Allied Completes Acquisition of Pacific Sun Fungi: A Leader in the Psilocybin Space
KELOWNA, British Columbia, Feb. 02, 2021 (GLOBE NEWSWIRE) — Allied Corp. (“Allied”) (OTCQB: ALID) – an international medical company focused on creating and providing health solutions to address today’s medical mental health issues is pleased to announce a follow up to it’s press release of December 24th, 2020 announcing the signing of a letter of intent to acquire the psilocybin company Pacific Sun Fungi (“Pacific Sun”). Allied has now completed the acquisition of Pacific Sun Fungi which is now a 100% wholly owned subsidiary of Allied.
Additionally, this acquisition further expands upon Allied’s press release of October 20, 2020 communicating the submission of the provisional patent for Allied’s functional mushroom formulation targeting major depression and anxiety. Allied has added to the data set of that submission with the novel discoveries that the Allied science team continues to research.Along with the proprietary functional mushroom formulation under provisional patent, a full scope treatment regime involving Allied’s specific CBD and terpene products is ready to add to the patent. This is the first full scope treatment of it’s kind that involves a specific psilocybin treatment regime that is bridged with a cannabinoid therapy approach. A full scope psilocybin and cannabinoid treatment approach to mental health.Pacific Sun is a British Columbia corporation that has been working on research and development activities in the psilocybin space and holds several formulations that have been tested under physician supervision. Pacific Sun also has proprietary extraction knowledge and proprietary formulations for several specific disease targets and physician-led therapy protocols. Allied is interested to bring these products through the appropriate research rigor to prove the efficacy for specific disease targets.Pacific Sun has many products ready for clinical intake that consist of both novel functional mushroom formulations including psilocybin and additional medical mushrooms. Allied will be researching, and intends to bring to market, a 100mg psilocybin formulation, a 250mg formulation. In addition to this, novel dosing technologies will also be explored.Over the past two years, in parallel with psilocybin moving into the pharmaceutical research realm, Allied has continued to develop it’s pharmaceutical research infrastructure. This represents the evolution of Allied beyond specific cannabis-based therapies to more pharma-based health targets.Allied was born out of the need to support veterans and first responders suffering from PTSD with targeted cannabinoid solutions. The acquisition of Pacific Sun Fungi has advanced Allied into the broader mental health market encompassing both pharmaceutical and natural health products. Building upon our experience with PTSD, we are expanding our research and treatment options to encompass depression, anxiety and general mental health. This puts Allied in the unique position to provide a full-scope, closed-loop therapy protocol. Typical psilocybin therapies support the patient for an episodic micro-dosing treatment regime which follows a specific dosing and wash out cycle. Unfortunately, this leaves the patient with a treatment gap between dosing periods. This can now be bridged with Allied’s existing cannabinoid treatment solutions. A “full scope treatment” option.The proprietary “Allied Full Scope Treatment” offers the patient continual therapy with treatment options both before and after the psilocybin treatment period. This is accomplished by offering Allied’s cannabinoid and natural health products combined with the psilocybin products and protocols. This will all be accomplished under legal license and physician supervision.Allied’s initial focus will be on pharmaceutical R&D while also entering the Oregon State market with additional markets to follow as legislation allows. As well, Allied is in the process of applying for a Section 56 exemption in Canada for Allied’s Physician group to be able to prescribe Allied’s formulations to veterans and first responders. With this infrastructure in place, Allied will be able to be one of the first companies to come to market in the psilocybin space with both psilocybin products augmented by Allied’s current natural health and cannabis-derived pharma products.A timeline leading towards Allied as being positioned as a leader in the psilocybin space:In 2018, the FDA recognized psilocybin therapies as a “breakthrough” therapy for PTSD and Major Depressive Disorder. (Food and Drug Administration, 2018).In 2019, Imperial College of London and John Hopkins open the first psychedelic research centers. MAPS clinics across the nation conduct research on psilocybin therapy. (Forbes.com, 2019).In 2020, Health Canada approves psilocybin for select patient with terminal illness. 2020 Oregon State decriminalizes psilocybin. On November 30, 2020 Oregon state issues call for participants in State Guidance Committee. Allied executive applies to be a member of this committee. (Health Canada, 2020 and Oregon State Health, 2020).On October 20, 2020, Allied submits provisional patent on drug formulation containing psilocybin and a combination of additional functional mushrooms for the disease targets of PTSD, depression and general anxiety. (Allied Corp press release of Oct 20, 2020).On December 20th, 2020, Allied moves to acquire Pacific Sun Fungi by signing Letter of Intent to acquire. (Allied Corp press release of Dec 24, 2020).On January 29, 2021 Allied acquires Pacific Sun Fungi as a 100% wholly owned subsidiary.“This acquisition represents an evolution of Allied beyond just cannabinoid therapies. We are excited to show the world the first full scope treatment approach using a robust approach to care including psilocybin formulations, cannabinoid therapies, activity-based healing and patient education. There are many people that need this. We are proud to do our part to bring the much needed clinical research to the on-going challenges facing mental health care,” said Calum Hughes, CEO and Founder of Allied Corp.“We are very pleased to be acquired by Allied and all that Allied has to offer in expanding and growing Pacific Sun Fungi. We believe that the aligned values and vision will position all of the Pacific Sun Fungi Products to be able to be brought to a very wide audience and help many people in the up-coming year,” said Nicole Varcoe, Holistic Nutritionist, Principal at Pacific Sun Fungi.About Allied Corp. – https://allied.health/Allied Corp. is an international heath and technology company with a mission to address today’s medical issues by researching, creating and producing targeted health solutions. Allied Corp. uses an evidence-informed scientific approach to make this mission possible, through cutting-edge pharmaceutical research and development, innovative plant and mushroom based production and unique development of therapeutic products.Investor Relations:
