SpeakEasy Cannabis Club (CSE: EASY) is evidently looking to get into the psychedelics space now that investor sentiment has somewhat cooled on the space. The company this morning announced that it has entered into a share purchase agreement to acquire that of Karolos Research.
The company provides few details on Karolos, aside from stating it is a company “operating in the psychedelics space.” The firm reportedly has IP that surrounds a digital psychedelics database, which is referred to as XCYBIN, as well as ownership of a natural health company, entitled Genetico Research, that is focused on bringing CBG and CBD products to market.
In connection with the announcement, SpeakEasy also announced that it intends to receive a license from Health Canada to cultivate unique strains of magic mushrooms, so that it can ultimately provide the benefits of psilocybin without the hallucinogenic effects following extraction and R&D. Karolos’ XCYBIN platform will then be used to service medical users of psilocybin once licensed to do so.
Under the terms of the transaction Karolos is to be acquired via the issuance of 11.5 million common shares of SpeakEasy, as well as 3.0 million common share purchase warrants. Each warrant is valid for a period of two years and contains an exercise price of $0.59 per common share.
SpeakEasy Cannabis last traded at $0.60 on the CSE.
Information for this briefing was found via Sedar and Speakeasy Cannabis Club. 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.
