Global Wellness signs definitive agreement with Cannvalate Australia
Enter Chronic Pain Market with Psychedelics Global Wellness Strategies Inc. is pleased to announce the signing of a Definitive Agreement on August 6, 2021 commemorating Global Wellness Strategies, Inc.’s Binding Letter of Intent signed on July 12, 2021 for the purchase of certain assets of Cannvalate Pty Ltd. based in Australia and acquire 100% of their 100% subsidiary, Shanti Therapeutics Pty Ltd. …
Enter the Chronic Pain Market with Psychedelics
Global Wellness Strategies Inc. (CSE: LOAN) (FSE: O3X) (OTCQB: PNNRF) (formerly Redfund Capital Corp.) (“Global” or the “Company”) is pleased to announce the signing of a Definitive Agreement on August 6, 2021 commemorating the Binding Letter of Intent from Global Wellness Strategies, Inc. signed on July 12, 2021 for the purchase of certain assets of Cannvalate Pty Ltd. (“CV”) based in Australia and for the acquisition of 100% of their wholly owned subsidiary, Shanti Therapeutics Pty Ltd. (“Shanti”), and all of its assets have been focused on the development of MDMA-based psychedelic drugs. This acquisition aims to become the first and only company to solve the chronic pain puzzle with MDMA-based drugs using clinical trials for new drug development.
The global chronic pain treatment market is expected to grow at a CAGR of 6.5% from 2020 to 2030 and generate revenues of $ 151.7 billion in 2030.1 Chronic pain has an important psychosocial component2 that is not fully treated with existing pain relievers3. To date, there are no psychedelic drugs that have been approved as pain relievers and there is little literature describing their use in this new context.4. The team will conduct clinical research on a new PI-protected drug, with MDMA as the primary API, with a view to modulating the psychosocial component of pain. After positive confirmation of the proof of concept clinical study, toxicology and CMC will be conducted to open an IND (Investigational New Drug) file with the FDA.
“In order to explain the impacts of pain, Canadian psychologist and professor of psychology at McGill University Ronald Melzack and his research colleague Patrick Wall have proposed what is called the ‘door control theory’. Their theory suggests that the spinal cord contains a neurological “gate” that blocks pain signals or allows them to continue to the brain; in basic language that “the pain was really right in our heads”. Finding new MDMA drugs and remedies for pain management through clinical trials is a game-changing opportunity for all of our stakeholders. We look forward to working closely with the Shanti team and changing the pain landscape with MDMA. – Meris Kott, CEO, Global Wellness Strategies Inc.
“It is an honor and a privilege to be able to use new psychedelic treatments to solve the complex puzzle of chronic pain. Most of us will know at least one person who lives with the relentless suffering of chronic pain. This is our opportunity to use a new MDMA drug, change the psychosocial component of chronic pain, and start the healing process. – Darryl Davies, CEO, Shanti Therapeutics Pty Ltd.
Assets acquired by Global Wellness Strategies Inc. and sold and held by CV and managed by Shanti include, without limitation, application patents, intellectual property, formulas, compounds, solutions, research, data, techniques, processes, brand names, names commercial, trademarks.
The purchase price of CA $ 2,500,000.00 will be consumed in restricted shares of common stock of Global Wellness Strategies Inc. in four (4) installments deposited over a period of eight (8) months; representing 100% of the assets of Shanti Therapeutics Pty Ltd. Global Wellness Strategies valuation for tranche issuance will be subject to a 30-day VWAP with a base share price set at 0.20. the performance of their assets and specific milestones must be achieved. Shanti will have the right to appoint a director to the board of directors of Global Wellness Strategies Inc.
Advanced asset management is a boutique investment management firm, headquartered in Melbourne, Australia and acted as financial advisor to both parties in the transaction.
Cannvalate was created in early 2018 by the co-founders Sud Agarwal, Asaf Katz and Darryl Davies. Cannvalate is a leader in the science, development, and commercialization of cannabinoid-based prescription drugs with a broad patent portfolio of novel cannabinoid and psychedelic drugs. In addition, Cannvalate jointly owns a research organization under contract with a major Australian university specializing in cannabinoid and psychedelic clinical trials that has been researching psychedelic solutions for several years. Cannvalate holds an Australian import license and a license to supply Schedule 8 poisons (including MDMA and psilocybin).
About Global Wellness Strategies
Global Wellness Strategies is a lead generator that provides high growth companies with financial, operational and management assistance in the rapidly growing consumer wellness product market. The company focuses on global wellness, psilocybin, mycology, hemp and CBD, target companies related to healthcare.
For more information please visit our website: www.globalwellnessstrategies.com
Or contact Meris Kott CEO at 604.484.0355 or email [email protected]
Further information on the Company is available at www.SEDAR.com under the Company profile.
Neither the Canadian Securities Exchange nor its regulatory services provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained in this press release may constitute “forward-looking statements” or “forward-looking information” (collectively “forward-looking information”) as such terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “planned”, “estimated”, “anticipate”, and Similar expressions and statements relating to matters that are not historical Facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions about the outcome and timing of such future events. Actual future results may differ materially. In particular, this press release contains forward-looking information relating to the activities of the Company, its financing and certain business changes. The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise the forward-looking information, whether as a result of new information, future events or otherwise, unless required by securities laws. Due to the risks, uncertainties and assumptions contained in this document, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained in this document.
1 Global Chronic Pain Treatment Market Analysis and Growth Forecast Report 2020-2030
2 Pain 1994 Apr; 57 (1): 5-15
3 Psychol Res Behav Manag. 2014 ; 7: 115-124
4 Pain 2011 Apr; 152 (4): 717-725
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