Vancouver-based Core One Labs plans R&D on psychedelic treatments in recently acquired walk-in medical clinics
One of the hottest investment plays these days is psychedelics.
There have been several publicly traded startup companies formed since author Michael Pollan wrote his best-selling 2018 book, How to Change Your Mind: What the New Science of Psychedelics Teaches Us About Consciousness, Dying, Addiction, Depression, and Transcendence. Now, a Vancouver-based company, Core One Labs Inc., plans to "develop its product offerings through research and development" in walk-in health clinics in Vancouver and West Vancouver.
This R&D will include "the integration of intellectual property related to psychedelic treatments and novel drug therapies", Core One stated in a July 10 news release.
The walk-in clinics were previously owned by Rejuva Alternative Medicine Research Centre Inc. and Shahcor Health Services Inc. Together, they maintained a database of more than 200,000 patients, according to the news release.
Core One announced the purchase of the two privately owned companies in June in an exchange of shares and a one-time $400,000 cash payment of to Shahcor shareholders. The deal was completed this month.
"The Company will aim to prove increased efficacy and bioavailability of existing and novel drugs, including psilocybin, with its proprietary delivery methods currently utilized by its CannaStrip technology," Core One stated. "Bioavailability of cannabis constituents in the Company’s CannaStrips infused strip allow for more efficient absorption of the active ingredients, which is an optimum delivery system for microdosing."
On June 16, the B.C. Securities Commission issued a management cease-trade order because it had not filed audited financial statements, certification of annual filings, or annual management's discussion and analysis for the year ending December 31. Shreholers who were not insiders or a "control person" can continue to buy and sell the company's securities.
On July 3, Joel Shacker became CEO after Brad Eckenweiler resigned. Shacker is also the president of Mota Ventures, which is Vancouver-based Canadian Securities Exchange–listed company aiming to use ecommerce to deliver CBD directly to consumers.
On July 9, Core One consolidated its shares on a two-for-one basis.
On Friday (July 10), the stock closed at $0.83 on the Canadian Securities Exchange.