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Lexston Announces a Memorandum of Understanding with United States Based Panacea Plant Sciences Inc. for Research and Development of Psychedelics and Cannabis

Lexston Announces a Memorandum of Understanding with United States Based Panacea Plant Sciences Inc. for Research and Development of Psychedelics and Cannabis

(TheNewswire)


Lexston Life Sciences Corp.

Vancouver, British Columbia –
TheNewswire –
January 10, 2022

Lexston Life
Sciences Corp. (the

“Company”
or
“Lexston”
)
(CSE:LEXT)
(CNSX:LEXT.CN)
(OTC:LEXTF) is pleased to announce the
signing
of a Memorandum of Understanding (the


MOU

) between its wholly owned subsidiary Egret Bioscience Ltd.
(
“Egret”
) and Panacea Plant Sciences Inc. (
“Panacea”
),
a leading United States biotechnology company
focused on developing new therapeutic, cultivation, extraction and
isolation techniques for high value natural products such as
psychedelic-containing lifeforms and cannabis.

Under the terms of the MOU, Panacea and Egret intend to
create joint ventures (


JV

)
through which they plan to expand the supply chain, reduce
the supply cost, and characterize the chemistry and pharmacology of a
suite of psychedelic compounds using each team’s particular
expertise. The goal of the JVs will be to
develop cell-based culture systems for the
standardized production and formulation of novel psychedelic
combinations. In addition to assigning intellectual property to the
JV, the parties will also assign four percent (4%) of its equity to
environmental and indigenous groups associated with the lifeform or
compound of interest.

The teams recently launched an initial pilot study on
allosteric modulators of the serotonin receptor 5HT2A in combination
with DMT, 5-Meo-DMT, mescaline, LSD, and psilocin. This work will
identify the mechanisms for the entourage effect of psychedelic plant
and fungi.

“We are excited to continue our collaboration
efforts with Panacea. This agreement is significant for Lexston as it
allows us to expand on our expertise in the chemical and genetic
analyses of natural products to classical psychedelics. Involving the
indigenous groups is an important aspect to both companies as it
encourages acceptance of our research and can potentially improve many
lives.” States Dr. Philippe Henry, Chief Science Officer and
Director of Lexston.

The parties will also explore different botanical
sources of naturally derived tryptamines to identify ideal candidates
for traditional and cell culture-based production. The research is
expected to lead to low-cost manufacturing of psychedelic compounds
which may reduce costs for researchers as well as patients once these
items are approved by regulators.

Both parties hold licenses in their respective
jurisdictions for scientific research on cannabis and are applicants
for psychedelic research licenses with the US DEA and Health Canada.
The parties have also entered into a material transfer agreement in
which Panacea will transfer key germplasm for botanicals containing
uncontrolled tryptamines and phenethylamines such as
Lophophora williamsii,
Echinopsis
pachanoi,

Pterocarpus santalinus
and
Anadenantherra peregrina
to Lexston for the optimization of plant tissue and cell
culture methodologies alongside chemical and genetic characterization
of the Panacea germplasm.

For more information and to subscribe to the
Company’s mailing list, please visit
https://lexston.ca/contact/
.

About Lexston Life Sciences
Corp.

Lexston Life Sciences Corp. is a Canadian biotechnology
company providing cannabis testing and research services. Lexston is
also in the process of securing licensing under the exemptions
prescribed by section 56 of the Controlled Drugs and Substances Act
(Canada) to enable the expansion of its services into the psychedelic
industry with an initial focus on the detection and quantification of
psychedelic molecules in the lab and point of care. Lexston intends to
develop and validate methods for standardized
manufacturing of plant derived psychedelics in support of
burgeoning trials in the field of mental health and wellness.

On Behalf of the Board of Directors

LEXSTON LIFE SCIENCES CORP.

Jagdip Bal Chief Executive Officer

Telephone: (604) 928-8913

Forward-Looking Statements

This news release contains forward-looking statements
and information within the meaning of applicable securities
legislation. Often, but not always, forward-looking statements and
information can be identified by the use of words such as “plans”,
“expects” or “does not expect”, “is expected”,
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and unknown risks, uncertainties and other factors which may cause the
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contained in this news release.

Risks, uncertainties, and other factors involved with
forward-looking information could cause actual events, results,
performance, prospects, and opportunities to differ materially from
those expressed or implied by such forward-looking information. The
Canadian Securities Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this
news release.

Copyright (c) 2022 TheNewswire – All rights reserved.

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