1-877-255-4337Forward-Looking Statements:This press release contains “forward-looking information” within the meaning of applicable securities laws in Canada or “forward-looking statements” made pursuant to the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking information”). Forward-looking information may relate to the Company’s future outlook and anticipated events, plans or results, and may include information regarding the Company’s objectives, goals, strategies, future revenue or performance and capital expenditures, and other information that is not historical information. Forward-looking information can often be identified by the use of terminology such as “believe,” “anticipate,” “plan,” “expect,” “pending,” “in process,” “intend,” “estimate,” “project,” “may,” “will,” “should,” “would,” “could,” “can,” the negatives thereof, variations thereon and similar expressions. The forward-looking information contained in this press release is based on the Company’s opinions, estimates and assumptions in light of management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management currently believes are appropriate and reasonable in the circumstances. Forward looking statements in this press release include the following: that Allied is leveraging the conditions in its Colombia grow operation and future Kelowna location to support its Research and Development efforts; that Allied is making important strides forward to position itself as a leader in the medical cannabis space, that Allied intends to make a series of proposed trademark and other intellectual property protection filings, as part of the Company’s Intellectual Property and Pharma Development (IP&PD) Strategy, statements respecting the joint development, manufacturing, and introduction of TACTICAL RELIEF™ branded products, and the use of proceeds from the offering of convertible notes.There can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Risk factors that could cause actual results to differ materially from forward-looking information in this release include: the Company’s exposure to legal and regulatory risk; the effect of the legalization of adult-use cannabis in Canada and Colombia on the medical cannabis industry is unknown and may significantly and negatively affect the Company’s medical cannabis business; that the medical benefits, viability, safety, efficacy, dosing and social acceptance of cannabis are not as currently expected; that adverse changes or developments affecting the Company’s main or planned facilities may have an adverse effect on the Company; that the medical cannabis industry and market may not continue to exist or develop as anticipated or the Company may not be able to succeed in this market; risks related to completion of the greenhouse construction in Colombia, risks related to market competition; risks related to the proposed adult-use cannabis industry and market in Canada and Colombia including the Company’s ability to enter into or compete in such markets; that the Company has a limited operating history and a history of net losses and that it may not achieve or maintain profitability in the future; risks related to the Company’s current or proposed international operations; risks related to future third party strategic alliances or the expansion of currently existing relationships with third parties; that the Company may not be able to successfully identify and execute future acquisitions or dispositions or successfully manage the impacts of such transactions on its operations; risks inherent to the operation of an agricultural business; that the Company may be unable to attract, develop and retain key personnel; risks resulting from significant interruptions to the Company’s access to certain key inputs such as raw materials, electricity, water and other utilities; that the Company may be unable to transport its cannabis products to patients in a safe and efficient manner; risks related to recalls of the Company’s cannabis products or product liability or regulatory claims or actions involving the Company’s cannabis products; risks related to the Company’s reliance on pharmaceutical distributors; that the Company, or the cannabis industry more generally, may receive unfavourable publicity or become subject to negative consumer or investor perception; that certain events or developments in the cannabis industry more generally may impact the Company’s reputation or its relationships with customers or suppliers; that the Company may not be able to obtain adequate insurance coverage in respect of the risks that it faces, that the premiums for such insurance may not continue to be commercially justifiable or that there may be coverage limitations and other exclusions which may result in such insurance not being sufficient; that the Company may become subject to liability arising from fraudulent or illegal activity by its employees, contractors, consultants and others; that the Company may experience breaches of security at its facilities or losses as a result of the theft of its products; risks related to the Company’s information technology systems; that the Company may be unable to sustain its revenue growth and development; that the Company may be unable to expand its operations quickly enough to meet demand or manage its operations beyond their current scale; that the Company may be unable to secure adequate or reliable sources of necessary funding; risks related to, or associated with, the Company’s exposure to reporting requirements; risks related to conflicts of interest; risks related to fluctuations in foreign currency exchange rates; risks related to the Company’s potential exposure to greater-than-anticipated tax liabilities; risks related to the protection and enforcement of the Company’s intellectual property rights, or the intellectual property that it licenses from others; that the Company may become subject to allegations that it or its licensors are in violation of the intellectual property rights of third parties; that the Company may not realize the full benefit of the clinical trials or studies that it participates in; that the Company may not realize the full benefit of its licenses if the licensed material has less market appeal than expected and the licenses may not be profitable; as well as any other risks that may be further described in and the risk factors discussed in the Company’s continuous disclosure including its Management’s Discussion and Analysis sections in its Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and Current Reports on Form 8-K filed under the Company’s profile at www.sec.gov.Although management has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking information in this presentation, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information in this presentation. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers and viewers should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this release represents the Company’s expectations as of the date of this release or the date indicated, regardless of the time of delivery of the presentation. The Company disclaims any intention, obligation or undertaking to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.