- It’s Been an Incredible Year to Date for the Psychedelics Leader Champignon Brands, Here’s a List of the Company’s Top Accomplishments and Milestones Over the Last Quarter
- Also, the Company Announced it is Considering Spinning Out its CPG Business and if it Happens, Current Champignon Shareholders Would Get a Piece of the New Company
Champignon Brands (CSE: SHRM) (OTCQB: SHRMF) (FRA: 496), a human optimization sciences company with an emphasis on ketamine and psychedelic medicine, has expanded its initiatives and rapidly executed on such efforts since going public on March 2, 2020. Champignon is now positioned as a leading publicly traded psychedelic medicine company developing novel rapid onset treatments for depression, post-traumatic stress disorder (PTSD), and substance use disorders via the clinical delivery of ketamine and ketamine-derivatives.
Champignon Brands is pleased to share its corporate advancements and achievements over the last quarter, which target vital segments in the psychedelics as medicines industry that will complement each other as the sector matures and accelerates, including:
- Acquisition of the Canadian Rapid Treatment Centre of Excellence (CRTCE), a vertically integrated, world-leader of peer-reviewed publications that specializes in rapid-onset treatment centres operating from proof-of-concept to human trials relating to ketamine for adults with depression;
- Executed term sheet to acquire California-based Wellness Clinic of Orange County, a ketamine infusion treatment centre located within Mission Hospital’s Laguna Beach campus;
- Appointed Dr. Roger McIntyre, the world’s #1 depression researcher according to Expertscape, as its Chief Executive Officer
- Appointment of Pat McCutcheon, Founder and CEO of MediPharm Labs (TSX: LABS) (OTCQX: MEDIF) (FRA: MLZ) and Dr. Bill Wilkerson as Directors of the Company;
- Formed North American Clinical Expansion Committee, tasked with accelerating Champignon’s entry into the United States where it plans to open or acquire a minimum of five new clinical entities during 2020;
- Advancement of its new chemical entity (NCE) IP portfolio as it pertains to ketamine and psilocybin/psilicin molecular scaffolds via the engagement of Dalriada Drug Discovery;
- Continuing development of commercialization initiatives for its planned intranasal (IN) ketamine delivery platforms;
- Ongoing pre-clinical studies, and eventual planned human clinical trials, in collaboration with the University of Miami’s Miller School of Medicine, to demonstrate safety and efficacy of the combination of psilocybin and cannabidiol in treating mild TBI with PTSD or stand-alone PTSD;
- Addition of planned central fill and compounding infrastructure for its proprietary topical ketamine formulations, as well as the dispensing of its products throughout the network of a major Canadian pharmacy chain; and
- Closing its previously announced CAD $15,000,375 bought deal private placement co-lead by Canaccord Genuity Corp. and Eight Capital, including the exercise in full of the option granted to the Underwriters.
“While the topic of medical psychedelics has recently gained worldwide momentum, I am exceptionally pleased with the strategic approach our team has taken in establishing a differentiated platform with operating treatment clinics in the U.S. and Canada that also facilitate research and development of a wide range of therapeutic and medical applications. We have made tremendous progress to date and have proven our ability to quickly seize opportunities in this rapidly emerging industry. Looking forward to the second half of 2020, we will continue to work towards entering new markets and delivering new and innovative solutions throughout North America,” stated Champignon Brands CEO Dr. Roger McIntyre.
Name Change and Corporate Rebranding
Champignon announced that it plans to change the company’s name from Champignon Brands Inc. to Apotheosis Scientific Ltd., or such other name as the company’s directors may determine to better reflect the company’s business activities going forward. Concurrently with the name change, the CUSIP number and ISIN of the company’s issued and outstanding common shares may change. The company will confirm the effective date of the name change upon receipt of all required regulatory approvals.
Furthermore, the company also plans to debut a new corporate website, investor presentation, and branding campaign alongside the effective date of its proposed name change.
Planned Spin Out
Champignon also advised its shareholders that the company is contemplating a corporate reorganization by way of a plan of arrangement to liberate the value of its functional mushroom-infused consumer packaged goods division. Under the terms of the arrangement currently being contemplated, the company’s CPG business would be spun out as a separate publicly listed company.
Champignon plans to announce a record date in connection with the arrangement in due course and anticipates the record date will occur within Q3 of 2020. It is expected that upon closing of the arrangement, each shareholder of Champignon Brands will receive common shares of the new company based on the number of Champignon shares held on the record date.
There is no assurance that the arrangement or the offering will proceed on the terms above or at all. The arrangement and the offering would be subject to customary approvals, including shareholder approval and regulatory approval, as applicable.
SHRM Stock Price Action & Chart
Shares of Champignon Brands CSE listed SHRM stock closed Friday up 12.12% at $1.11 per share. The company’s U.S. listed SHRMF stock closed Friday’s session at $0.82, up 12.21%. In Germany, Champignon’s Frankfurt listed shares closed the day at $0.69, down 5.52%.
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