- Global Wellness Strategies (LOAN) has signed a binding LOI to acquire Cannvalate subsidiary Shanti Therapeutics
- Global will issue common shares at a value near C$2.5 million, plus up to C$5 million in earnout incentives
- The company will conduct clinical research on a new IP-protected drug to modulate the psychosocial component of pain
- The ultimate goal is to open an Investigational New Drug File with the FDA
- Global Wellness Strategies is a prospect generator that provides financial and managerial assistance in the wellness consumer products market
- Global Wellness Strategies (LOAN) is unchanged trading at $0.21 per share
Global Wellness Strategies (LOAN) has signed a binding LOI to acquire Cannvalate subsidiary Shanti Therapeutics.
The acquisition includes licenses, permits, certificates, designs and research focused on psychedelic MDMA-based drug development.
Global intends to be the first to solve chronic pain with MDMA-based medicines through clinical trials.
The company will conduct clinical research on a new IP-protected drug to modulate the psychosocial component of pain with the ultimate goal of opening an Investigational New Drug File with the FDA.
The global chronic pain treatment market is predicted to generate revenue of US$151.7 billion in 2030.
Transaction terms
Global will issue common shares at a value near C$2.5 million, plus up to C$5 million in earnout incentives.
Cannvalate shall appoint one director to the LOAN Board upon completion of the transaction.
There will be a 30-day due diligence period before the signing of a definitive agreement.
Cannvalate focuses on the science, development and commercialization of cannabinoid and psychedelics-based prescription medicines.
Global Wellness Strategies is a prospect generator that provides financial and managerial assistance in the wellness consumer products market.
Global Wellness Strategies (LOAN) is unchanged trading at $0.21 per share as of 12:25 pm ET.