The Yield Growth Corp. announced that on September 14, 2019, it entered into an agreement with Absolem Health Corp., to acquire a 30% interest in Absolem. Yield Growth also entered into a consultancy agreement with Absolem to provide corporate finance and other services to assist the company with a going public transaction. Absolem has entered into agreements to acquire all the shares of One Up Pure Energy Inc.
One Up Pure Energy makes healthy, all natural plant based ready to eat snacks. It manufactures mushroom power pellets called "The Reishi Relax" and "Cordyceps Power Up," both of which have been approved for sale by Health Canada and the Vancouver Health Authority.
"My passion and goal is to improve access to healthy edible mushrooms by scaling up One Up Pure Energy into an international edible mushroom brand," says Ken Kuiper, CEO of One Up. "As these medicinal mushroom extracts gain popularity, they are mainly available as powdered extracts, capsules and drink mixes. We are providing a convenient, to-go, ready to eat snack product."
The global edible mushrooms market is expected to grow at a CAGR of 7.95% to grow to US$62 billion by 2023, increasing from US$42 billion in 2018, according to a report by Research and Markets. Grand View Research reports that the global healthy snacks market size is expected to reach US$32 billion by 2025.
"Our research indicates that edible mushrooms are in a period of high growth," says Yield Growth CEO Penny White. "Yield Growth intends to add to its cannabis wellness assets through acquisitions in companies like Absolem. Edible Mushrooms may experience hyper-growth as the movement to decriminalize psilocybin (magic mushrooms) grows, similar to how the popularity of hemp has grown with the legalization of cannabis. Of great interest to us is how the business of Absolem can be aligned with legal research and clinical trials of psilocybin "magic mushrooms." We intend to use our alliance with Absolem as a launch pad to create assets for legal psychedelic medicine."
According to The New York Times, on September 4, 2019 Johns Hopkins Medicine announced the launch of the Center for Psychedelic and Consciousness Research, to study compounds like LSD and psilocybin for a range of mental health problems, including anorexia, addiction and depression. The center is the first of its kind in the country, established with $17 million in commitments from wealthy private donors and a foundation. CNBC says that investors are starting to bet big on psychedelic medicine with ATAI Life Sciences completing a $40 million round in March 2019 at a $240,000,000 valuation.
According to Wikipedia, the legal status of psilocybin mushrooms varies worldwide. In many countries, the substance is prohibited unless authorized for clinical trial or research purposes.
Yield Growth has agreed to pay CAD $63,000 for 3,150,000 shares at $0.02 per share which will amount to a 30% interest in the company. Further capital rounds are agreed to at limited amounts up to $0.30 per unit. Yield Growth has also signed an Advisory Agreement to provide various services including bookkeeping, project management and corporate communications. Yield will be compensated for its services at cost plus 25% and will receive a bonus of 500,000 shares if Absolem achieves a listing on a stock exchange via a going public transaction within 5 months. Krystal Pineo is a founder, director and shareholder of both Absolem and Yield Growth.
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