- Cannabis company, Nutritional High International (EAT) has completed its acquisition of Psychedelic Science Corp
- The company acquired common shares, purchase warrants, and compensation options in PSC, in exchange for Nutritional High shares
- Nutritional High has acquired PSC in order to gain a foothold in the emerging plant-based health and wellness sector
- The company plans to play a role in PSC’s ongoing research agreement with Rangsit University (RSU) in Thailand
- Nutritional High International (EAT) remains unchanged and is currently trading at C$0.025 per share
Cannabis company, Nutritional High International (EAT) has completed its acquisition of Psychedelic Science Corp.
The transaction consisted primarily of exchanging common shares for shares, purchase warrants, and compensation options. Nutritional High acquired all outstanding common shares in PSC, in exchange for common shares in the company, at a one-for-one rate.
In addition, Nutritional High acquired 137,522,968 common share purchase warrants in PSC, in exchange for common share purchase warrants in the company, on a one-for-one basis.
Each warrant allows the holder to acquire a common share in Nutritional High for C$0.05, before the second anniversary of its issuance.
Finally, Nutritional High acquired three million compensation options of PSC, in exchange for compensation options of the company, on a one-for-one basis. Each option allows the holder to acquire a unit, comprised of one common share and one purchase warrant.
The units can be exercised for three cents, before the second anniversary of its issuance.
In addition to developing health and wellness products, PSC also researches the therapeutic effects of psychoactive and non-psychoactive plant-based compounds. Through its subsidiary, Kruzo LLC, PSC has an ongoing research agreement with the Rangsit University (RSU) in Thailand.
Under the agreement, PSC is developing cultivation and extraction methodologies for cacti, mushrooms, and other plant-based compounds. The company is also working with RSU to source and develop non-psychoactive plant-based wellness products for sale in North America.
Nutritional High has acquired PSC in order to gain a foothold in the emerging plant-based health and wellness sector. As such, the company plans to collaborate with RSU, to develop a commercial supply of psychedelic cacti, and to grow psychedelic mushrooms.
Nutritional High’s CEO, John Durfy, commented on the reasons behind the company’s acquisition of PSC.
“The transaction is part of our plan to continue to pivot Nutritional High’s focus to its highest margin product categories.
“While we continue to develop, manufacture, and sell cannabis products, the PSC acquisition will give us a unique position in this emerging part of the plant-based wellness and medical market,” he said.
Nutritional High International (EAT) remains unchanged and is trading at 2.5 cents per share, as of 9:30am EDT.