Champignon Brands (CSE: SHRM) (OTCQB: SHRMF) (FWB: 496), a human optimization sciences company with an emphasis on ketamine and psychedelic medicine, on Tuesday announced the execution of a term sheet with California-based Wellness Clinic of Orange County Inc., further advancing the company’s North American clinical expansion. Per the term sheet, SHRMF is to acquire 100% of the Wellness Clinic and all of its subsidiaries in exchange for payments over an 18-month period totaling: (a) USD $600,000; (b) 1 million common shares of Champignon (the “Initial Share Issuance”); and, (C) 500,000 common shares of Champignon payable only if the Wellness Clinic collects top-line revenue of at least USD $1,500,000, over the 18-month period, post closing (the “Second Share Issuance”). The Initial Share Issuance will be paid upon closing of the acquisition, subject to a 12-month escrow, with 500,000 common shares released 6 months after closing and the remaining 500,000 shares released 12-months after closing. Both share issuances are to be issued at a price per share determined using the average trading price of the common shares in accordance with the Canadian Securities Exchange policies and applicable securities law. “We are thrilled to begin executing on our North American expansion strategy by acquiring our first U.S. based, revenue generating ketamine centre- Wellness Clinic of Orange County,” Champignon CEO Dr. Roger McIntyre stated in the news release. “This acquisition represents a major milestone as we begin to accelerate our vision of establishing significant scale and a sizable footprint of integrated ketamine centric clinics committed to providing innovative care and therapeutic options to improve the quality of life of patients suffering from chronic disease states that have failed conventional treatments.”
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About Champignon Brands Inc.
Champignon Brands (CSE: SHRM) is focused on the formulation and manufacturing of novel ketamine, anaesthetics and adaptogenic delivery platforms for the nutraceutical and psychedelic medicine while being supported by a leading psychedelics medicines clinic platform. The Company is pursuing the development and commercialization of rapid onset treatments capable of improving health outcomes, such as depression and post-traumatic stress disorder (“PTSD”), as well as substance and alcohol use disorders. Under a collaborative research agreement with the University of Miami’s Miller School of Medicine, the Company is conducting preclinical studies and eventual human clinical trials, with the objective of demonstrating safety and efficacy of the combination of psilocybin and cannabidiol in treating mTBI with PTSD or stand-alone PTSD. Champignon continues to be inspired by sustainability, as its medicinal mushroom-infused SKUs are organic, non-GMO and vegan certified. For more information, visit the Company’s website at www.ChampignonBrands.com.
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