NAPANEE, Ontario, May 06, 2024 (GLOBE NEWSWIRE) — Lophos Holdings Inc. (“Lophos”, or the “Company”) (CSE:MESC) is pleased to announce that its wholly-owned subsidiary, Lophos Pharmaceuticals Corp. (“Lophos Pharma”) – a biosciences company specializing in the cultivation, research, and sale of Lophophora williamsii (peyote), announced today that it has entered into a letter of intent to acquire the cactus cultivation business of Magicactus.com.
Under the terms of the letter of intent, Lophos Pharma intends to acquire all assets of the cactus cultivation business, including:
- All Live Lophophora Williamsii (peyote) plants (QTY: 592) (AGE: 3 – 23 YEARS)
- Lophophora Williamsii (peyote) seeds (QTY: 51,073)
- Cultivation Racks
- Fluorescent Grow Lights
- Outdoor Greenhouse
- Web Domain: MAGICACTUS.COM
- All customer information and data related to the business, including over 1,000 active customers.
- All intellectual property rights related to the business, including but not limited to patents, trademarks, copyrights, trade secrets, and any other proprietary rights owned or used by the Seller in connection with the operation of the business.
As consideration for the acquisition of the assets, Lophos intends to pay to the vendor $150,000 in cash and issue 1,000,000 common shares, at a price $0.10 per share, subject to adjustment in certain circumstances. In addition, Lophos intends to enter into a 12-month consulting agreement with Mr. Jose Frank Valente, the founder of Magicactus.com, for $100,000. The acquisition is subject to the negotiation and signature of a definitive asset purchase agreement and the receipt of applicable corporate and regulatory approvals, including that of the CSE.
“This letter of intent marks a significant milestone in our journey toward acquiring the assets of Magicactus.com,” stated Claire Stawnyczy, President & CEO of Lophos Pharma “We are thrilled at the opportunity to integrate the exceptional Lophophora williamsii specimens into our operations, and to leverage Mr. Valente’s expertise to advance our commitment to psychedelic research and sustainable indoor cultivation practices for peyote.”
Expanding on the significance of the acquisition, Ms. Stawnyczy emphasized, “The addition of Magicactus.com will bring a substantial asset: a customer base of over 1,000 active customers. This infusion of customers not only strengthens our revenue stream but also extends the market reach for our products. With an expanded customer base, we have the opportunity to introduce our existing products to a wider audience while also developing new offerings to cater to the diverse needs of our expanded clientele. I believe this heightened market presence will position us for substantial growth and lay a robust foundation for continued innovation and expansion in the natural psychedelic product sector.”
Mr. Jose Frank Valente, Founder and CEO of Magicactus.com, expressed optimism about the potential acquisition, stating, “We look forward to joining forces with Lophos Pharma to expand our reach and accelerate our efforts in the cultivation and research of Lophophora williamsii.”
In 2007, Mr. Valente founded Magicactus.com, born from his passion for cacti cultivation, which evolved into a thriving online business specializing in Lophophora williamsii and ornamental cactus cultivation in Canada. With unique Lophophora williamsii dating back to 2007, Magicactus.com offers a wealth of unique and rare specimens, including specialized knowledge and experience in the cultivation and care of these unique traditional plants.