Vernon-based life sciences company Doseology has terminated the lease at its Vernon facility, thereby cancelling its application for a Health Canada dealer’s licence for its psilocybin-based products.
The facility, located at 6294 Old Kamloops Road, was the site of the company’s application to Health Canada for a dealer’s licence under the Controlled Drug and Substances Act.
With the lease termination, Doseology obtained a release from the landlord of the premises from any liability arising under the lease.
“The limited market for psilocybin products and the slow pace of regulatory change unfortunately made operations at the Vernon facility currently unfeasible. The company could not justify the additional capital expenditures required at this time to complete construction and obtain a dealer’s license,” CEO Ralph Olson said in a press release.
“The company is now focused on establishing and growing retail sales channels for its branded line of functional mushroom products.”
The company’s board of directors has started a review process to explore strategic alternatives. That process will involve an evaluation of the company’s current strategic direction, operations, market valuation and capital structure.