YIELD GROWTH Subsidiary Flourish Mushroom Labs Completes
Acquisition of Founding Interest in Biotechnology Start Up
Translational Life Sciences Inc.
Vancouver, British Columbia, Canada -- February 6, 2020 --
InvestorsHub NewsWire -- The
Yield Growth Corp. (CSE: BOSS) (OTCQB: BOSQF)
(FSE:
YG3) announces its subsidiary
Flourish Mushroom Labs Inc. has completed an acquisition of
approximately 18% of the outstanding shares of Translational Life
Sciences Inc. ("TLS").
Flourish Mushroom Labs Completes Acquisition of Founding Interest
in Translational Life Sciences Inc.
TLS is a biotechnology company focused on developing
proprietary formulations that contain restricted substances such as
psilocybin and cannabis to serve unmet medical needs in the market.
This includes opioid dependence, psychotic illness, pain management
and traumatic brain injuries such as concussions. The company also
offers services to design and oversee clinical trials of restricted
substances for third parties.
The TLS team is comprised of physicians and scientists
who are recognized thought leaders in the fields of Neurology,
Pharmacology, Pain Management, Addiction and Biochemistry and have
significant experience in the clinical application of cannabinoid
compounds.
The company's principal medical team includes
- Dr. William Honer: Head, Scientific Advisory Board at TLS and
an Internationally recognized translational scientist and
physician. He is a Psychiatrist and the previous Head of the
Department at UBC. He is Fellowship trained at Columbia University
and the Albert Einstein College of Medicine. He has published over
300 peer-reviewed manuscripts including primary clinical trial
authorship works in journals such as the New England Journal of
Medicine.
- Dr. Caroline MacCallum is the Chief Medical Officer of TLS. She
is a pharmacist and internal medicine physician with deep expertise
in complex pain and medical cannabis. She is a medical director of
a Vancouver- based private cannabis clinic and an internationally
sought after speaker and world recognized leader in cannabis
education, policy, clinical guideline development and
research.
- Dr. William Panenka, MD, MSc, FRCPC (Neurology and Psychiatry).
The founder of TLS, Dr. Panenka, is a dually boarded Neurologist
and Psychiatrist and a Canadian Institute of Health Research funded
academic faculty member at the University of British Columbia. He
did a post doctoral fellowship at UBC and Harvard University. He
maintains an internationally recognized research program in brain
injury, mental health and addictions.
Yield Growth subsidiary Flourish Mushroom Labs issued
15,000,000 units of Flourish, consisting of 15,000,000 shares
(approximately 10% of Flourish outstanding shares) and 15,000,000
warrants to acquire additional Flourish shares at $0.50 per share,
and in consideration Flourish acquired approximately 18% of the TLS
outstanding stock, at a deemed cost of $750,000.
No shares or warrants in Yield Growth were issued as
part of the transaction.
"As a founder in
TLS, we will now work with TLS to increase the value of our
investment by helping it build out its management team, raise
additional capital and complete its plans to develop intellectual
property in plant based medicine," says Yield Growth and Flourish
CEO Penny White. "We believe our alliance with TLS will help
establish us a leader in the emerging industry of psychedelic
medicine."
Psychedelic medicine involves research and
investigations into mind-altering substances to treat illnesses. On
January 13, 2020 COMPASS Pathways, a mental health care company,
announced that it had been granted a US Patent relating to methods
of treating drug-resistant depression with a psilocybin
formulation.
According to CNBC, German company ATAI Life Sciences, a
major investor in COMPASS, announced in March 2019 that it has
raised more than $40 million in new financing, valuing the company
at $240 million. ATAI is also targeting a potential initial public
offering, for which, according to Bloomberg, ATAI provided a
valuation target figure of $800 million to COMPASS.
The Centers for Disease Control and Prevention
estimated that the total "economic burden" of prescription opioid
misuse alone in the United States is $78.5 billion a year,
including the costs of healthcare, lost productivity, addiction
treatment, and criminal justice involvement.
