- Red Light Holland’s expected merger partner Creso Pharma Ltd. has announced the acquisition of Halucenex Life Sciences Ltd.
Red Light Holland Corp. (CSE: TRIP), an Ontario-based corporation engaged in the production, growth and sale of a premium brand of magic truffles to the legal, recreational market within the Netherlands, is pleased to announce that Creso Pharma Ltd. (“Creso Pharma“) has completed its previously announced acquisition of Halucenex Life Sciences Inc. (“Halucenex“).
The acquisition of Halucenex followed considerable due diligence and marks Creso Pharma’s entry into the psychedelic-assisted psychotherapy (“PAP“) sector. Halucenex has submitted an application for a Dealer’s License under both the Narcotics Control Regulations and Part J of the Food and Drugs Regulations. Subject to the receipt of all necessary regulatory approvals, Halucenex is expected to begin phase II clinical trials to demonstrate the efficacy of Psilocybin therapy in the treatment of treatment-resistant depression in Canadian veterans and everyday individuals living with debilitating conditions. In May, Halucenex secured additional GMP grade synthetic psilocybin, taking total secured inventory to 22.3 grams, making it one of the largest holders of single batch GMP synthetic psilocybin in Canada (refer to Creso Pharma press release dated May 14, 2021).
Halucenex’s recent operational progress (refer to Creso Pharma press release dated July 15, 2021) includes the completion of all USP 61 requirements, which provide validation for the use of its GMP grade psilocybin. Halucenex will now progress the USP 62 test, which will highlight the shelf life of its psilocybin samples, as well as provide additional validation. USP 62 test protocols are currently underway and will be completed in the coming weeks.
Following completion of these tests, Halucenex will be positioned to apply for Clinical Trial Authorization (“CTA“) and subject to the receipt of its Dealer’s License from Health Canada, commence a phase II clinical trial into the efficacy of psilocybin on treatment resistant post-traumatic stress disorder. Halucenex can apply for its CTA prior to the receipt of its Dealer’s License from Health Canada, expediting its clinical trial process (refer to Creso Pharma press release dated July 15, 2021).
The acquisition of Halucnex is a key strategic asset for the proposed merger of Creso Pharma and Red Light Holland to create the HighBrid Lab. Red Light Holland is expected to work closely with the Halucenex and Creso Pharma teams to explore additional opportunities through Halucenex. Red Light Holland continues to advance discussions with Mera Life Sciences regarding a previously announced potential investment in St. Vincent and the Grenadines, which is also expected to form part of The HighBrid Lab’s applied science platform. Subject to the completion of the merger, The HighBrid Lab will leverage the significant pharmaceutical expertise of Halucenex and Creso Pharma’s management team through all applied science activities.
“Creso’s completion of the Halucenex Life Sciences acquisition is an important psychedelic piece of the puzzle aligning with our core focus… Halucenex has clearly made significant progress in recent months and is well positioned to apply for clinical trial authorization and begin phase 2 trials, subject to the receipt of its Dealer’s License. This program is a fantastic first initiative for the HighBrid Lab’s applied science platform and represents a clear synergy of the proposed merger between Red Light Holland and Creso Pharma. Prior to the completion of the merger, both companies are working together to capitalize on potential synergies, such as SR Wholesale’s recent order to purchase Creso Pharma CBD products for sale in the Netherlands. We are confident that we will be able to unlock value from several other synergies upon the expected completion of the transaction.”
Todd Shapiro, CEO and Director of Red Light Holland
Further details will be announced once available and as the contours of the The HighBrid Lab begin to take shape.
About Red Light Holland
Red Light Holland is an Ontario-based corporation engaged in the production, growth and sale (through existing Smart Shops operators and an advanced e-commerce platform) of a premium brand of magic truffles to the legal market within the Netherlands.