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'Psyched': Mota Buys German Psilocybin Producer, Champignon Announces New CEO, $10M In Funding

May 23, 2020 3:32 pm
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'Psyched': Mota Buys German Psilocybin Producer, Champignon Announces New CEO, $10M In Funding

Psyched is a bi-monthly column covering the most important developments in the industry of medicinal psychedelics. We hope you follow us periodically as we report on the growth of this exciting new industry.

Cannabis Co. Pharmadrug Signs LOI To Purchase Dutch Psychedelics Retailer Super Smart

Canada-based cannabis company Pharmadrug Inc. (CSE:BUZZ) (OTC:LMLLF) announced on May 20 the signing of a letter of intent to purchase Super Smart.

Super Smart is a Dutch retail company focused on the sale of psychoactive truffles through the country’s existing network of legal “smartshops”: brick-and-mortar shops that sell psilocybin products grown in a legally grey market.

The letter of intent is non-binding and will be replaced by a final agreement between Pharmadrug and Super Smart, subject to shareholder and regulatory approvals.

Mota Ventures Agrees To Buy German Psilocybin Innovator For $14M

Mota Ventures (CSE:MOTA) (OTC:PEMTF) has entered the psychedelics market with the purchase of Verrian Ontario Ltd.

The cannabis e-commerce retailer has signed a binding term sheet to purchase Verrian Ontario for CA$20 million ($14.2 million) on May 13.

The purchase of Verrian comes as part of the company’s plan to expand its footprint into Europe. The deal includes Verrian's 110,000 square-foot pharmaceutical manufacturing facility in Radebeul, Germany.

Verrian is a pharmaceutical manufacturer and testing lab that has developed “PSI Gen,” a line of psilocybin capsules derived from organic mushrooms and natural herbs. The company aims to use psilocybin microdosing as a treatment for opioid addiction.

"Our acquisition of Verrian is another step forward in executing our vision to use our powerful e-commerce platform for new and innovative natural health products," said Ryan Hoggan, CEO of Mota.

Champignon Brands Announces New CEO, $10M In Funding And M&A Deal

Psychedelic-focused health company Champignon Brands (CSE:SHRM) (OTCQB:SHRMF) went on an announcement spree from May 11 to 12.

In two days, the company presented a new CEO, announced a $10-million private placement and stated its intention to buy a ketamine clinic in California.

Dr. Roger McIntyre, the company’s new CEO, is a professor of psychiatry and pharmacology at the University of Toronto and head of the Mood Disorders Psychopharmacology Unit at Toronto’s University Health Network.

McIntyre told Benzinga his experience as head of an influential scientific research center in mood disorders, along with personal contact with mood disorder patients for over 20 years, provided him with the “clarion call” to achieve the goals that Champignon has for patients and investors.

Champignon said it closed a private placement deal with Canaccord Genuity Corp. and Eight Capital. Under the agreement, Canaccord and Eight Capital agreed to purchase 11,765,000 units of the company at a price of 85 cents per unit, amounting to about $10 million.

The company also announced the execution of a term sheet portraying the intention to purchase Wellness Clinic of Orange County Inc., a California-based ketamine infusion treatment center.

While the term sheet is non-binding, it expresses both parties’ mutual intention for executing a definitive acquisition agreement.

If concluded, the acquisition would establish Champignon’s operations in U.S. soil.

McIntyre said his company aims to establish a significant scale and a sizable footprint of integrated ketamine clinics working on providing therapeutic options for patients suffering from chronic disease that have failed conventional treatments.

PsyTech Virtual Summit To Be Held Online May 25-26

Ehave Inc.(OTC:EHVVF) and its subsidiary PsyTech announced the upcoming Psychedelic Industry Webinar, which will be held online May 25-26.

Researchers, investors and experts from the psychedelics community will discuss the latest research, therapeutic applications, patient advocacy, public policy and regulation. 

Speakers include:

  • Saul Kaye, Founder CEO, iCAN: Israel Cannabis
  • Shlomi Raz, Chairman/Founder, Eleusis
  • JR Rahn, Co-Founder/Director, MindMed
  • Hayim Raclaw, Managing Director, Psytech
  • Matthew Johnson, PhD., Professor of Psychiatry and Behavior, Johns Hopkins

Graphic based on Unsplash photo.

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