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  • Hollister Biosciences (CSE:HOLL) has signed a letter of intent to acquire Alphamind Brands
  • Alphamind is currently developing legal mushroom-based health products, and is conducting research into the use of psilocybin
  • The all-stock transaction is expected to be worth C$1.2 million
  • Hollister Biosciences (HOLL) is currently down 15.79 per cent to 8 cents per share

Diversified cannabis company, Hollister Biosciences (CSE:HOLL), has signed a letter of intent to acquire Alphamind Brands.

Alphamind is currently developing legal mushroom-based health products for the consumer market. It is also working collaboratively with accredited universities in the development of psilocybin-based compounds for pharmaceutical use.

Under the terms of the all-stock transaction, Hollister will issue common shares to Alphamind with a value of C$1.2 million.

Carl Saling, founder and CEO of Hollister, is pleased with the “very exciting acquisition.”

“It is a fundamental value of our company to improve the overall health and performance of our customers through our high-quality products and the health benefits associated with medicinal mushrooms are tremendous.

“Not to mention, it is our continual objective to broaden our product scope and Alphamind, with its experienced management team, is a perfect foothold for us in the fast-growing market for medicinal mushrooms and complements our existing cannabis and hemp-based product offering,” he said.

Alphamind already has a range of ready-to-ship products that include cordyceps, lion’s mane, chaga and reishi mushrooms. Additional products, such as syrups, elixirs, cold beverages and nasal sprays, are currently under development.

Robert Birmingham, CEO of Alphamind Brands, said that the company has found a great partner in Hollister.

“We have medicinal mushroom-based product SKU’s ready to ship and R&D is underway to develop an exciting IP portfolio surrounding psilocybin-based pharmaceutical treatments.

“Being under the Hollister umbrella will allow us to access additional markets and leverage their existing manufacturing and distribution infrastructure and will be a fundamental part of the future growth of our business,” he added.

Hollister has said that the acquisition will not lead to any changes in either company management or the Board of Directors.

Hollister Biosciences (HOLL) is currently down 15.79 per cent to 8 cents per share, as of 11:02am EST.

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