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Love Pharma Co. ("LOVE" and or "The Company") (CSE:LUV)(FSE:G1Q0), the Company is pleased to announce updated details on the proposed Microdoz Therapy acquisition (originally announced in a press release on November 23, 2021), whereby Microdoz has engaged exclusively with researchers at Johns Hopkins University, the top psychedelic center in the World, located in the eastern United States, to conduct a landmark study into the potential of psilocybin assisted treatment of cannabis use disorder. The company looks forward to working with the university and research experts on the study and, ultimately, licensing and commercializing the intellectual property developed by the landmark study
"This is a significant opportunity to develop treatments with efficacy for people who are today subject to Cannabis Use Disorder and those who will become subject to it in the future," said Mr. Zach Stadnyk, Love Pharma CEO. "The U.S. cannabis industry is forecast to surpass $41 billion by 20252, and the National Institute on Drug Abuse has released research suggesting 9% - 30% of people using cannabis may develop cannabis use disorder3, so we see an opportunity where Love can help people facing this disorder along with our research partners, while at the same time developing a lucrative market for treatment that will benefit our shareholders."
Lucas Corrubia, Co-founder of Microdoz and PhD Candidate, stated: "the Hopkins team has paved the way for clinical psychedelic therapy research, and we are optimistic in working with their successful research team to develop a new therapy for cannabis abuse, and develop a long-lasting relationship with the global leader in medical research sciences".
Through the planned acquisition of Microdoz, partnering with the university to conduct this comprehensive study relating to the potential of psilocybin assisted treatment for cannabis use disorder will help to establish consumer confidence and guide the development and use of psilocybin product development and application. As a result, LOVE will continue to develop innovative products that establish new consumer applications. Science and efficacy are paramount to the Love Pharma strategy, as indicated by the Company's research initiative to take place at Johns Hopkins. We look forward to completing this clinical study and licensing the intellectual property produced from it and, eventually, commercializing the prospective findings furthering our footprint in the bourgeoning psychedelics for therapeutic use space going forward and delivering value for our shareholders.
Terms of the Deal:
- $1,000,000 CAD payable in common shares of the company subject to certain escrow provisions pegged to milestone achievements at a deemed price of $0.05 per share
- 50% payable at closing of the definitive agreement which is anticipated to close in 14 days, subject to final due diligence
- Remaining 50% will be paid in four equal tranches over a 2-year period subject to the successful completion of certain millstones
- https://www.who.int/teams/mental-health-and-substance-use/alcohol-drugs-and-addictive-behaviours/drugs-psychoactive/cannabis
- https://www.bloomberg.com/news/articles/2021-06-08/cannabis-addiction-draws-drugmakers-in-search-for-a-treatment
- https://nida.nih.gov/publications/drugfacts/marijuana
- https://nida.nih.gov/publications/research-reports/marijuana/available-treatments-marijuana-use-disorders
This acquisition is subject to final due diligence, and it is anticipated to close in the coming weeks, for which, there is no guarantee.
In addition, pursuant to the company's stock option plan, the company has issued 3,000,000 inventive stock options to consultants of the issuer exercisable at a price of $0.05 per share for a period of five (5) years, vesting immediately.
Zachary Stadnyk, CEO and Director
About Love Pharma Inc.
With a focus on the global sexual Health and Wellness markets, Love Pharma Inc. (CSE: LUV) (FSE: G1Q0) was founded in 2020, with a mission to bring to market innovative products that enhance sexual health and wellness while providing an improved quality of life. Love Pharma holds exclusive licenses to produce market, package, sell, and distribute patent-protected therapeutic and pharmaceutical products throughout Europe, the United Kingdom, and North America.
For further information, please contact:
Investor Relations
Telephone: 1 (604) 343-2977
E-mail: investors@love-pharma.com
www.love-pharma.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this release may constitute "forward-looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
SOURCE: Love Pharma Inc.
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