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Tags: #Pharmaceuticals, #Cannabis, #Healthcare
Nanaimo, BC - TheNewswire - September 5 2019 - Salvation Botanicals Ltd. (Salvation) has been granted a Controlled Drugs and Substances Dealer's Licence, enabling it to test and analyze psychedelics such as MDMA, DMT, and Psilocybin.
Issued on July 19, 2019, the licence will enable Salvation to capitalize on psychedelic research under the Canada Controlled Drugs and Substances Act.
The licence authorizes possession, testing, sale , sending, transportation and delivery of:
-Psilocybin ;
-Psilocin;
-3, 4, 5-Trimethoxyphenethylamine (mescaline);
-N,N-Dimethyltryptamine (DMT);
-N-Methyl-3,4-methylenedioxyamphetamine (MDMA).
The Food and Drug Administration (FDA) granted breakthrough therapy designation for MDMA-assisted psychotherapy in 2017, and phase 3 trails are already underway in the US, Canada and Israel.
In keeping with its values, Salvation will work collaboratively with clients to ensure high standards, while working to develop products that can be used in research settings and beyond.
To complement its work, Salvation has partnered with Numinus, a Vancouver-based start-up that aims to facilitate guided psychedelic therapy for individuals suffering from mental health issues, addiction, and trauma.
"Salvation Botanicals is looking to the future, and we see psychedelics as the next wave of products to make headway in providing medical benefits," said Michael Tan, Chief Executive Officer, Salvation Botanicals. "We are strategically positioned to become a leader in controlled substances testing in Canada by providing scientific expertise and a commitment to our partner's success through an efficient and consultative approach."
"We are thrilled to be working with Salvation Botanicals as we take further steps to explore medicine-assisted therapy," said Payton Nyquvest, Numinus co-founder and CEO. "Together, we look forward to leading the charge in developing research-based psychedelic treatment options."
With the partnership with Numinus, Salvation is well-positioned to begin work in this space in fall 2019.
Salvation has also opened a final raise of $3 million at $0.50 per unit to be completed by the end of September to meet listing requirements of 12 months of working capital and to complete the set-up of its production facility. Each unit will comprise of one common share and one-half of one warrant. Each warrant will have an exercise price of $0.75 and an expiry date 18 months from date of listing.
For more information please visit their corporate website at www.salvation-labs.com or contact Investor Relations at 1.855.420.8617 or investor-relations@salvation-labs.com.
For more information about Numinus, visit https://numinus.ca/
About Salvation Botanicals, Ltd.
Salvation Botanicals is a private company based in Vancouver Island, British Columbia, that is dedicated to the testing and production of high-quality standardized cannabis products for the domestic cannabis market. Salvation operates an analytics laboratory in Canada licensed by Health Canada to test cannabis and derivatives.
Salvation Botanicals holds an Analytical Testing License under the Cannabis Act and two Hemp Processing Licenses (HPL) permitting production and sale and export of seed & grain and its derivatives. In 2019 Health Canada granted Salvation a Controlled Drugs and Substances License permitting the possession and processing of certain non-cannabis substances. The Company is a late stage applicant for a processor license under the Cannabis Act.
For more information about Salvation Botanicals Ltd, please go to www.salvation-labs.com.
Cautionary Statements Regarding Forward-Looking Information
Certain statements within this press release relating to the Company constitute "forward-looking statements", within the meaning of applicable securities laws, including without limitation, statements regarding future estimates, business plans and/or objectives, sales programs, forecasts and projections, assumptions, expectations, and/or beliefs of future performance, are "forward-looking statements."
Such "forward-looking statements" involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements. These risks and uncertainties relate to, among other things, to the Company's historical experience with medical marijuana operations, regulatory changes, timeliness of government approvals for the granting of permits and licenses, changes in medical marijuana prices, actual operating performance of facilities, risks associated with completion of the acquisition, including the availability of sufficient financing to complete the acquisition and fund the business of the combined company, other risks relating to the roll-out and intended expansion of a clinical wellness business, business integration risks, competitive risks, and other risks relevant to the medical marijuana and clinical wellness industries in general and to the Company in particular.
The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. There can be no assurance that Salvation Botanicals' license applications will be approved by Health Canada.
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