- Roadman Investments (TSXV:LITT) has signed a definitive joint venture agreement with Netherlands-based Psychedelic Insights
- The agreement pertains to the opening of a legal psychedelic treatment centre in California, pending legalisation and medical approval
- Roadman will contribute roughly C$710,000 to finance the centre, while Psychedelic Insights will provide a business plan and expertise
- Roadman Investments (LITT) is currently steady at 4.5 cents, with a market cap of $5.11 million
Roadman Investments (TSXV:LITT) has signed a definitive joint venture agreement with Netherlands-based Psychedelic Insights.
The agreement relates to the opening of a legal psychedelic treatment centre in California, following legalisation and medical approval.
With an existing centre in Amsterdam, Psychedelic Insights is one of the only companies in the world to offer guided psychedelic experiences with magic psilocybin truffles.
The company employs a range of specialists who aim to treat a variety of psychological conditions. Psychedelic Insights also has the necessary administrative and operational requirements in place to facilitate an expansion.
Research into the use of psychedelics is at an all-time high, and Roadman is anticipating a significant demand for licensed therapists and practitioners in the industry as developments continue.
The company says that California is an obvious initial springboard, due to its progressive attitude, large population and the number of cities that have already partially decriminalised the use of psychedelics.
Luke Montaine, CEO of Roadman Investments, is optimistic about the agreement.
"Psychedelic Insights is currently one of the few operational psychedelic clinics in the world and have an amazing team that is helping people achieve personal transformations with psychedelics.
"This agreement will allow both companies to launch, when legally permitted to, and capture a first mover advantage in the country," he said.
Under the terms of the agreement, Roadman will contribute approximately C$710,000 to finance the centre, which will be sourced from third-party financing or the sale of existing assets.
Psychedelic Insights will oversee operational and business plans; including specialist hiring, patient intakes, promotional marketing, supply chain establishment and overall logistical coordination.
Roadman and Psychedelic Insights will own 51 per cent and 40 per cent of the centre, respectively. The remaining 9 per cent will be issued to the Director of the flagship US centre.
Roadman Investments (LITT) is currently steady at 4.5 cents, as of 12:38pm EST.