Hollister Biosciences Buys Medicinal Mushroom Company AlphaMind

Cannabis company Hollister Biosciences Inc. HOLL HSTRF reported Thursday a $1.2 million deal with AlphaMind Brands Inc.

AlphaMind Brands is a company that works on creating a portfolio of legal mushroom-based health products, while running research and development programs managed by Dr. Nikos C. Apostolopoulos. The company has already developed several products in the forms of mushroom powders, tinctures, chocolate, and teas.

Hollister will obtain all of AlphaMind’s shares, and issue 6 million of its shares pro rata to AlphaMind’s shareholders, with a price of 20 cents per payment share. No changes to the Holister’s board of directors will be made in regard to this transaction.

"We are very pleased to have completed the next step in consummating this very exciting acquisition," Carl Saling, Founder and CEO of Hollister Biosciences said in a statement. "It is a fundamental value of our company to improve the overall health and performance of our customers through our high-quality products and the health benefits associated with medicinal mushrooms are tremendous."

Saling also said Hollister's objective is to broaden its product scope, calling Alphamind a "perfect foothold" for the company in the burgeoning medicinal mushroom market.

Hollister’s shares were trading -14.89 lower at 8 cents per share at 9:57 AM EDT on Thursday.

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Photo courtesy of Hollister Biosciences