Creso Pharma completes Acquisition of Halucenex Life Sciences Inc.

Creso Pharma completes acquisition of established Canadian psychedelics company Halucenex Life Sciences Inc. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ [Open in your browser]( [VIP Member Alert] [Logo] --------------------------------------------------------------- Creso Pharma completes acquisition of established Canadian psychedelics company Halucenex Life Sciences Inc Highlights: - Completion of acquisition provides Creso Pharma with access to the emerging global market for psychedelic medicines – estimated to be worth up to US100Bn - Halucenex to progress phase II clinical trial to test the efficacy of psilocybin when used to treat Post Traumatic Stress Disorder (PTSD) - PTSD therapeutics market expected to grow to US$10.5Bn by 2025 - Additional synergies being explored to position the company to capitalise ahead of proposed merger with Red Light Holland (“RLH”) - Creso Pharma to leverage expertise of Halucenex and RLH management to expedite product development initiatives, ongoing R&D and potential market entries - Halucenex’s operation progress continues – USP 61 test protocols complete providing additional validation of psilocybin compounds ahead of Clinical Trial Application - USP 62 test protocols to test product degradation now underway – expected to be completed in coming weeks - Halucenex to progress Clinical Trial Application next month, prior to receipt of Controlled Drugs and Substances Dealer’s License from Health Canada in a push to expedite clinical trial process - COVID-19 has further highlighted mental health effects and the potential for alternative solutions such as Psychedelic assisted therapy - Halucenex will play a crucial role in the proposed Merger between Creso Pharma and RLH in the creation and growth trajectory of The Highbrid Lab - Further positive updates from Halucenex expected in the short term - Creso Pharma is the now the only ASX listed company, and one of a few globally, operating in Cannabis and Psychedelic R&D and therapies and treatments [Read the Full ASX Release here]( Management Commentary Halucenex Founder & CEO Bill Fleming said: “We are very excited to become part of the Creso Pharma group, particularly at an exciting stage of the Company’s growth. “Halucenex has undertaken a strategic and measured approach to date and we are confident that with the resources Creso Pharma can provide, we will be able to expedite our clinical trial and potential product development strategies which will unlock significant value for shareholders. “Importantly, Halucenex continues to track very well form an operational standpoint. Recent USP 61 results have highlighted that our GMP grade psilocybin is now validated ahead of a clinical trial. We expect USP 62 testing to be finalised before the end of the month, which will allow us to take another step towards the commencement of our phase II clinical trial.” Non-executive Chairman Adam Blumenthal said: “Completing the acquisition Halucenex is a major milestone for Creso Pharma and we will now aggressively pursue a number of near term value creation strategies through the subsidiary and in preparation of the proposed merger with Red Light Holland. “This acquisition has allowed Creso Pharma to emerge as a best-in-class provider of cannabis, cannabinoids and alternative psychedelics solutions to meet a large and unmet demand to improve mental health and wellbeing. “We look forward to leveraging Halucenex’s expertise in this space to progress the proposed phase II clinical trial, while simultaneously exploring opportunities with Red Light Holland, which will leave all parties well positioned to capitalise on another lucrative vertical.” [Discover Creso Pharma here]( [LinkedIn]( [Twitter]( [Website]( --------------------------------------------------------------- The Information in a Stockhouse Publishing Ltd. 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