LONDON, UK: Yooma Europe Limited has completed the sale of Birmingham-based Vitality CBD Limited, a UK-focused CBD company, for a total consideration of US$2.0 million to Psilobrain Therapeutics Inc.
Psilobrain is a private Canadian biotech company that uses the latest in psychedelic medicine to design products that facilitate evidence-based healing & wellness. Further details regarding Psilobrain is available at www.psilobrain.com.
The consideration payable by Psilobrain comprises US$1.0 million in cash and US$1.0 million in new shares of Psilobrain.
The Company expects that the Cash Consideration and Consideration Shares will be administered and applied towards the satisfaction of ongoing operating expenses and the settlement of the outstanding indebtedness and accrued liabilities of Yooma Europe and the Company.
The Company has provided customary warranties and indemnities in relation to the business and operations, assets, trading and financial affairs of Vitality (with related tax covenant and warranties). The current senior management team at Vitality have been retained by Psilobrain and will continue to operate the business day-to-day as Psilobrain focuses on integration and expansion.