Creso Pharma has signed a deal to acquire 100% of Australia-based Health House International (HHI), which is focused on international distribution of medical cannabis products and possesses a number of licenses to store, distribute, import, and export controlled substances, including psilocybin and MDMA.
In a statement, Creso CEO Willam Lay said HHI “has an enviable set of licenses” that Creso can use to its “immediate benefit, and adds another growing revenue channel to the group.”
“The application for an import license for psychedelics marks another exciting opportunity for Creso Pharma, and we look forward to advancing this initiative to create a first mover advantage in the Australian market.” — Lay in a statement
Combining Creso Pharma’s revenue and HHI cash receipts as a proxy for revenue, the unaudited pro forma revenue for the combined group is $8.26 million or over $33 million on a last quarter annualised basis, the company said in a press release.
HHI trades on the ASX under the HHI symbol.
Creso said it will also continue to examine the potential to import the finished product from its wholly owned psychedelics subsidiary Halucenex, which is currently conducting ongoing phase II clinical trial testing synthetic psilocybin on symptoms associated with post-traumatic stress disorder.
In February, Australia’s Therapeutic Goods Administration announced that medicines containing psilocybin and MDMA for prescription by specifically authorized psychiatrists for the treatment of certain medical conditions would be permissible in Australia beginning July 1.
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