Under the agreement, the Vancouver-based company — which changed its name from New Leaf Brands earlier this month — agreed to obtain all of the MindLeap's shares.
In return, Mydecine will issue close to 6.4 million of its common shares, and transfer CA$500,000 (US$369,000) in working capital to MindLeap, once the transaction is finalized.
According to the agreement, MindLeap is also entitled to an additional CA$500,000, which will Mydecine provide on or before September.
"This acquisition brings Mydecine an elite team drawn from tech, mental health, and science, paired with the innovative technology with a strong USP and large addressable market," said the company's Director and CEO Josh Bartch in a statement.
MindLeap is known for its digital health platform centered around psychedelics. The company will enable easier access to mental health and wellness services and programs as well as confidential video sessions, to name a few.
The company gathered a team of neuroscientists, psychotherapists, clinical psychologists, software developers, designers, and IOS and Android experts to work on the product design.
MindLeap founder and CEO Nikolai Vassev, a cybersecurity and data analytics expert, said the current social turbulences are a consequence of "the intense anxiety and fear that many people are feeling."
"Mindleap's platform is set to launch in a few short months and will provide much needed support to those people suffering from depression, addiction and other mental health issues," said Vassev.
According to the World Health Organization, over 450 million people globally are experiencing mental health disorders.
National Institute of Mental Health's data suggests that around 27% of the adult population in the US suffers from the same disorders.
However, only 41% have been taken care of, reports Mental Health First Aid.