NEW YORK, May 4, 2020 /PRNewswire/ -- Psychedelics are a class of pharmacological compounds that produce numerous changes in consciousness. The most commonly used psychedelic compounds are psilocybin (originated in mushrooms), LSD (lysergic acid diethylamide), DMT (dimethyltryptamine), and mescaline. There are recent indications, coming out from the studies conducted with the compounds, that products made from psychedelics may have actual medical benefits in treating conditions such depression. Newleaf Brands Inc. (OTC: NLBIF) (CSE: NLB), Organigram Holdings Inc. (NASDAQ: OGI), Charlotte's Web Holdings, Inc. (OTC: CWBHF) (TSX: CWEB), Green Thumb Industries Inc. (OTC: GTBIF) (CSE: GTII), The Supreme Cannabis Company, Inc. (OTC: SPRWF)
This new field of potential medicinal substances may follow a similar path to legalization as the cannabis industry. Following the passage of numerous legislations in recent years, the North American cannabis industry is positioned to continue to witness growth in its consumers. In particular, the U.S. is anticipated to dominate the global cannabis market because of its early adoption while Canada is expected to trail behind, even though it is the second nation to ever completely legalize cannabis. Currently, the medical cannabis segment accounts for the majority of the overall industry, largely because of the growing adoption of alternative treatments. Medical researchers have highlighted that cannabis can be effectively used to treat ailments such as cancer, epilepsy, Alzheimer's, Parkinson's, and chronic pain.
Newleaf Brands Inc. (OTC: NLBIF) (CSE: NLB) announced last week that it, "wishes to clarify the terms of its definitive agreement (the "Agreement") to acquire Mydecine Group ("Mydecine"), a Colorado headquartered company, which was announced on April 30, 2020.
Mydecine is a vertically integrated company engaged to utilize the vast medicinal, health and wellness capabilities of the plethora of compounds found in various strains of mushroom and fungi as a whole. The Company, through its three wholly-owned divisions, "Mydecine Farms", "Mydecine Wellness", and "Mydecine Labs" aims to be an industry pioneer in the cultivation, processing, product development, and research and development of the many beneficial and exciting compounds that are found in various strains of mushroom and fungi from all around the world.
The Company has entered into the Agreement to acquire 100% of the issued and outstanding share capital of Mydecine, (the "Acquisition"). Pursuant to the Agreement, the Company will purchase 100% of the issued and outstanding share capital of Mydecine in exchange for 17,000,000 common shares in the capital of the Company (the "Shares") at a deemed value of $0.071 per Share representing, in the aggregate, 30.9% of the issued and outstanding Common Shares on a non-diluted and partially diluted basis for an aggregate gross proceeds of $1,207,000 CAD ($850,000 USD). The transaction won't constitute a change of control. The Company paid a finder's fee of 1,360,000 Shares in the capital of the Company at a deemed price of $0.071 per share to a qualified arms' length third party in connection with the closing of the Acquisition.
In connection, and as part of the Acquisition, 3063625 Nova Scotia Ltd. of Halifax, Nova Scotia will acquire 11,500,000 common shares at a deemed value of $0.071 per Share of the Company (the "Common Shares"), representing, in the aggregate, 20.9% of the issued and outstanding Common Shares on a non-diluted and partially diluted basis. Prior to the Acquisition, 3063625 Nova Scotia Ltd. did not beneficially own, or exercise control or direction over, any securities of the Company. 3063625 Nova Scotia Ltd. is acquiring these securities for investment purposes and may, from time to time, acquire additional securities of the Company or dispose of such securities as 3063625 Nova Scotia Ltd. may deem appropriate.
A copy of the early warning report that will be filed by 3063625 Nova Scotia Ltd. may be obtained on the Company's SEDAR profile or by contacting the Company.
To learn more about Mydecine please visit the company's website at: www.mydecine.com"
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Organigram Holdings Inc. (NASDAQ: OGI) announced on February 20th, that it continues the roll out of its innovative portfolio of recreational adult use cannabis products including vape pens and cannabis-infused chocolate. Organigram has sent its first shipments of its Edison vape pens powered by Feather technology to jurisdictions across Canada from the Company's Moncton production campus. Organigram, for its Edison Cannabis Co. brand, has an exclusive agreement in Canada with Feather Company Ltd., a cannabis innovator committed to the production of premium-quality products that enhance the cannabis experience for consumers. Edison vape pens rely on Feather's innovative technology and pen construction. The well-crafted, inhalation-activated pens are designed to offer adult consumers a simple, intuitive user experience. The ready-to-use vape pens combine sophisticated design, cannabis distillate and curated terpene blends, representative of Edison's star strains' iconic aroma profiles.
Charlotte's Web Holdings, Inc. (OTCQX: CWBHF) (TSX: CWEB) and Abacus Health Products, Inc. announce that they have entered into a definitive arrangement agreement pursuant to which Charlotte's Web proposes to acquire all of the issued and outstanding subordinate voting shares of Abacus, after conversion of all outstanding proportionate voting shares of Abacus into Abacus Shares. Under the terms of the Arrangement Agreement, shareholders of Abacus will receive 0.85 of a common share of Charlotte's Web for each Abacus Share held. The Exchange Ratio implies a price per Abacus Share of CAD 4.39, representing a premium of 38% based on the 10-day volume weighted average price ("VWAP") of the Abacus Shares on the Canadian Securities Exchange ("CSE") and the 10-day VWAP of the Charlotte's Web Shares on the Toronto Stock Exchange ("TSX") as of March 20th, 2020, for implied total equity consideration of approximately CAD 99 million.
Green Thumb Industries Inc. (OTCQX: GTBIF) (CSE: GTII) cannabis consumer packaged goods company and owner of Rise™ and Essence retail stores, announced recently that it is opening its 43rd location, Rise Lakewood, on April 13th. This is the fifth Rise™ store in Ohio and the second Rise™ location in Lakewood. "As a designated essential business during the ongoing COVID-19 crisis, we are honored to provide cannabis to more members of the community with a second location in Lakewood," said GTI Founder and Chief Executive Officer Ben Kovler. "We are grateful to be able to promote well-being through the power of cannabis, especially during these stressful and uncertain times."
The Supreme Cannabis Company, Inc. (OTCQX: SPRWF) announced last December, the launch of Sugarleaf by 7AC. Sugarleaf is Supreme Cannabis' newest introduction of high-quality cannabis experiences to the Canadian marketplace. Sugarleaf widens the Company's product offerings and targets consumers who demand a more refined, milder consumption experience as they discover their own cannabis taste preferences and desires. Sugarleaf products are created using the sugary-looking, trichome-dense, dry-cured sugar leaves from 7ACRES' coveted strains. Made with the high-end 7ACRES strains that consumers trust, Sugarleaf offers a consistently high-quality, smooth and flavourful taste, and aroma. Sugarleaf's first product will be rolled joints made with fan-favourite strains of 7ACRES. Additional product formats, focused on offering consumers elegant, ready-to-enjoy and convenient cannabis experiences, will be introduced to the market in the new year, including cannabis 2.0 products.
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