Roadman to form JV for Calif. psilocybin centre
2020-02-05 17:55 MT - News Release
Mr. Luke Montaine reports
ROADMAN INVESTMENTS COMPLETES LOI WITH LEGAL DUTCH PSILOCYBIN THERAPY CENTER
Roadman Investments Corp. has completed a letter of intent for a transaction with Psychedelic Insights Inc. This transaction will create a joint venture for the state of California and will, upon psilocybin legalization and or medical approval, allow Roadman Investments to open the first psilocybin therapy centre in the United States.
Psychedelic Insights is one of the few organizations in the world that offers legal retreats that utilize psychotropic substances (that is, psilocybin truffles). The company is based in Amsterdam and has a team that consists of experienced professionals utilizing the best practices used in modern science and therapeutic modalities. The company's treatments aim to generate lasting improvements in well-being through moderate-to-high doses of psilocybin truffles and a carefully developed treatment process.
Psychedelic Insights meets all government regulations, and has an experienced team that performs comprehensive medical screenings to ensure client safety and has professional supervision at every single retreat. Truffles in the Netherlands are considered food, and the production, preparation or trading of truffles fall under the Dutch Commodities Act (Warenwet (WW)). The WW provides general rules on public health, product safety, fair trading and adequate information.
Roadman Investments is anticipating that the model and expertise from clinics in the Netherlands can be transferable to other jurisdictions as medical and legal access to psychedelics continues to open up in the coming years. As psychedelic medicines become more normalized and their use grows, Psychedelic Insights' proven results and established protocols will be transferred to the joint venture in the state of California. In June of 2019, Oakland's City Council voted unanimously to decriminalize magic mushrooms, and the City of Santa Cruz followed suit and officially decriminalized the substance in February, 2020. These legislative changes are signalling the first significant steps toward a much wider mainstream acceptance of psychedelic-assisted therapy in America.
Roadman Investments adviser Dr. Randy Scharlach is based in Los Angeles, Calif., and will be leading the company's efforts for this initiative. Dr. Scharlach is one of few medical doctors in the United States that has completed academic certification in clinical use and research using Schedule 1 psychedelic medicines, is a board member of two respective Los Angeles-based neuroscience institutes, and is certified by the Center for Psychedelic Therapy and Research at the California Institute of Integral Studies.
The joint venture structure of the operation is as follows:
Three-year joint venture partnership agreement for the state of California;
Agreed-upon financial investment numbers on non-operating, operating and capex costs;
Mutual extension, material adverse changes, termination and renewal clauses;
Roadman provides all the capital for 51-per-cent ownership of the JV;
Dr. Scharlach leads the implementation and local operations for 9-per-cent ownership of the JV;
Psychedelic Insights provides the treatment protocols, know-how and operates that business for 40-per-cent ownership of the JV.
Chief executive officer and director Luke Montaine stated: "We are truly excited to complete this first step towards establishing a psilocybin therapy centre in California. The experienced team at Psychedelic Insights and the leadership from Dr. Scharlach will provide our company a significant competitive advantage and the ability to be first movers once psilocybin is rescheduled."
About Roadman Investments Corp.
Roadman Investments is a Canadian venture capital and advisory firm that strives to actively drive innovation and accelerate growth within its portfolio holdings in order to realize alpha returns for its shareholders. Roadman invests capital into companies that offer breakthrough products, devices, treatments and health supplements.
We seek Safe Harbor.
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