Love Pharma (CSE:LUV) Inc announced that it has signed a Letter of Intent (LOI) to acquire MicroDoz Therapy Inc, which has an exclusive partnership and license with a world-leading university to conduct a study into the efficacy of psilocybin-assisted treatment of cannabis use disorder.
The Vancouver, British Columbia-based psychedelic wellness company said that the new partnership and development program will add to its comprehensive portfolio of intellectual property and further validate its effort to be a frontrunner in the psychedelics and therapeutics space.
"Love’s existing portfolio is at the leading edge of innovation and our new product development will continue to build upon that foundation, aiming to establish new customer applications as we seek to define the psychedelics and therapeutics space," said Zach Stadnyk, Love Pharma (CSE:LUV)’s CEO
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He added: "Science and efficacy are paramount to our strategy, as a result, we seized the opportunity to acquire MicroDoz to expedite what will be a landmark study with a world-leading university to establish our Biosynthetic Psilocybin Infused Oral Strip as a product with the highest standard of efficacy, establishing the highest level of consumer confidence."
Under the agreement, C$1 million is payable in common shares of the company at a deemed price of $0.05 per share. Fifty percent of the amount will be payable at the closing of the transaction, which is anticipated to close in 30 days.
Moreover, the remaining 50% will be paid in four equal tranches over a two-year period, subject to the successful completion of certain milestones to be established in the definitive agreement.
Love has also issued 19.2 million incentive stock options to certain officers, directors, employees, and consultants of the issuer exercisable at a price of $0.05 per share for a period of five years.
With a focus on the global sexual health and wellness markets, Love Pharma is bringing to market innovative products that enhance sexual health and wellness while providing an improved quality of life. The company holds exclusive licenses to produce market, package, sell, and distribute patent-protected therapeutic and pharmaceutical products throughout Europe, the UK and North America.
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