New Mexico Governor Signs Bill Allowing for Psilocybin Use
'Medical Psilocybin Act' Provides Legal Access to Citizens for the First Time
LAS VEGAS, NV / ACCESS Newswire / April 9, 2025 / Hypha Labs, Inc. (OTCQB:FUNI), a pioneer in functional mushroom sciences and the creator of the MicroPearls™ suite of products, is pleased to announce that New Mexico governor Michelle Lujan signed SB 219, the Medical Psilocybin Act, which will establish the third state-legal psilocybin access system in the United States.
The Medical Psilocybin Act will provide patients with specific qualifying conditions to obtain the psychedelic and to use it under the guidance of a licensed healthcare provider.
'Today is another watershed event for functional mushrooms and the growing acceptance of their practical use in an array of applications,' stated Hypha Labs Chief Executive Officer, Stone Douglass. 'And it is long overdue.'
'As we embark on our journey to create the first device of its kind which will truly democratize mushroom ingredient production by allowing an individual to produce their desired 'crops' in predictable eight day cycles from the privacy and comfort of home, transformative events like this both affirm our mission and expand our market.'
'We believe as the legislative dominoes fall that other jurisdictions will see the successes in places like New Mexico as a template for their own jurisdictions,' added Douglass.
'We are at a tipping point.'
About Hypha Labs, Inc.
The company has developed revolutionary, cutting-edge technology focused on new methods of producing the active ingredients found in a wide array of functional mushrooms using its patent-pending mushroom accelerators. The Company is positioning itself to play an important role in the burgeoning Functional Mushroom industry in addition to being a disruptive force in future and emerging mushroom opportunities. Visit us at HyphaLabs.com.
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This press release may contain forward-looking statements that are based on current expectations, forecasts, and assumptions that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues related to our financial performance, expected revenue, contracts, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC) and on the OTC Disclosure & News Service (OTCDNS). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in our filings with the SEC and/or OTCDNS. Among other matters, the Company may not be able to sustain growth or achieve profitability based upon many factors including but not limited to the risk that we will not be able to find and secure construction contracts and the necessary assets that will enable us to become profitable. Reference is hereby made to cautionary statements set forth in the Company's most recent SEC and/or OTCDNS filings. We have incurred and will continue to incur significant expenses in our development stage, noting that there is no assurance that we will generate enough revenues to offset those costs in both the near and long term. New lines of business in the construction industry may expose us to additional legal and regulatory costs and unknown exposure(s), the impact of which cannot be predicted at this time. Words such as 'estimate,' 'project,' 'predict,' 'will,' 'would,' 'should,' 'could,' 'may,' 'might,' 'anticipate,' 'plan,' 'intend,' 'believe,' 'expect,' 'aim,' 'goal,' 'target,' 'objective,' 'likely' or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of this press release. Unless legally required, we undertake no obligation to update, modify or withdraw any forward-looking statements, because of new information, future events or otherwise.
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