Psychedelics Stock Mycotopia On The Move Following LOI To Merge With Ei.Ventures In $360M Transaction

Medical psychedelics company Mycotopia Therapies Inc. TPIA reported Wednesday that it has signed a letter of intent to acquire botanical psilocybin pioneer, Ei.Ventures in a transaction valued at $360 million.

When a definitive agreement is reached, the combined companies plan to work on developing plant-derived, psychoactive therapeutic treatment options and non-psychoactive nutritional supplements and related products that address global mental healthcare needs.

The parties expect any transaction would close in the first quarter of 2022.

"With this deal we would be moving our growth forward by a huge leap, allowing us to accelerate our timeline of research in natural psilocybin delivery, like our recently announced transdermal delivery initiative,” Jason Hobson, co-founder and COO of Ei.Ventures stated. “Mycotopia Therapies’ focus on mental health solutions is in alignment with our goals and we look forward to helping people move toward mental wellness with the amazing team at Mycotopia Therapies

The Combined Company Highlights

At closing David Nikzad and Jason A. Hobson would be appointed as officers and directors of the company and the company would change its name to PSLY.COM, to better reflect the company’s business moving forward. The company plans to use PSLY as its trading symbol. 

Ei.Ventures’ flagship botanical psilocybin-based formulation Psilly is a whole-plant botanical psilocybin-based formulation, which is currently in the pre-clinical phase. The goal of the combined companies would be to complete pre-clinical and phase 1 trials and launch therapeutic Psilly into jurisdictions where psilocybin is legal.

PSLY.COM, the combined company, would focus its efforts on developing fungi and plant-based Botanical Psychedelic API and Therapeutics instead of single-molecule synthetic drugs with the belief that research will continue to confirm the importance of a synergistic approach. This would set PSLY.COM apart from every other company in the space developing synthetic versions of Psilocybin.

 “I am excited by the amount of wisdom these two companies could bring together,” said David Nikzad, founder and chairman of Ei.Ventures. “Everyone in these companies has a background in public markets, a decade plus in cannabis, and lawyers that have been involved in cannabis legislation, as well as start-ups, and heavily compliance-oriented businesses. We were the first to work on legally-compliant CBD products, and we were the first to work on a commercial Ayurvedic spa in the US built around plant medicine. Between Benny, Jason and myself we’ve invested in more than 100 companies. This is not our first rodeo. That’s what makes this a real Olympic team, ‘A’ players only.”

About Companies

The Hawaii-based Ei. Ventures has pioneered using the whole plant and fungi in its botanical formulations, which has the potential to create the Entourage Effect - a synergistic interaction between two or more different molecules found within the same plant. Researchers suggest the entourage effect could be key to psilocybin’s healing properties.

Mycotopia Therapies is currently working with one of the largest cannabis labs in the Netherlands to develop psychedelics to jointly license certain molecules to be used in psychedelic medicine. Mycotopia Therapies also plans to open psilocybin and ketamine clinics in Jamaica under the direction of a licensed clinical psychiatrist.

Photo: Courtesy of Mathew Schwartz on Unsplash