VANCOUVER: Core One Labs Inc. has entered into a definitive agreement to acquire Ketamine Infusion Centers of Texas Inc. (KICT), a US based health and wellness Ketamine Clinic.
The Transaction is the first health and wellness operation for the Company in the United States.
The acquisition of KICT allows the company to establish a roster of patients in Texas for psychedelic assisted psychotherapy utilizing our novel delivery system and API grade psilocybin, upon legalization.
KICT was established to address the growing problem of depression and other mental health issues that plague society. KICT’s goal is to be known as a center of excellence in the management of treatment-resistant depression. KICT strives to achieve this by providing unparalleled and individualized care based on the uniqueness of each of its patients.
KICT offers Ketamine treatments to individuals suffering from depression, bipolar disorder, post-traumatic stress disorder and obsessive-compulsive disorder. KICT combines their medical expertise with their passion to help patients reach optimal levels of health and vitality through intravenous therapy services and wellness programs.
Ketamine clinics are on the cutting edge of mental health and addictions medicine and with over 100 Ketamine clinics operating in the US, its increasing use in the treatment of depression, anxiety, OCD, and PTSD, represents a significant paradigm shift.
Ketamine, a Schedule III substance under the U.S. Controlled Substances Act, is garnering significant acceptance, and is supported by a growing body of research, for its affective use in the treatment of mood disorders and addictions.
In addition to Ketamine, the psychotropic compound, psilocybin, is also witnessing increased support as an alternative medicine, and various cities in the United States, including Denver, Colorado, Oakland and Santa Cruz, California, Ann Arbor, Michigan as well as Somerville, Massachusetts have decriminalized its use. In the state of Oregon, legislators have gone so far as to legalize psilocybin outright.
This rapid shift of regulations on psychedelics is very promising for the field of mental health and addictions, and the Company foresees many opportunities for growth and advancement.
A new market study by Data Bridge Market Research indicates that the legal U.S. psychedelic drug market is projected to grow at 16.3% CAGR during the period of 2020 to 2027 noting that the market is expected to reach approximately $6.8 billion by 2027, up from $2 billion in 2019.
In addition, the report highlights the growing acceptance of psychedelic drugs for treating depression, along with the increasing prevalence of depression and mental disorders as significant factors driving such growth.
“I am very excited about establishing a footprint in the US through the acquisition of KICT. Their world-class team of physicians with years of experience in delivering psychedelic and wellness treatments at KICT will be a great addition to our Core One Team. We intend to collaborate with the KICT team as we move our IP and patentable psilocybin process forward with our team at Vocan. Our goal is to expand into several new locations in the US this year, where decreased regulations surrounding psychedelics have created a rapidly growing market.” stated Joel Shacker CEO of the Company.
Pursuant to the Definitive Agreement, Core One Labs will issue 210,000 common shares of the Company to the current interest holders of KICT in exchange for all of their interests in KICT.