Life sciences company focused on psychedelics therapies Lobe Sciences Ltd (CNSX: LOBE) (OTC: GTSIF) announced having purchased Vitamind, a consumer goods product line. Lobe made this acquisition through its wholly owned subsidiary Eleusian Biosciences Corp.
Vitamind is an entity of non-psychedelic functional mushroom products that entails three products lines focused on boosting immune response and increasing mental clarity.
According to the purchase agreement signed on April 30, 2021, between the two parties which is also a holding corporation, Eleusian Biosciences holds rights to Vitamind as the vendor.
Following the acquisition deal, lobe has now added consumer packaged goods (CPG) line of mushroom products across its psychedelics platform further expanding its reach in psychedelics.
“We are pleased to announce the acquisition of this CPG brand, continuing the Company’s success in achieving its ongoing M&A initiatives. Functional mushrooms have been gaining popularity with consumers. Not only do we expect that the Vitamind line of products will provide us with top line revenues, but we anticipate that it will also allow for exciting opportunities for development of complementary new products as we expand our reach across the growing psychedelics space,” said Lobe’s CEO Philip Young.