Canadian-based psychedelics company Nirvana Life Sciences (CSE: NIRV) has decided to acquire Medsmart Dispensary Inc., which has an exclusive North American license for “SOSA”, a patented herbal medicine used for addiction treatment. Nirvana had announced in November 2022 that it was looking at buying the company, but wanted to perform a formal due diligence review. Apparently it went well and Nirvana said it was definitely buying Medsmart in exchange for 5 million shares of Nirvana valued at $0.10 per share.
“The opportunity to acquire the rights to a therapy that has such a significant track record of success is a rare opportunity,” said CEO Bruce Clark. “The Nirvana project was formed with the belief that our innovations can make a difference to people affected by this crisis, the addition of the SOSA product to our program brings the prospect of success much closer. This acquisition will add a market ready product to our development portfolio and move our revenue generating projection ahead by more than three years.”
According to Nirvana, SOSA is a patented, WHO-approved, herbal treatment for opiate addiction that has been administered to more than 30 million patients in Asia. The company said that SOSA is registered with the health authorities in China, Indonesia, Thailand, Vietnam, and Cambodia and has been used to safely and effectively treat opiate addictions in these countries for over twenty years. Medsmart holds the exclusive license to distribute SOSA for North America with the right to extend the license to territories including Europe, Oceana, and the balance of the Americas.
Medsmart’s Managing Director, Mr. Mahmoud Aziz, said, “We believe that the SOSA product can be a game changer in the effort to help those afflicted with opiates addiction related disorders. For several years, we have been seeking a partner who shares our vision for this product and are pleased to join with the Nirvana team to bring this product to North America. Nirvana’s core focus on developing treatments for addictions makes this transaction a strategic one for both of our companies.”
A report from the WHO concluded that SOSA can be used “safely and effectively for heroin and other opiates addiction treatment, detoxification and acute heroin withdrawal symptoms.” “In addition, the side effects are minimal and tolerable.” SOSA has been proven to be effective at breaking the cycle of addiction to opioids and other opiate-based addictive drugs.