Champignon Brands (CSE: SHRM), a wellness company specializing in medicinal mushroom and mushroom-infused products, today announced the expansion of its vertically integrated, alternative medicine product portfolio with the addition of new proprietary intellectual property (“IP”). SHRM recently entered into a definitive agreement, signed March 18, 2020, to acquire Novo Formulations Ltd. (“Novoformulations”), a specialty biotechnology company focused on developing novel and innovative delivery systems for the pharmaceutical and nutraceutical industries. Per the terms of the agreement, Champignon will acquire 100% of the issued and outstanding shares of Novoformulations for a total consideration of 12.5 million common shares in the capital of the company at a deemed price of $0.2475 each. A finder’s fee is also applicable to this transaction. The Novoformulations team is comprised of skilled PhDs and technician level scientists presently working with ketamine, anaesthetics and adaptogenics, as well as various pharmaceuticals and natural molecules. Champignon aims to leverage Novoformulations’ existing product development infrastructure and licensed affiliates to pursue psilocybin and MDMA based formulations, with the goal of developing and commercializing rapid onset treatments with the potential of improving health outcomes, including depression, PTSD and substance and alcohol use disorders (“DPS”). “The existing infrastructure inherited from these recent acquisitions positions us as a leading participant throughout the entire alternative medicine lifecycle, from R&D to formulation, manufacturing and end distribution. The end result will be a turnkey solution that incorporates both standardized ingredient mixtures and pharmaceutical grade products that can now be marketed via a variety of proprietary delivery systems,” Champignon CEO Gareth Birdsall stated in the news release. “The addition of Novoformulations allows Champignon to deliver medications in a safer, more effective and more expeditious manner than our peers, from bench top in the laboratory, to preclinical and clinical trials. We are intent on the commercialization of products throughout North America, as rapidly as is safely and effectively practicable.”
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About Champignon Brands Inc.
Champignon Brands Inc. (CSE: SHRM) is a Canada-based company dedicated to the distribution of artisanal medicinal mushrooms infused products. The Champignon team is mandated with enhancing the health and wellness of millions of potential consumers through the distribution of a premium, mushroom-infused product suite. Champignon continues to be inspired by sustainability, as all of its eligible SKUs are organic, non-GMO and vegan certified. For more information, visit the company’s website at www.Champignonbrands.com.
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