Canada’s Mydecine Brands changing name to reflect focus on mushrooms

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June 4, 2020

Canadian CBD company Mydecine Brands Inc. is changing its name to Mydecine Innovations Group Inc. to reflect its focus on developing strains of psychedelic mushrooms.

The Vancouver, British Columbia-based company will now be called Mydecine Innovations Group Inc. and its ticker on the Canadian Stock Exchange is changing from NLB to MYCO. The change becomes effective Friday, the company said.

Last month, Mydecine Brands acquired Colorado-based Mydecine Group, which cultivates different strains of psilocybin mushrooms, also known as magic mushrooms.

Last year in May, Denver voters approved an ordinance to decriminalize psilocybin mushrooms.

Mydecine Brands said in a statement it “believes that the name and ticker symbol change reflects an initiative to align the Company’s brand with this new strategic focus.”