A Vernon firm that researches mental health through psychedelic-assisted therapy has announced its listing on the Canadian Securities Exchange.
Doseology Sciences Inc. has also filed an application with Health Canada to become a licensed dealer under the Controlled Drugs and Substances Act, which would permit the laboratory analysis of psilocybin and psilocin from mushrooms, as well as the possession, processing, sale, sending, transportation and delivery of psychedelic compounds.
Doseology said it has obtained receipt for its final non-offering, long form prospectus from the British Columbia Securities Commission.
"We are thrilled to finally obtain our listing on the CSE and are appreciative of the significant efforts of our team, our advisors, and the exchange to get to the finish line, said CEO Daniel Vice.
"We now look forward to significantly accelerate the development of our ambitious business plan, through organic growth, partnerships, joint ventures and acquisitions."
The approval results in the company’s previously issued 11,885,000 subscription receipts (aggregate gross proceeds of $2,377,000) to be automatically converted into 5,942,500 units, each equal to one share.
Share purchase warrants are exercisable at a price of 80 cents for a period of 24 months, but the company may accelerate their expiry date if the shares trade at $1.40 for 20 consecutive trading days.
The shares began trading Monday under the symbol MOOD.
In May, the company announced it had raised $4,451,568 in private placements, including $2,377,000 from the issuance of subscription receipt shares and warrants.
Doseology's website says its mission is to "restore mental health through establishing psychedelic-assisted therapy clinics, building a library of intellectual property through research on psychedelic compounds," and the development and sale of branded functional mushroom products.
It says these can be used for treatment of depression, PTSD and other mental health disorders.
"With Doseology, we want to support the power that mushrooms have to help you heal yourself," says the company's director of mycology.