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Tuesday, Dec 6, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

The weed wire

Cronos Group, Tokyo Smoke co-founder Lorne Gertner launches psychedelics startup

CannaGlobal Wellness will focus on psilocybin to promote emotional, mental and physical health

Pot firm HYTN receives license to produce and sell psilocybin
'Dried psilocybe magic mushrooms' containing psilocybin. Photo by Erik Fenderson via Wikimedia Commons

Lorne Gertner, co-founder of Cronos Group Inc. (TSX: CRON) and Tokyo Smoke, is pivoting from cannabis to psychedelics.

On Monday, CannaGlobal, Sansero Life Sciences and Rise Wellness released a statement saying they were co-creating CannaGlobal Wellness, a psychedelics company that will be chaired by Gertner.

CannaGlobal will focus on how psilocybin — the hallucinogenic compound found in various species of mushrooms — and other natural compounds can promote emotional, mental and physical health.

Psilocybin remains broadly illegal around the world, but an emerging psychedelics market is pushing for legal research to test how this group of drugs can be used to promote health.

Read more: Psychedelics are experiencing a renaissance, but don’t expect them to be legalized anytime soon

Read more: First official call to decriminalize psychedelics in Canada to be heard later this year

The merger of the three companies will position CannaWellness to offer an extensive and scalable menu of wellness solutions in the short term, while also developing the commercialization of psilocybin-based neurotherapeutics, the company said.

Joining Gertner in the C-suite is Steve Sadoff, co-founder of Sansero, who will serve as CEO. Sadoff brings 15 years of experience working with nutraceuticals, natural health and cannabis products in highly regulated environments.

The team will also feature Sansero’s co-counder Darryl Hudson as chief science officer. Hudson has a PhD in plant molecular biology and genetics from the University of Guelph.

“This is a major step forward for mental health in Canada and around the world,” Gertner said in Monday’s statement. “Psilocybin is proven to have real benefits for treating serious conditions that affect millions of people, and we are excited to be on the cutting edge of helping people improve their lives and making the world a better place, which I am passionate about and have spent the majority of my life pursuing.”

Around 300 million people suffer worldwide from depression and one-in-13 people live with anxiety, added Sadoff.

“Without effective treatment, these illnesses can be debilitating, and even life threatening,” Sadoff said. “But current treatments aren’t universally tolerated and always effective. Our formulations have indicated that psilocybin, when combined with natural molecules and world-class immersive healing environments, offers a superior alternative to single-molecule drugs that merely suppress symptoms. This merger gives us the infrastructure and network to bring new, game-changing, neurotherapies to market with maximum efficiency.”

‘Dried psilocybe magic mushrooms’ by Erik Fenderson via Wikimedia Commons

 

michelle@mugglehead.com

@missmishelle

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