Code Subsidiary - Titan Shrooms & Psychedelics - Signs LOI with Medicinal Mushroom Biotech Company Mycology Ventures to Form Joint Venture
Titan is Focused on Identifying and Acquiring Interest in Innovative Leaders in the Mushroom and Psychedelic Space
VANCOUVER, BC / ACCESSWIRE / February 5, 2020 / Codebase Ventures Inc. (“Codebase” or the “Company”) (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF), an investment company, is pleased to announce that its subsidiary, Titan Shrooms and Psychedelics has signed a letter of intent to form a joint venture with arms-length mushroom biotech company Mycology Ventures. The resulting joint venture would see Titan holding a 70% interest.
Mycology’s leadership brings extensive experience and combined networks from the cannabis, CBD and mushroom sectors, in addition to medical and academic research fields, which will be deployed to identify and secure early stage investment opportunities to benefit CODE shareholders.
The joint venture will be structured to include cash and shares, although no amounts of either have been determined yet. Investment will be tied to significant milestones including the following in the near term:
Mycology Ventures is taking a science and medicine first approach to identifying and bringing to market revolutionary alternatives for those suffering from mental health and addiction illnesses. Mycology is founded on the principle that psychedelic medicine is experiencing a revival as a result of recent research studies and significant signals of support from regulators as reported on major media properties, including an in-depth report on 60 minutes.1
“The US, along with many other countries, is illustrative of the dangers of opioid and anti-depressant pharmacology,” said Mr. George Tsafalas, Code CEO. “The resulting openness to viable alternatives, including psilocybin, by regulatory bodies and major research institutions is a strong indicator of the potential for this sector. As it relates to psilocybin for depression, the FDA has granted a ‘breakthrough therapy’ designation to advance legal clinical trials, which indicates that we are at the start of pioneering effort to reshape medicine as it applies to mental illness, pain management and addiction.”
Indicators of Regulatory and Market Acceptance
“Mycology plans to incubate cutting edge approaches in the space, uniting academics and producers to monetize their ideas and techniques with the goal of helping bring this amazing alternative approach to market to benefit people suffering from mental health illnesses,” added Mr. Tsafalas.
About Codebase Ventures Inc.
Codebase Ventures Inc. is an investment company, led by technology and business experts who invest early in great ideas in sectors that have significant upside, including the cannabis sector. We operate from the understanding that technology is always evolving, bringing early opportunities for strategic investments that can deliver the exponential returns to our shareholders. We seek out and empower the innovators who are building tomorrow’s standards with platforms, protocols and innovations - not just products. We invest early, support those founders, take their ideas to market and work tirelessly to help them realize their vision.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “predicts”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
SOURCE: Codebase Ventures Inc.
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