NEW YORK, June 18, 2020 /PRNewswire/ -- There are numerous incredible innovations scientists and researchers have made in biotechnology in recent years. Among the fields of study are gene editing, tissue engineering and regeneration, nanobiotechnology and others. In addition, new segments under the biotech umbrella are constantly being created. For instance, the medical cannabis segment that has emerged in recent years, or the growing acceptance of psychedelic drugs. In recent studies, led by a number of universities and research institutions, data indicates the usefulness of potential applications of psilocybin. This naturally occurring substance was studied for use in the treatment of psychiatric conditions. In recent time, psychedelics have been used as potential treatment for various health conditions including depression, panic disorders, post-traumatic stress disorder (PTSD), and opiate addiction. Rick Doblin, Ph.D., Founder and Executive Director of the Multidisciplinary Association for Psychedelic Studies (MAPS), explained, according to an article by Forbes, that "the new psychedelic industry will need to focus on public benefit as well as profit in order to avoid a cultural backlash against these historically misunderstood substances." Mydecine Innovations Group Inc. (OTC: MYCOF) (CSE: MYCO), Cronos Group Inc. (NASDAQ: CRON), Village Farms International, Inc. (NASDAQ: VFF) (TSX: VFF), Tilray, Inc. (NASDAQ: TLRY), Sorrento Therapeutics, Inc. (NASDAQ: SRNE)
Just last year, the Johns Hopkins School of Medicine opened the Center for Psychedelic and Consciousness Research in Baltimore. Headed by renowned researcher Roland R. Griffiths, Ph.D., the Center aims to research the use of psychedelics to study the mind and identify therapies for diseases such as addiction, PTSD and Alzheimer's. According to the university, a group of private donors has given USD 17 Million to start the Center, making it what's believed to be the first such research center in the U.S., and the largest research center of its kind in the world. These recent developments make the young psychedelic market to be similar to the cannabis industry in its early steps. The legalization of cannabis in the U.S. dates back to the 1990s when California first legalized medical use. Following California's lead, other states such as Oregon, Alaska, Washington, Maine, and Colorado all legalized medicinal cannabis just a few years after. Moreover, all of these states have since legalized the recreational use of cannabis. However, the process to legalize adult-use did not come into effect for more than a decade later when Colorado and Washington completely reshaped the cannabis industry when they became the first states to legalize recreational use back in 2012. Cannabis for medical products is being used to ease symptoms related with cancer, HIV/AIDS, multiple sclerosis, epilepsy, Alzheimer's, Parkinson's, and chronic pain.
Mydecine Innovations Group Inc. (OTC: MYCOF) (CSE: MYCO) announced breaking news yesterday that, "it has signed a definitive share exchange agreement with Mindleap Health Inc. ("Mindleap") for the acquisition of a 100% interest in MindLeap's Digital Telehealth Platform focused on the emerging psychedelics industry.
Pursuant to the share exchange agreement, Mydecine will acquire 100% of the issued and outstanding shares of Mindleap in exchange for: (i) 6,363,636 common shares in the capital of the Company, and (ii) the binding commitment to advance CAD $500,000 in working capital to Mindleap upon closing of the transaction and an additional CAD $500,000 on or before September 1, 2020. Certain principals of Mindleap will be subject to resale restrictions on the sale of the Mydecine shares for the periods ending 4, 12, 18, and 24 months from closing. Closing of the acquisition is subject to the receipt by Mindleap of the signatures of all of its shareholders on the share exchange agreement.
Mental health has been a big issue and is a major focus for the Mydecine Group of companies. Currently the World Health Organization estimates that there are more than 450 million people suffer from mental health disorders worldwide placing mental disorders among the leading causes of ill-health and disability worldwide. The US has the highest prevalence of mental health disorders in the world with 27 percent of adults, yet only 41 percent of the people who had a mental disorder in the past year received professional health care or other mental health services due to convenience and cost associated.
Mydecine Director and CEO, Josh Bartch, stated: "This acquisition brings Mydecine an elite team drawn from tech, mental health, and science, paired with innovative technology with a strong USP and large addressable market. The scalability of the platform means high potential return on investment especially given Mindleap's 1st mover advantage in the rapidly emerging psychedelic medicine sector."
Mindleap is focused on making a considerable difference in people's lives by improving access to mental health services and providing more personalized and effective treatments utilizing the latest technology. The Mindleap Platform upon launch will provide:
The team of mental health professionals that led the product design at Mindleap comprise of four PHD's including leading neuroscientists, psychotherapists, and clinical psychologists. Mindleap's CTO Simon Abou-Antoun has 10+ years of technical leadership, managing large projects and developing custom solutions for companies including Amazon, Scotia Bank and Fiat Chrysler. Simon commented: "We have gathered a strong team with different sets of skills ranging from software developers, UX/UI designers and IOS and Android experts. Our full stack, frontend, backend, Cloud and QA specialists are currently focused on ensuring all requirements are met so we can launch Mindleap by the end of summer."
