Liberty Leaf Holdings Ltd (OTCMKTS:LIBFD) gained access to the psilocybin by acquiring Nova Mentis Biotech Corp. The takeover allows Liberty to benefit from the net cash balance of CAD 1.2 million of Nova. Liberty issued common shares of 115 million each at $0.05 for the transaction completed on June 22, 2020. With considerable expertise in the health sector, a strong R & D team will strengthen the fortunes of Liberty.
Strengthens cannabis assets
The acquisition strengthens the licensed and operating cannabis assets of Liberty in the health/ wellness segments. It also allows Liberty to create an IP because Nova focuses on studying psilocybin’s anti-inflammatory effects in under-explored health areas like diabetes and obesity.
The market for diabetes drugs will reach $78 billion
Over 10.5% of people in the US are diagnosed with diabetes. Nova can address the growing need for curing diabetes. The average monthly spending on diabetes care in the US is around $360. Causes of obesity and diabetes include access to nutritionally void and inexpensive food options and sedentary lifestyles. The market for diabetes drugs worldwide expects to reach $78 billion by 2026 from $48 billion in 2018.
Prospects of psilocybin
Psilocybin holds excellent prospects to treat disorders like mental disorders. Nova focuses on health conditions that are hard to cure. The cohort overlaps health conditions, diabetes, and obesity.
Nova mainly focuses on developing therapies to target the gut-brain axis and modulate inflammation. It will utilize the unique properties of innovative formulation psilocybin to treat behavioral and psychological factors in comorbid depression and obesity.
Doug Macdonell resigns from the board
Doug Macdonell relinquished his post from the board. Liberty seeks to appoint a suitable person to the director board.
Just Kush initiates first crop of plants
Just Kush Enterprises Ltd, a subsidiary of Liberty, initiated first crop planting. The company will upgrade the facility to utilize full capacity by adding three lots of the plants that hold a dominant hybrid strain with over 20% of THC content. Just Kush will market the hybrid strain under its brand.
QA person of Just Kush, Robert Jackman, said the company decided to select Kush dominant strains for the first crop after examining several cultivars.
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