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As medical marijuana becomes more widely available in the US, one Canadian company is looking to take advantage.
Mydecine Innovations Group Inc.
has entered into subscription agreements with third-party investors to raise up to $3,750,000 through the sale of up to 18,750,000 common shares at a price of $0.20 per share, per a press release.
The company expects to close the deal on or about Sept.
16, 2023, per the release.
Mydecine, which is based in Vancouver, is a biotechnology company "engineering the next wave of innovative medications and treatment protocols to directly address mental health with a particular emphasis on addiction and PTSD," per the release.
Mydecine's lead product is MYCO-006, an analogue of the active ingredient in marijuana known as MDMA, or ecstasy, that has been shown to be effective in treating pain, anxiety, depression, addiction, and post-traumatic stress disorder, among other conditions.
Mydecine's CEO, Joshua Bartch, tells the CBC that the company's research and development team is working with artificial intelligence to create medications that are affordable to the general public upon FDA and Health Canada approval.
(New York Gov.
Andrew Cuomo has signed a bill making recreational marijuana legal in the state.
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