NewLeaf Brands Inc. (CSE: NLB) (OTC: NLBIF) has signed a letter of intent to purchase Colorado-based Mydecine Group in an all-stock deal valued at $850,000. Mydecine is a vertically integrated company engaged to utilize the vast medicinal, health and wellness capabilities of the many compounds found in various strains of mushroom and fungi as a whole.
“We’ve been watching and closely monitoring the progress of the mycology space for some time now. Given that we are located in the home state to first decriminalize psilocybin in the U.S., the Company has had a unique opportunity to get a jump on the potential industry as a whole,” said Joshua Bartch CEO of NewLeaf Brands in a statement. “So far, Denver and Oakland have decriminalized psilocybin, while Oregon has a measure to legalize the substance as soon as this year! We share a common vision of Mydecine in the sense of seeing the vast potential of mycology as a whole, not just the compound psilocybin. Numerous other compounds found in fully legal fungi are very exciting and hold the potential to make truly revolutionary discoveries, IP and products. We see this as an incredibly early opportunity with enormous potential upside.”
Mydecine has three wholly-owned divisions, “Mydecine Farms”, “Mydecine Wellness”, and “Psydecine Labs.” The company aims to be an industry pioneer in the cultivation, processing, product development, and research and development of the many beneficial and exciting compounds that are found in various strains of mushroom and fungi from all around the world.
The company noted in a statement that numerous compounds found in various strains of mushroom and fungi are already being used to develop treatments for health conditions such as depression, PTSD and opiate addiction. Meanwhile, in 2019, the National Alliance on Mental Illness had stated that 1 in 6 youths aged 6-17 in the U.S. experience a mental health disorder each year and 1 in 25 U.S. adults experience a serious mental illness each year.
NewLeaf Brands is a CBD lifestyle Company. It owns the subsidiaries We are Kured, LLC, Drink Fresh Water, LLC, ReLyfe Brand, LLC and TeaLief Brand, LLC. The company’s main business activities encompass the development, marketing, and distribution of CBD products (including vaporizer pens/cartridges, hot/cold tea, softgel capsules and beverages) throughout North America, South America, and Europe. In addition, NewLeaf Brands, Inc. has extensive retail and cultivation land investments in Oregon, USA.
The NewLeaf stock trades at seven cents per share and the company has a market cap of roughly $2 million.