Mr. Joel Shacker reports

CORE ONE LABS APPLAUDS AUSTRALIA'S MEDICINES REGULATOR, THE THERAPEUTIC GOODS ADMINISTRATION, AS WORLD'S FIRST ADMINISTRATION TO AUTHORIZE MEDICAL USE OF PSYCHEDELICS

Core One Labs Inc. has applauded Australia on becoming the world's first administration to allow psychiatrists to prescribe psychedelics -- MDMA (3,4-methylenedioxy-methamphetamine) and psilocybin -- for controlled clinical use.

In an unprecedented move and following a nearly three-year process that included extensive consultation with experts, Australia will down-schedule MDMA and psilocybin from the strictest controlled category, Schedule 9 (prohibited substances), to Schedule 8 (controlled drugs), but only for medical use in psychedelic-assisted psychotherapy. The drugs will still be considered prohibited substances, or Schedule 9, for all other non-medically prescribed usages.

MDMA will be used for the treatment of posttraumatic stress disorder (PTSD), while psilocybin, the active psychedelic compound found in magic mushrooms, will be able to be prescribed for treatment-resistant depression.

In Australia, PTSD and depression together affect nearly two million people. Dr. Mike Musker, a mental health researcher at the University of South Australia, described the regulatory change enabling psychedelic use to treat these conditions as "one of the biggest evolutions in psychiatry in the last 70 years."

"This is an incredibly important milestone and step in the right direction for psychedelic-assisted therapy. There is plenty of evidence backing the use of psychedelics for therapeutic use in medicine. Hopefully, this will encourage other medical regulating bodies to explore the compelling science behind it," stated Joel Shacker, Core One chief executive officer.

The company also announces that its board of directors has approved a grant of 1,165,000 incentive stock options to directors, officers and consultants of the company, pursuant to the company's 10-per-cent stock option plan, entitling them to purchase an aggregate amount of up to 1,165,000 common shares of the company. The options are exercisable on or before July 4, 2025, at an exercise price of 36.5 cents per common share. The options, and any common shares issued upon exercise of such options, are subject to a four-month-and-one-day hold period, expiring on Nov. 5, 2023.

About Core One Labs Inc.

Core One is a life science biotechnology research and development company focused on bringing psychedelic medicines to market through the development and production of psychedelic compounds, the advancement of psychedelic-assisted treatments, and the integration of novel delivery systems technology.

The company has a multifaceted business approach and incorporates several complementary lines of businesses and units in establishing itself as an industry leader in the rapidly growing and emerging psychedelic market space.

Core One, through its wholly owned subsidiary Vocan Biotechnologies Inc., has developed and filed for patent protection a proprietary psilocybin production system using engineered bacteria. It is also the holder of four provisional patents for the development of psychedelic-based pharmaceutical formulations targeting neurological and mental health disorders, under its 100-per-cent-owned subsidiary Akome Biotech Ltd., and three provisional patents under its other 100-per-cent-owned subsidiary, Awakened Biosciences Inc., for additional synthetic technologies for psilocybin and psilocin production methods.

In addition to the development of psychedelics and psychedelic compounds, Core One holds an interest in four medical clinics which maintain a combined database of more than 275,000 patients. Through its clinics, the company intends to integrate a rollout of its intellectual property related to psychedelic technologies and participate in the advancement of psychedelic-based treatments for mental health disorders.

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