Pharmaceutical company engaging in development of cannabis derived therapeutic, nutraceutical, and human and animal lifestyle products Creso Pharma Ltd. (ASX: CPH) announced having completed acquisition of life sciences company focusing on researching novel psychedelics compounds Halucenex Life Sciences Inc.
Creso says prior closing the deal, it carried out intense due diligence about Halucenex and the wider psychedelic-assisted psychotherapy (PAP) sector.
Creso Pharma says this acquisition is a key strategic asset for the proposed merger deal between Creso and Red Light Holland to establish a HighBrid Laboratory. Going forward, Red Ligh is expected to work closely with research teams from Creso and Halucenex in its applied science activities.
“Creso’s completion of the Halucenex Life Sciences acquisition is an important psychedelic piece of the puzzle aligning with our core focus. Halucenex has clearly made significant progress in recent months and is well positioned to apply for clinical trial authorization and begin phase 2 trials, subject to the receipt of its Dealer’s License. This program is a fantastic first initiative for the HighBrid Lab’s applied science platform and represents a clear synergy of the proposed merger between Red Light Holland and Creso Pharma,” said Red Light’s CEO, Todd Shapiro.