New age pharma/nutraceutical company specializing on disruptive technologies which target mental, sexual health and psychedelics markets Love Pharma Co. (CSE: LUV) (FSE: G1Q0) has updates the terms and conditions details concerning the acquisition of Microdoz Therapy.
On the other end, Microdoz Therapy says it has engaged exclusively with researchers from Johns Hopekins University to carry out a game changing study into the potential of psilocybin assisted treatment of cannabis use disorder.
Microdoz is looking forward to work with the researchers from John Hopkins University on the study and thereafter license and commercialize the intellectual property developed by the game changing study.
“The Hopkins team has paved the way for clinical psychedelic therapy research, and we are optimistic in working with their successful research team to develop a new therapy for cannabis abuse, and develop a long-lasting relationship with the global leader in medical research sciences,” said the CEO of Microdoz Therapy.
According to the updated terms of the purchase deal include;
- $1,000,000 CAD payable in common shares of the company subject to certain escrow provisions pegged to milestone achievements at a deemed price of $0.05 per share.
- 50% payable at closing of the definitive agreement which is anticipated to close in 14 days, subject to final due diligence.
- The remaining 50% will be paid in four equal tranches over a 2-year period subject to the successful completion of certain millstones.
This acquisition deal is subject to final due diligence and it’s expected to close a few weeks’ time however anything can still happen since no substantial step has been taken yet on the matter.
“This is a significant opportunity to develop treatments with efficacy for people who are today subject to Cannabis Use Disorder and those who will become subject to it in the future. The U.S. cannabis industry is forecast to surpass $41 billion by 20252, and the National Institute on Drug Abuse has released research suggesting 9% – 30% of people using cannabis may develop cannabis use disorder3, so we see an opportunity where Love can help people facing this disorder along with our research partners, while at the same time developing a lucrative market for treatment that will benefit our shareholders,” said the CEO of Love Pharma, Zach Stadnyk.