Allied Moves to Become Leader in Psilocybin Space with Intent to Acquire of Pacific Sun Fungi
KELOWNA, British Columbia, Dec. 24, 2020 (GLOBE NEWSWIRE) — Allied Corp. (“Allied”) (OTCQB: ALID) – an international medical cannabis company focused on creating and providing health solutions to address today’s medical mental health issues is pleased to announce the signing of a letter of intent to acquire the psilocybin company Pacific Sun Fungi (“Pacific Sun”). This 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.
Pacific Sun is a British Columbia corporation that has been working on Research and Development activities in the psilocybin space for the past 10 years. Pacific Sun holds several formulations that have been tested under physician supervision. Pacific Sun also has proprietary extraction technology, proprietary formulations for several specific disease targets and physician-led therapy protocols that have proven to be effective for several specific disease targets.Over the past two years, in parallel with psilocybin moving into the pharmaceutical research realm, Allied has continued to develop its 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. This acquisition 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.A timeline leading towards Allied as being positioned as a leader in this 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’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 formulation 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.“We were seeing many people coming through our healing retreats reporting the benefits of the micro dosing with psilocybin products. We put our best scientists to task to explore the pharmaceutical benefits of functional mushroom formulations. We truly believe that several pharma drug indications will be discovered with the products that we have. We are excited to begin this important research in the New Year.” said Calum Hughes, CEO and Founder of Allied Corp.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:
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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; 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