- Codebase Ventures (CODE) subsidiary, Titan Shrooms and Psychedelics, signs joint venture LOI with Mycology Ventures
- The joint venture will synergise resources from both companies to identify early investment opportunities for Codebase
- Titan Shrooms and Psychedelics will hold a 70 per cent interest in the partnership
- Codebase shares are currently trading at 2.5 cents, with a market cap of C$7.87 million
Codebase Ventures (CODE) has announced that its subsidiary, Titan Shrooms and Psychedelics, has signed a letter of intent with Mycology Ventures.
Founded on a perceived revival of psychedelics for medicinal use, Mycology Ventures works to develop new alternatives for people suffering from mental health and addiction illnesses.
Titan will hold a 70 per cent interest in the joint venture partnership, which will bring about a synergy of expertise in the cannabis and psychedelics industries.
The subsequent medical and clinical research will then be used to identify early stage investment opportunities for Codebase.
“The US, along with many other countries, is illustrative of the dangers of opioid and anti- depressant pharmacology. The resulting openness to viable alternatives, including psilocybin, by regulatory bodies and major research institutions is a strong indicator of the potential for this sector,” said Codebase CEO, George Tsafalas.
“As it relates to psilocybin for depression, the FDA has granted a ‘breakthrough therapy’ designation to advance legal clinical trials, which indicates that we are at the start of pioneering effort to reshape medicine as it applies to mental illness, pain management and addiction.”
While no consideration for the agreement has been made public, it’s expected that it will consist of both cash and shares.
Research into the use of psychedelics first began in the 1950s and ‘60s, spear-headed by popular figures like Albert Hofmann and Timothy Leary.
The trend continued into the early ‘70s, but dropped off suddenly in response to skewed media coverage and swirling misperceptions of risk, ultimately resulting in highly restrictive regulations.
Only now is the industry experiencing any sort of reinvigoration, thanks in part to the establishment of institutions like the Johns Hopkins Center for Psychedelic and Consciousness Research.
“Mycology plans to incubate cutting edge approaches in the space, uniting academics and producers to monetize their ideas and techniques with the goal of helping bring this amazing alternative approach to market to benefit people suffering from mental health illnesses,” added Mr. Tsafalas.
Shares in Codebase Ventures are currently trading at 2.5 cents, with a market cap of C$7.87 million.