Codebase Ventures Inc (CSE:CODE) (OTCMKTS:BKLLF) subsidiary Titan Shrooms and Psychedelics has inked a letter of intent to form a joint venture with arms-length mushroom biotech company Mycology Ventures.
Titan will hold a 70% interest in the venture, which will include yet unspecified amounts of cash and stock. Investment in the venture will be tied to specific milestones, the company said, including the identification of investment opportunities, industry networking at conferences and the continued buildout of an advisory board.
Codebase CEO George Tsafalas was impressed with Mycology’s expertise in the cannabis, CBD and mushroom sectors. The firm is focused on identifying and bringing to market alternatives, including psychedelic medicine, for those suffering from mental health and addiction illnesses.
"The US, along with many other countries, is illustrative of the dangers of opioid and antidepressant pharmacology," Tsafalas said in a statement. "The resulting openness to viable alternatives, including psilocybin, by regulatory bodies and major research institutions is a strong indicator of the potential for this sector.
“As it relates to psilocybin for depression, the FDA has granted a ‘breakthrough therapy' designation to advance legal clinical trials, which indicates that we are at the start of pioneering effort to reshape medicine as it applies to mental illness, pain management and addiction."
Codebase Ventures, which consists of a small, hands-on team of financial and technology experts, invests in emerging technologies. It makes strategic investments in ambitious founders who aim to upend large markets.
"Mycology plans to incubate cutting edge approaches in the space, uniting academics and producers to monetize their ideas and techniques with the goal of helping bring this amazing alternative approach to market to benefit people suffering from mental health illnesses," Tsafalas said.
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