Tickers: XTSX:LITT, PINX:RMANF
Tags: #Bioceuticals, #Pharmaceuticals
VANCOUVER, British Columbia - TheNewswire - February 6, 2020 - Roadman Investments Corp. (TSXV:LITT)(FWB:1QD) ("Roadman Investments" or the "Company") is pleased to announce the completion of a letter of intent for a transaction with Psychedelic Insights Inc. This transaction will create a joint venture for the state of California and will upon psilocybin legalization and or medical approval allow Roadman Investments to open the first psilocybin therapy center in the United States.
Psychedelic Insights is one of the few organizations in the world that offers legal retreats that utilize psychotropic substances (i.e. psilocybin truffles). The company is based in Amsterdam and has a team that consists of experienced professionals utilizing the best practises used in modern science and therapeutic modalities. The company's treatments aim to generate lasting improvements in well-being through moderate-to high doses of psilocybin truffles and a carefully developed treatment process.
Psychedelic Insights meets all government regulations and has an experienced team that performs comprehensive medical screenings to ensure client safety and has professional supervision at every single retreat. Truffles in the Netherlands are considered food and the production, preparation or trading of Truffles falls under the Dutch Commodities Act (Warenwet (WW)). The WW provides general rules on public health, product safety, fair trading and adequate information.
Roadman Investments is anticipating that the model and expertise from clinics in the Netherlands can be transferable to other jurisdictions as medical and legal access to psychedelics continues to open up in the coming years. As psychedelic medicines become more normalized and their use grows Psychedelic Insights' proven results and established protocols will be transferred to the joint venture in the state of California. In June of 2019 Oakland's City Council voted unanimously to decriminalize magic mushrooms and the city of Santa Cruz followed suit and officially decriminalized the substance in February 2020. These legislative changes are signaling the first significant steps toward a much wider mainstream acceptance of psychedelic-assisted therapy in America.
Roadman Investments advisor Dr. Randy Scharlach is based in Los Angeles, California and will be leading the company's efforts for this initiative. Randy is one of few medical doctors in the United States that has completed academic certification in clinical use and research using Schedule 1 psychedelic medicines, is a board member of two respective Los Angeles based Neuroscience institutes and is certified by the Center for Psychedelic Therapy and Research at the California Institute of Integral Studies.
The joint Venture Structure of the operation is as follows:
- 3-year joint venture partnership agreement for the state of California
- Agreed upon financial investment numbers on non-operating, operating and capex costs
- Mutual extension, material adverse changes, termination, and renewal clauses
- Roadman provides all the capital for 51% ownership of the JV
- Dr. Randy Scharlach leads the implementation and local operations for 9% ownership of the JV
- Psychedelic Insights provides the treatment protocols, knowhow and operates that business for 40% ownership of the JV
CEO and Director Luke Montaine stated: "We are truly excited to complete this first step towards establishing a psilocybin therapy center in California. The experienced team at Psychedelic Insights and the leadership from Dr. Scharlach will provide our company a significant competitive advantage and the ability to be first movers once psilocybin is re-scheduled."
About Roadman Investments
Roadman Investments is a Canadian Venture Capital and Advisory Firm that strives to actively drive innovation and accelerate growth within its portfolio holdings in order to realize alpha returns for its shareholders. Roadman invests capital into companies that offer breakthrough products, devices, treatments and health supplements.
About Psychedelic Insights
Psychedelic Insights is a legal, safe and healing psilocybin therapy center based in the Netherlands. You can learn more about the company here: https://www.psychedelicinsights.com/
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf except as required by law.
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