Universal Ibogaine Inc (TSX-V:IBO) announced that the company has entered into a memorandum of understanding with Osoyoos Indian Band Development Corporation.
The MOU has as its objective participation of both organizations for purpose and profit to construct an ibogaine-centered detox clinic and holistic aftercare treatment center.
The partners will act as collaborators in bridging economic and social models that respect Indigenous ways while leveraging Western scientific practices.
Partnership opportunities may include leasing or joint venture with possibilities to convert existing space or new construction. The development timeline will coincide with the planned Health Canada approval process of the Universal Ibogaine treatment protocol.
READ: Universal Ibogaine kicks off development plans for its Kelburn facility in Manitoba, Canada
"The primary focus for Universal Ibogaine is to bring this life-saving medicine to those who need it as quickly as possible,” said Chief Ian Campbell of the Squamish Nation and UI board chair in a statement. “This potential partnership between UI and the Osoyoos Indian Band demonstrates what is possible when we work together towards a solution."
Nick Karos, CEO of Universal Ibogaine, commented: "We have a big job ahead, and partners like Osoyoos Indian Band add huge credibility to our mission and can aid in diversifying our business opportunities and the planned ultimate deployment of the ibogaine addiction treatment protocol."
Osoyoos Indian Band is a world leader in Indigenous business. The company has generated hundreds of millions of dollars of revenue on its lands through tourism, leasing, and construction-related endeavors, joint ventures, and partnerships with globally recognized brands such as Hyatt and Jackson-Triggs.
The Osoyoos Indian Band has 540 members and its territory spans over 32,000 acres of the warmest lands in Canada located in the Okanagan Valley of British Columbia, between Osoyoos and Oliver.
Clarence Louie is a globally recognized Indigenous leader and has served as the elected Chief of the Osoyoos Indian Band for close to 40 years. He is a sought-after speaker and holder of innumerable awards, including an Order of Canada and membership in the Canadian Business Hall of Fame.
Chief Clarence said: "We are pleased with the opportunity to partner on this venture and bring opportunities for economic inclusion and deep healing for many people to our lands."
Mike Campol, chief operations officer at Osoyoos Indian Band Development Corporation added: “The opioid epidemic is a public health emergency. We have to do better than opioid substitution therapy.
“What we have here is an opportunity to be part of a transformation in the way that society treats those who suffer, views plant medicine, and understands indigenous culture. We are pleased to see where this collaboration can take us," he concluded.
Contact Ritika at ritika@proactiveinvestors.com