Read the story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Last hour:
Last 24 hours:

Creso Pharma surges as target Halucenex is primed to enter large Californian market with psychedelics

% of readers think this story is Fact. Add your two cents.

Creso Pharma Ltd (ASX:CPH) (FRA:1X8) has traded higher on news that target acquisition company Halucenex Life Sciences Inc is looking to capitalise on recent regulatory shifts in the Californian healthcare market with its psychedelic products.

Together, the ASX-listed cannabinoid therapy developer and its life sciences acquisition target are looking to accelerate their launch in the US after California’s Senate passed landmark legislation.

With a focus on addressing the US’ current mental health crisis, Senate Bill 519 could open the door for alternative healthcare treatments in the North American market - priming Creso and Halucenex to meet growing demand.

If it becomes law, the bill would legalise the use and possession of psychedelic compounds like psilocybin for adults over 21 years of age and expunge prior criminal offences attached to the substances.

Shares have been as much as 32% higher to A$0.185 intraday while the company’s market cap was approximately A$154.3 million at the opening.

“A major development”

Non-executive chairman Adam Blumenthal said: “This is a major development for Creso Pharma and Halucenex and provides a key strategy piece, which will underpin our expansion into the US market.

“Over the recent months, we have made a number of US-focused appointments and Halucenex has secured multiple partnerships and agreements that will allow the company to pursue the US psychedelics market and become a first mover in the sector.

“The board and management team are actively assessing a number of strategies to expedite a US market entry and will leverage our existing partnerships and technical experience in the psychedelics space to unlock further value for shareholders.”

Making moves

To capitalise on the shift in California, Halucenex has teed up discussions with strategic scientific consulting firm and partner HeteroGeneity LLC.

Ultimately, the move could fast-track a development plan to prepare Halucenex’s botanical psilocybin products for the US market once it receives regulatory approvals.

Meanwhile, Creso Pharma will progress opportunities via its US-based personnel — a team that includes the company’s director of US Business Development John Griese and psychedelics entrepreneur Bruce Linton.

Halucenex founder and CEO Bill Fleming said: “The passing of this legislation through the Senate highlights a significant shift in the acceptance of psychedelic compounds as an alternative treatment method to common and debilitating diseases.

“Creso has considerable bench strength which we will leverage, as well as in-country personnel that will be able to progress potential partnership opportunities, regulatory approval processes and future licencing agreements.

“We are very excited to be working with Creso management and our own technical team to delineate strategies which will see the Company become one of the first market movers in what is anticipated to become a considerably large market.”

While there’s no concrete date for a US launch at this stage, Creso and Halucenex intend to capitalise on the legislation shift “in the near-term”.

Story by ProactiveInvestors


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Report abuse


    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    Load more ...




    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.