Mind Cure Health (CSE: MCUR) has signed a non-binding letter of intent to conduct a strategic investment into that of ATMA Journey Centers Inc. The arrangement, which is to also include a commercial cooperation agreement, will see the company secure an equity position within the firm, which is the first commercial treatment centre in Canada providing psychedelic-assisted therapy for exempt patients.
Based in Calgary, ATMA is focused on section 56 exempt patients, to whom it offers this psychedelic-assisted therapy. The company is the first such provider in Canada, with the exemption enabling the company to provide the assisted therapy to patients whom are seeking such a type of healthcare.
The collaboration between the two parties will also see ATMA researchers and therapists partake in Mind Cure’s research programs into pain, migraines, cluster headaches and neuroregeneration. The arrangement will also see the exclusive use of the firms iSTRYM digital therapeutics platform throughout ATMA’s operations, providing speed and scale for data enrichment of the psychedelics-focused technology platform, while also providing further access to patient data.
“ATMA’s clinicians possess a proven track record of advocacy and innovation driving toward the therapeutic benefits of psychedelic medicine for patients in the treatment of mental health and wellness. With Mind Cure’s therapeutic tool, iSTRYM, along with ATMA’s pivotal achievement as the care provider for Canada’s most recent section 56(1) exempt patient, mental health care in Canada is making history.”Kelsey Ramsden, President & CEO of Mind Cure
The current non-binding letter of intent signed by the two firms proposes an initial investment of $500,000 by Mind Cure into that of ATMA for an undisclosed stake in the operation. The arrangement will also see the involvement of Mind Cure in future financings conducted by ATMA, as well as the previously mentioned exclusive use of iSTRYM throughout ATMA’s operations. A definitive agreement is expected to be negotiated by the two firms on a go-forward basis.
Mind Cure Health last traded at $0.68 on the CSE.
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