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TeaLief Maker To Acquire Medicinal Mushroom Company

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TeaLief Maker To Acquire Medicinal Mushroom Company

NewLeaf Brands Inc. (CSE: NLB) (OTC: NLBIF) (FSE: 0NF), which makes the hemp-oil infused beverage TeaLief, has signed a letter of intent to purchase Mydecine Group, a company that specializes in medicinal mushroom and fungi.

The purchase price is about $850,000. 

Mydecine, a vertically integrated Colorado-based company, operates via three sectors: “Mydecine Wellness”, "Psydecine Labs" and "Mydecine Farms.”

Some of those compounds are already being utilized to design therapeutics that could help with health disorders like PTSD, depression and opiate addiction, the company said.

Statistics show that one in every six youths — ages 6 to 17 — in the U.S. suffers from some kind of mental health ailment every year, while one in 25 adults in the U.S. lives with a serious mental disorder.

Under the letter of intent, NewLeaf Brands is expected to buy 100% of Mydecine’s shares, and cover a finder’s fee for the transaction.

“We share a common vision of Mydecine in the sense of seeing the vast potential of mycology as a whole, not just the compound psilocybin,” Joshua Bartch CEO of NewLeaf Brands said in a statement.  “Numerous other compounds found in fully legal fungi are very exciting and hold the potential to make truly revolutionary discoveries, IP and products.  We see this as an incredibly early opportunity with enormous potential upside."

In addition to TeaLief, NewLeaf Brands also owns We are Kured LLC, Drink Fresh Water LLC and ReLyfe Brand LLC. The company's shares closed Tuesday’s market session 27.66% higher at 9 cents per share.

Photo courtesy of NewLeaf

 

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