Pharmaceutical company developing cannabis extracted therapeutic, nutraceutical, and lifestyle products for human health Creso Pharma Ltd. (ASX: CPH) announced having entered an agreement to acquire psychedelics focused pharmaceutical company Halucenex Life Sciences .

Creso says it will be using this acquisition to explore genome sequencing of hallucinogenic mushrooms and to have a better understanding as to why they are referred to as magic mushroom.

Not long ago, Halucenex signed a partnership deal with Growing Together Research (GTR) to research on the genome sequencing of natural psilocybe, the fungus prized since ancient times for its psychedelic qualities.

Come June Halucenex will be starting its phase 2 trials evaluating psilocybin to treat post-traumatic stress disorder (PTSD) in veterans and first responders. The company is also seeking to research past mushrooms to include research on using LSD, ketamine and MDMA to treat mental health disorders, a move that considerably widen its opportunities.

Creso says all these developments prompted the acquisition but the partnership deal with Growing Together Research is what exited its investors the most.

The two companies will be working hand in hand to sequence the genomes of psychedelic mushrooms, especially the best-known strain psilocybe cubensis.

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