Champignon Closes AltMed Transaction, Partners With Leading Canadian Pharmacy

Champignon Brands (CSE: SHRM) today announced that it has partnered with a major pharmacy chain within Canada to dispense its ketamine topical prescription product throughout the network. While the pharmacy chain was not addressed by name, it is said to be one of the leading chains within the country.

Under the arrangement, Champignon will see the pharmacy perform central fill and compounding functions for the firms proprietary ketamine formulations at one location. The products will then be distributed as needed throughout the pharmacies network of locations. Champignon will be utilizing this network to also distribute its products to numerous medical and pain and addiction clinics throughout the nation.

In connection with the arrangement, Champignon and the pharmacy have begun to design a custom level “B” clean room which will be used to compound and package the ketamine formulations, which is expected to be completed by the third quarter of 2020. Such formulations include off-market intranasal esketamine and ketamine topicals.

Outside the developments of Champignon’s ketamine formulations, the company also announced that it has closed the transaction with that of AltMed Capital Corp. AltMed operates a ketamine clinic in Ontario known as the Canadian Rapid Treatment Centre of Excellence (CRTCE), for which it recently acquired 100% of, in addition to being a psychedelic medicine IP aggregator and novel drug discoverer.

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Champignon currently intends to open five additional ketamine clinics across North America by the fourth quarter of 2020, with locations planned for New York, California, and Florida.

Champignon Brands last traded at $0.88 on the CSE.

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