“This is a significant opportunity to develop treatments with efficacy for people who are today subject to Cannabis Use Disorder and those who will become subject to it in the future,” said Love Pharma’s CEO Zach Stadnyk
Love Pharma (CSE:LUV) Inc said that its potential acquisition target Microdoz Therapy is engaging “exclusively” with researchers at Johns Hopkins University on a new study looking at psilocybin-assisted treatment of cannabis use disorder.
Vancouver-based Love Pharma announced plans to acquire Microdoz for around C$1 million in November 2021.
“This is a significant opportunity to develop treatments with efficacy for people who are today subject to Cannabis Use Disorder and those who will become subject to it in the future,” said Love Pharma’s CEO Zach Stadnyk in a statement.
READ: Love Pharma signs letter of intent to acquire MicroDoz Therapy to advance pilot study of psilocybin-assisted treatment of cannabis use disorder
Stadnyk cited statistics that showed the US cannabis industry is forecast to surpass $41 billion by 2025, and the National Institute on Drug Abuse has released research suggesting 9% to 30% of people using cannabis may develop cannabis use disorder.
The CEO told shareholders that the company “see(s) an opportunity where Love can help people facing this disorder along with our research partners, while at the same time developing a lucrative market for treatment that will benefit our shareholders.”
Microdoz and researchers at Johns Hopkins, site of a preeminent psychedelic research center, to study and, ultimately, license and commercialize the intellectual property.
“The Hopkins team has paved the way for clinical psychedelic therapy research, and we are optimistic in working with their successful research team to develop a new therapy for cannabis abuse, and develop a long-lasting relationship with the global leader in medical research sciences,” Microdoz co-founder Lucas Corrubia said.
Love told investors that it will continue to develop innovative products that establish new consumer applications.
Separately, the company issued 3 million incentive stock options to consultants exercisable at $0.05 per share for a period of five years, vesting immediately.
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