Love Pharma Updates Microdoz Proposed Acquisition with Global Leader in Psychedelic Research
March 3, 2022
- This comprehensive study relating to the potential of psilocybin assisted treatment for cannabis use disorder will help to establish consumer confidence and differentiate LOVE Pharma treatments in the marketplace
- The World Health Organization notes that Cannabis is the “most commonly used psychoactive substance under international control, and that there is increasing demand of treatment for cannabis use disorders”1
VANCOUVER, BC, CANADA (March 3, 2022) – LOVE Pharma Co. (“LOVE” and or “The Company”)(CSE: LUV) (FSE: G1Q0), the Company is pleased to announce updated details on the proposed Microdoz Therapy acquisition (originally announced in a press release on November 23, 2021), whereby Microdoz has engaged exclusively with researchers at Johns Hopkins University, the top psychedelic center in the World, located in the eastern United States, to conduct a landmark study into the potential of psilocybin assisted treatment of cannabis use disorder. The company looks forward to working with the university and research experts on the study and, ultimately, licensing and commercializing the intellectual property developed by the landmark study.
“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,” said Mr. Zach Stadnyk, Love Pharma CEO. “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.”
Lucas Corrubia, Co-founder of Microdoz and PhD Candidate, stated: “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”.
Through the planned acquisition of Microdoz, partnering with the university to conduct this comprehensive study relating to the potential of psilocybin assisted treatment for cannabis use disorder will help to establish consumer confidence and guide the development and use of psilocybin product development and application. As a result, LOVE will continue to develop innovative products that establish new consumer applications. Science and efficacy are paramount to the LOVE Pharma strategy, as indicated by the Company’s research initiative to take place at Johns Hopkins. We look forward to completing this clinical study and licensing the intellectual property produced from it and, eventually, commercializing the prospective findings furthering our footprint in the bourgeoning psychedelics for therapeutic use space going forward and delivering value for our shareholders.
Terms of the Deal:
- $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
- Remaining 50% will be paid in four equal tranches over a 2-year period subject to the successful completion of certain millstones
This acquisition is subject to final due diligence, and it is anticipated to close in the coming weeks, for which, there is no guarantee.
In addition, pursuant to the company’s stock option plan, the company has issued 3,000,000 inventive stock options to consultants of the issuer exercisable at a price of $0.05 per share for a period of five (5) years, vesting immediately.
Zachary Stadnyk, CEO and Director
About Love Pharma Inc.
With a focus on the global sexual Health and Wellness markets, Love Pharma Inc. (CSE: LUV) (FSE: G1Q0) was founded in 2020, with a mission to bring to market innovative products that enhance sexual health and wellness while providing an improved quality of life. Love Pharma holds exclusive licenses to produce market, package, sell, and distribute patent-protected therapeutic and pharmaceutical products throughout Europe, the United Kingdom, and North America.
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