Business
Mycotopia and Ei.Ventures sign LOI to Explore Merger and Formation of PSLY.COM, a $360 Million Transaction, And Will Apply To List Shares On NASDAQ
Mycotopia and Ei.Ventures sign LOI to Explore Merger and Formation of PSLY.COM, a $360 Million Transaction, And Will Apply To List Shares On NASDAQ.
About this update from Aibotics Inc.
[{"type":"text","content":"\n MIAMI, Dec. 07, 2021 (GLOBE NEWSWIRE) -- Mycotopia Therapies Inc. (OTC Pink: TPIA) (the “Company”), a biopharma company focused on research, technology, and the development of medical psychedelics, announced today it has entered into a letter of intent regarding a potential acquisition of botanical psilocybin pioneer, Ei.Ventures. When a definitive agreement is reached, the combined companies intend to pool their resources to develop regulatory approved, 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. 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. Psilly is a whole plant and fungi botanical formulation. Ei.Ventures has pioneered using the whole plant and fungi in its botanical formulations, which has the potential to create the “Entourage Effect.” Researchers suggest the Entourage Effect could be key to Psilocybin’s healing properties. The Entourage Effect is a synergistic interaction between two or more different molecules found within the same plant. Similar to how various strains of cannabis has different effects on the end-user, the same effect is now believed to hold true with Psilocybin mushrooms. Mycotopia Therapies is focused on the research, development, and commercialization of novel therapeutics based on naturally-derived psilocybin. Performing most of its research in Jamaica, where psilocybin is legal, Mycotopia Therapies is focused on mushroom and psychedelic opportunities. Mycotopia Therapies is currently working with one of the largest cannabis labs in the Netherlands to develop psychedelics to jointly license certain mol...