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  • Creso Pharma (CPH) is considering speeding up its planned U.S. entry after a psychedelics bill passed through the Californian Senate
  • Senate Bill 519 essentially paves the way for the use and possession of psilocybin and other psychedelic compounds to be legalised
  • CPH has labelled the news encouraging, as it continues to progress the planned acquisition of Halucenex — a Canadian psilocybin business
  • Creso has appointed a Director of U.S. Business Development and a Strategic Advisor as it works to progress the Halucenex partnership
  • The company will also accelerate its agreement with U.S. scientific consulting firm, HetereoGeneity, to facilitate a faster market entry
  • Shares in Creso Pharma are up 26.8 per cent at 17.8 cents each

Creso Pharma (CPH) is considering speeding up its planned U.S. entry after a psychedelics bill passed through the Californian Senate.

Senate Bill 519 essentially paves the way for the use and possession of psilocybin and other psychedelics to be legalised in the state.

CPH has labelled the news encouraging as the company continues to progress its planned acquisition of psilocybin business Halucenex.

The Canadian company researches and develops psychedelics compounds, including psilocybin — the active ingredient in magic mushrooms.

To help facilitate entering the U.S. psychedelics market, Creso has appointed John Griese as Director of U.S. Business Development and Bruce Linton as Strategic Advisor.

Additionally, CPH has announced today it will accelerate its agreement with U.S. scientific consulting firm, HetereoGeneity, to facilitate a faster American entry

Creso Non-executive Chairman Adam Blumenthal said the company wants to be a first-mover in the U.S. psychedelics sector.

"This is a major development for Creso Pharma and Halucenex and provides a key strategy piece, which will underpin our expansion into the U.S. market," he said.

"The board and management team are actively assessing a number of strategies to expedite a U.S. market entry and will leverage our existing partnerships and technical experience in the psychedelic space to unlock further value for shareholders.".

Creso Pharma shares are trading 26.8 per cent in the green at 17.8 cents each at 1:20 pm AEST.

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