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  • Champignon Brands (CSE:SHRM) is expanding its North American expansion efforts through the formation of a dedicated planning committee
  • The initiative is part of the company’s wider new clinical entity (NCE) expansion stratagem
  • Throughout the rest of this year, Champignon plans to open or acquire a minimum of five NCEs
  • Discussions are currently under way with several revenue-generating clinics across the US
  • Champignon Brands (SHRM) is currently up 2.04 per cent to C$1.00 per share, with a market cap of $39.44 million

Champignon Brands (CSE:SHRM) is expanding its North American expansion efforts through the formation of a dedicated planning committee.

The company is currently focused on the application of novel and natural treatment solutions for a variety of disorders and deficiencies, with a central emphasis on the use of psychedelic medicine.

Champignon is currently engaged in a collaborative research program with the University of Miami’s Miller School of Medicine. The program is designed to demonstrate the safety and efficacy of psilocybin and cannabidiol in treating mild traumatic brain injury (mTBI) and PTSD.

According to today’s announcement, Champignon’s new committee will be responsible for progressing the company’s entry into the US market. As part of the strategy, Champignon plans to open or acquire at least five new clinical entities (NCEs) over the rest of this year.

As things currently stand, the company is in discussions with several of revenue-generating clinics located in California, New York, Pennsylvania, Texas, Florida and Missouri.

Gareth Birdsall, CEO of Champignon Brands, said that the company is looking to capitalise on the fragmented nature of the US ketamine market, with the goal of establishing a network of mood disorder treatment and research facilities.

“By leveraging existing protocols, data sets and SOPs from our flagship clinic, the Canadian Rapid Treatment Centre of Excellence…we will improve economics, increase patient enrollment and function as the pre-eminent brick and mortar staging ground for novel molecule discovery initiatives.

“Champignon remains bullish on the US marketplace due to favourable co-payer infrastructure, as well as a vast addressable patient population,” he concluded.

The Canadian Rapid Treatment Centre of Excellence (CRTCE), located in Mississauga, Ontario, was acquired in mid-April this year via Champignon’s acquisition of AltMed Capital, which owns a 75 per cent stake in the facility.

To date, the CRTCE is the country’s only clinic licensed for the use of psilocybin-based treatments in eligible patients.

Champignon Brands (SHRM) is currently up 2.04 per cent to C$1.00 per share at 1:10pm EDT.

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