About Flourish Mushroom Labs Inc.
Flourish Mushroom Labs aims to legally and safely
commercialize psilocybin (magic) mushrooms. Flourish Mushroom Labs
is planning to build a psilocybin mushroom laboratory in St.
Vincent and the Grenadines and is conducting research into
potential therapeutic benefits of compounds found in magic
mushrooms. It has filed a U.S. patent application for the use of
psilocybin to aid in weight loss and treat obesity, diabetes and to
help prevent heart disease. Flourish also plans to be a leader in
the fast-growing medicinal mushrooms market-and improve life by
offering high-quality mushroom-infused products. Flourish Mushroom
Labs is a majority owned subsidiary of The Yield Growth Corp.
About The Yield Growth Corp.
The Yield Growth Corp. develops and manufactures
plant-based products and conducts research for plant-based
therapeutics in what the Global Wellness Institute reports is a
$4.2 trillion-dollar global wellness market. It owns the cannabis
wellness brands Urban Juve, Wright & Well and Jack n Jane. The
Yield Growth management team has deep experience with global brands
including Johnson & Johnson, Procter & Gamble, Skechers and
Aritzia. Its all natural hemp skincare brand, Urban Juve, has
signed agreements for distribution in Canada, Colombia, Brazil,
Costa Rica, Panama, Argentina, El Salvador, Ecuador, Peru, Greece,
Cyprus, Bulgaria, Romania and Serbia. Yield Growth's Wright &
Well brands have manufactured a THC/CBD line of topical and edible
products in Oregon. Through its subsidiaries, Yield Growth has over
200 proprietary beauty, wellness, edibles and beverage formulas for
commercialization. It has filed 13 patents to protect its
extraction method and other intellectual property. Yield Growth
earns revenue through multiple streams including licensing,
services and product sales.
For
more information about Yield Growth, visit www.yieldgrowth.com or follow @yieldgrowth on Instagram. Visit www.urbanjuve.com and #findyourjuve across
social platforms to learn, engage and shop.
Investor Relations Contacts:
Penny White, President & CEO
Kristina Pillon, Investor Relations
invest@yieldgrowth.com
1-833-514-BOSS 1-833-514-2677
1-833-515-BOSS 1-833-515-2677
The Canadian Securities Exchange has not reviewed,
approved or disapproved the contents of this news release.
Cautionary Statement Regarding
Forward-Looking Statements
This press release includes
forward-looking information and statements (collectively, "forward
looking statements") under applicable Canadian securities
legislation. Forward-looking statements are necessarily based upon
a number of estimates, forecasts, beliefs and assumptions that,
while considered reasonable, are subject to known and unknown
risks, uncertainties, and other factors which may cause actual
results and future events to differ materially from those expressed
or implied by such forward-looking statements. Such risks,
uncertainties and factors include, but are not limited to: risks
related to the development, testing, licensing, intellectual
property protection, the potential for not acquiring any rights as
a result of the patent application and any products making use of
the intellectual property may be ineffective or the company may be
unsuccessful in commercializing them; and other approvals will be
required before commercial exploitation of the intellectual
property can happen. The laws around cultivating, selling and using
psychedelic mushrooms would need to change in most jurisdictions in
order for the use of psychedelic products to be legal and sale of,
and demand for, Urban Juve, Wright & Well, Flourish Mushroom
Labs, Jack n Jane and UJ Beverages products, general business,
economic, competitive, political and social uncertainties, delay or
failure to receive board or regulatory approvals where applicable,
and the state of the capital markets. Yield Growth cautions readers
not to place undue reliance on forward-looking statements provided
by Yield Growth, as such forward-looking statements are not a
guarantee of future results or performance and actual results may
differ materially. The forward-looking statements contained in this
press release are made as of the date of this press release, and
Yield Growth expressly disclaims any obligation to update or alter
statements containing any forward-looking information, or the
factors or assumptions underlying them, whether as a result of new
information, future events or otherwise, except as required by
law.
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