos at the date of the information and is subject to known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking information. Given these risks, uncertainties and assumptions, you should not unduly rely on these forward-looking statements. The forward-looking information contained in this press release is made as of the date hereof, and Lophos is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The foregoing statements expressly qualify any forward-looking information contained herein. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in Lophos' final long form prospectus dated August 11, 2023, which is available on Lophos's profile at www.sedarplus.ca.

This news release does not constitute an offer to sell or the solicitation of an offer to buy, and shall not constitute an offer, solicitation or sale in any state, province, territory or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province, territory or jurisdiction.