Shoom Street to Be Acquired By Graph Blockchain

Psychedelics are going main stream. This morning, Graph Blockchain (CSE: GBLC) announced that it signed a letter of intent to acquire the psychedelic focused brand Shoom Street Limited. The acquisition will consist of $1.0 million to be paid in the form of common shares of Graph Blockchain at a price of $0.05 per share.

Shoom Street is currently in the process of developing an online e-commerce platform for the sale of psychedelic truffles within legal jurisdictions. The firm also focuses on psychedelic media and branding, capitalizing on the recent trend of renewed interest in psychedelics, particularly psilocybin mushrooms.

Psilocybin is currently legal for sale in four jurisdictions around the world: Jamaica, Brazil, the Netherlands, and Samoa. Shroom Street intends to only sell its psychedelic products within these legal jurisdictions, and in other regions as legalization occurs for psychedelic mushrooms. The firm currently has first mover advantage in the space, due to limited legality around the world and thus limited corporate interest.

The growth of the Cannabis industry has been staggering and the investors who were early enough profited greatly. Investing in medicinal mushrooms in 2019 is looking to generate returns like those experienced in Cannabis 6-7 years ago and we are excited to be a part of it.

Jeffrey Stevens, Interim CEO of Graph Blockchain

Graph Blockchain intends to implement its cyber technology within the ecommerce platform to provide enhanced tracking and security for the sale of psychedelics.

The transaction is expected to close by December 31, 2019, subject to the signing of a definitive agreement.

Graph Blockchain closed yesterdays session at $0.015 on the CSE.

Information for this briefing was found via Sedar, and Graph Blockchain. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.