Mindleap's founder and CEO Nikolai Vassev brings a unique skillset to the company as he has proven experience driving top line software licensing and SAAS revenue into some of the largest organizations in the world. During his career he has sold millions of dollars worth of cybersecurity and data analytics solutions and understands the intricacies of successfully implementing software solutions that are bringing value to customers, partners, and end users. Nikolai will be representing Mindleap and Mydecine at the "Investing in Psychedelics" event put together by the Canadian Securities Exchange, and CFN Media along with other industry executives and experts. You can register to attend for free here and can tune in on June 17 starting at 12:00pm PDT.
Nikolai Vassev, Mindleap Founder and CEO commented: "The intense anxiety and fear that many people are feeling has led to social instabilities as the virus crisis and economic collapse continues to worsen and compound already existing problems. 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."
Mindleap is currently accepting applications from mental health provides. If you are interested in applying to be a specialist or getting on the wait list to use the platform, you can sign up here: https://mindleap.health/contact"
For our latest "Buzz on the Street" Show featuring Mydecine Innovations Group Inc. recent corporate news, please head over to: https://www.youtube.com/watch?v=prqQuYFWja8 https://www.youtube.com/watch?v=n4ahjRz1UNY
Cronos Group Inc. (NASDAQ: CRON) announced last September that it had closed its previously announced acquisition of four Redwood Holding Group, LLC operating subsidiaries. The transaction provides Cronos Group with a leading U.S. hemp-based products platform, including hemp-derived cannabidiol infused skincare and other consumer products that are sold online and through retail and hospitality partner channels in the United States under the brand, Lord Jones™. Mike Gorenstein, Cronos Group's Chairman, President and Chief Executive Officer, said, "This acquisition is one of a number of new growth opportunities that is differentiating our company and our strategic direction. We are pleased to have completed this acquisition and look forward to working closely with Rob and Cindy to further build on their record of innovation and fully capitalize on the platform they have created."
Village Farms International, Inc. (NASDAQ: VFF) (TSX: VFF) announced recently that Governor Greg Abbott has signed into law Texas House Bill 1325 (the "Texas Hemp Legislation"), which effectively legalizes the cultivation of hemp and processing of hemp and hemp-derived products, including cannabidiol (CBD) in the State. As previously announced, in anticipation of the passage of the hemp legislation in Texas, Village Farms has begun conversion of half of its 1.3 million square foot, ultra-high-tech Permian Basin greenhouse (which utilizes the Company's proprietary GATES® technology) for cultivation of high-CBD hemp and CBD extraction. The Texas Hemp Legislation will require licenses for both the cultivation and processing of hemp and Village Farms plans to apply for the requisite licenses as soon as it is permitted to do so. No time frame has yet been provided by the State of Texas for the licensing process.
Tilray, Inc. (NASDAQ: TLRY) announced earlier this year its entry into a strategic agreement with Canndoc Ltd., a wholly-owned subsidiary of InterCure Ltd., through its wholly-owned subsidiary Tilray Portugal Unipessoal Lda., to export a wholesale shipment of up to 2.5 tons of medical cannabis from Portugal to Israel. "The cooperation between Canndoc, an Israeli cannabis pioneer and Tilray, a global cannabis pioneer, is a significant breakthrough for both Canndoc and the entire Israeli market," said Ehud Barak, former Israeli Prime Minister and Chairman of the Canndoc Board of Directors. "This enables the two companies to offer a broad product range for Israeli patients and patients worldwide in the near future. This is an important milestone for Canndoc's growth strategy."
Sorrento Therapeutics, Inc. (NASDAQ: SRNE) announced last year that it has formed a Chinese joint venture, Shenzhen Yunma Biotechnology Co., Ltd. (, with LifeTech Scientific Co., Ltd. to commercialize Sorrento's proprietary water soluble cannabidiol (CBD) formulation technologies for consumer and pharmaceutical applications in Asia (excluding Japan). In addition, Shenzhen Yunma's subsidiary, Yunnan Masheng Health Science Co., Ltd., has obtained a Yunnan industrial hemp plantation permit, as well as governmental pre-approval to establish an industrialized processing, CBD extraction and isolation operation in Kunming (Yunnan Province, China). Sorrento holds 40% of the equity in the Shenzhen Yunma joint venture and LifeTech holds the remaining 60% of the equity. Sorrento has contributed the exclusive license to Sorrento's water-soluble CBD technology for the Asian territory to Shenzhen Yunma. With the hemp and CBD supplies from Yunnan Masheng secured, Shenzhen Yunma will build manufacturing capacity to potentially deliver hundreds of metric tons of CBD annually to the global markets.