Nirvana Life Sciences Inc. (CSE: NIRV), a western Canadian based life sciences company aimed at developing psychedelic and other natural based medicines, including non-addictive chronic pain and relapse preventing pharmaceutical medicines, is pleased to report that it has entered an agreement to acquire the distributor of a leading addictions focused herbal treatment.
Nirvana Life Sciences Inc. is pleased to announce that it has entered into an agreement to purchase Medsmart Dispensary Inc., the exclusive North American licensee for “SOSA”, a patented herbal medicine designed to detoxify the human body. Nirvana will commence a formal due diligence process that reviews the clinical studies and scientific claims behind this novel product.
SOSA is a patented, WHO-approved, herbal treatment for opiate addiction that has been administered to more than 30 million patients in Asia. SOSA is registered with the health authorities in China, Indonesia, Thailand, Vietnam, and Cambodia and has been used to safely and effectively treat opiate addictions in these countries for over twenty years. A report from the WHO concluded that SOSA can be used “safely and effectively for heroin and other opiates addiction treatment, detoxification and acute heroin withdrawal symptoms”. “In addition, the side effects are minimal and tolerable”. SOSA has been proven to be effective at breaking the cycle of addiction to opioids and other opiate-based addictive drugs.
Medsmart holds the exclusive license to distribute SOSA for North America with the right to extend the license to territories including Europe, Oceana, and the balance of the Americas. Nirvana will acquire Medsmart in exchange for 5 million shares of Nirvana. The shares will be subject to certain statutory escrow conditions that may be required by the CSE, the transaction will be subject to regulatory and exchange approval.
The US Council of Economic Advisors estimate the cost of the Opioids Crisis to the US economy at more than $500 billion annually, this equates to almost 4% of GDP. In 2021, more that 75,000 Americans died of drug overdose, with around two-thirds of those deaths linked to opioids. The impact can be measured financially, with massive health care and insurance costs as well as the significant costs of law enforcement. It has been estimated that it will require a large investment, as much as $100 billion, to fully address the crisis. For many years, the pharmaceutical industry has promoted the use of highly addictive pain medications for the management of chronic pain. While these medications have been effective for pain relief, the highly addictive nature of the medications has created a problem with no practical solution. Current solutions proposing free or lower cost opioids are not a solution, society needs practical methods to break addiction, prevent relapse and replace addictive pain management therapies with non-addictive therapies.
Medsmart’s Managing Director, Mr. Mahmoud Aziz, states; “We believe that the SOSA product can be a game changer in the effort to help those afflicted with opiates addiction related disorders. For several years, we have been seeking a partner who shares our vision for this product and are pleased to join with the Nirvana team to bring this product to North America. Nirvana’s core focus on developing treatments for addictions makes this transaction a strategic one for both of our companies”. “We have seen SOSA change lives and free many patients from their addictions, the positive impact has been extraordinary”
“The opportunity to acquire the rights to a therapy that has such a significant track record of success is a rare opportunity.” “The Nirvana project was formed with the belief that our innovations can make a difference to people affected by this crisis, the addition of the SOSA product to our program brings the prospect of success much closer.” “This acquisition will add a market ready product to our development portfolio and move our revenue generating projection ahead by more than three years.”Nirvana CEO Bruce Clark
About Nirvana Life Sciences Inc.
Nirvana Life Sciences Inc. has been founded with a simple objective of researching and developing non-addictive pain management and relapse prevention products that mitigate the symptoms of chronic pain and support patients who battle with addiction. Nirvana believes that pairing naturally sourced psychedelics with modern medicine holds the promise of delivering non-addictive therapeutic solutions. Backed by a team of global leading researchers, Nirvana will develop life changing therapies for those suffering from pain and addiction and consequently alleviate the fiscally strained medical system.