- Creso Pharma’s (CPH) acquisition of Canadian psychadelics company Halucenex Life Sciences is now complete
- The cannabis business paid $500,000 cash and handed over 29.2 million CPH shares and 17.5 million performance shares to acquire Halucenex
- It says the Candian company will give it access to the growing global psychedelics market, estimated to be worth US$100 billion (A$133.8 billion)
- Halucenex is gearing up to run a phase two clinical trial testing psilocybin, the ingredient in magic mushrooms, on those with PTSD
- Creso Pharma shares are trading up 7.69 per cent at 14 cents each at 11:15 am AEST
Creso Pharma (CPH) has completed the planned acquisition of Canadian psychedelics company Halucenex Life Sciences.
CPH announced in March this year it would be acquiring Halucenex for $500,000 cash, 29.2 million CPH shares and 17.5 million performance shares.
The ASX-listed cannabis stock said it was interested in Halucenex as it gave it access to the growing global psychedelics market, estimated to be worth US$100 billion (A$133.8 billion).
Halucenex has been gearing up to run a phase two clinical trial testing psilocybin, the active ingredient in magic mushrooms, on those with post-traumatic stress disorder (PTSD).
Company Founder and CEO Bill Fleming said on Wednesday when the acquisition was completed that its clinical trial application was progressing well.
“Halucenex continues to track very well from an operational standpoint. Recent USP 61 results have highlighted that our GMP grade psilocybin is now validated ahead of a clinical trial,” Mr Fleming said.
“We expect USP 62 testing to be finalised before the end of the month, which will allow us to take another step towards the commencement of our phase two clinical trial.”
Meanwhile, CPH Non-executive Chairman Adam Blumenthal said the acquisition would provide synergies for the company’s proposed merger with Red Light Holland.
“Completing the acquisition of Halucenex is a major milestone for Creso Pharma and we will now pursue a number of near-term value creation strategies through the subsidiary and in preparation of the proposed merger with Red Light Holland,” Mr Blumenthal said.
“This acquisition has allowed Creso Pharma to emerge as a best-in-class provider of cannabis, cannabinoids and alternative psychedelics solutions to meet a large and unmet demand to improve mental health and wellbeing.”
Creso Pharma shares were trading up 7.69 per cent at 14 cents each at 11:15 am AEST.