Empower Clinics Inc (CSE:CBDT) (OTCQB:EPWCF) has signed a non-binding term sheet to acquire a 10% interest in 'Dosed', an award-winning documentary film about treating anxiety, depression and addiction with psychedelic medicine.
Under the terms of the deal, the company plans to issue C$75,000 worth of common shares to Golden Teacher Films Inc and pay $25,000 to the vendors.
Once the deal is done, Tyler Chandler and Nicholas Meyers — the film’s director and producer, respectively — will be offered consulting contracts to join a new company Empower is launching, Dosed Wellness Ltd.
Dosed Wellness will function as Empower’s dedicated psychedelics division, leveraging the company’s network of physicians and clinics, research opportunities and base of more than 165,000 patients.
"Widespread legalization of psilocybin and psychedelics is inevitable, as clinical research is showing these compounds are uniquely useful for treating mental illness and addiction,” Chandler said in a statement.
"Since billions of people worldwide suffer from these conditions, we need to establish infrastructure and patient-care competencies to serve this population as soon as the law allows. We're thrilled to align with Empower Clinics, which has the strategic vision, existing client base and clinic network to continue to lead the plant-based medicine industry." he added.
'Dosed' tells the story of Adrianne, a suicidal woman struggling with depression, anxiety and opioid addiction, who uses illegal psychedelic medicines to treat her conditions after years of frustration with prescription medications.
"Our team is well connected in the psychedelic space and our expertise on the media side will help elevate the Empower brand,” Meyers said. “We're also excited that Empower Clinics is acquiring an interest in Dosed, as their promotion of the film will help educate millions of people about the opportunities inherent in psychedelic medicine.
"When people see Adrianne's inspiring and eye-opening journey in Dosed, they'll want to know how to access these treatments, which is precisely the problem Empower Clinics is positioned to solve as we move towards clinical trials and legalization."
According to the World Health Organization, depression is the leading global cause of disability, affecting more than 322 million people. Fighting the stigma that still surrounds mental health is important, Empower said.
"The opportunity to partner with Dosed to help bring down stigmas and advance the science of psychedelic treatment options is a meaningful step forward to vastly improving the mental wellness outcome for millions of people around the world." Empower CEO Steven McAuley said.
"Now, with the additions of Tyler and Nick on our new management team, we will leverage their substantial psychedelics experience and network to take full advantage of Empowers' clinic infrastructure, technology and access to patients."
The mental health crisis could cost the world $16 trillion by 2030, according to analysts at Future Market Insights.
Contact Andrew Kessel at [email protected]
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