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As part of a major development for Creso Pharma (ASX: CPH), target acquisition company Halucenex Life Sciences is rapidly pursuing its California go-to-market strategy.
The decision was made to accelerate a California entry after the US Senate – California state recently passed Senate Act No. 519 dated 21st.
The bill is designed to combat growing mental health problems in the US and would mean a more health-focused approach to the use of psychedelic compounds, to address this current mental health crisis.
It also marks the ongoing push towards acceptance of psychedelic compounds as an alternative route of treatment.
To remove the stigma of psychedelics as a medical alternative, the law would also eliminate previous offenses for use and possession.
If passed as expected, the law would open the doors to Halucenex to have a development plan with strategic scientific consulting firm and US partner HeteroGeneity, LLC.
Any development plan with HeteroGeneity would have the potential to bring Halucenex’s botanical psilocybin products and compounds to the US market.
« The passage of this bill by the Senate underscores a significant shift in the acceptance of psychedelic compounds as an alternative treatment for common and debilitating diseases, » said Halucenex Founder and CEO Bill Fleming.
« Creso has a considerable Strength that we will use, as well as over staff in the country that will be able to pot Advance specific partnership opportunities, regulatory approval processes and future license agreements.
« We are very excited to be working with Creso’s management and our own technical team to develop strategies that will make the company one of the first market movers in what is expected to be a sizeable market. »
CPH Director of US Business Development, John Griese, and strategic advisor and leading psychedelics entrepreneur Bruce Linton are working hard to drive partnerships and market entry strategies.
CPH is trying to become a first mover in the psychedelic sector in the US and is now trying to strengthen its boots locally in the country to support its expansion efforts.
The company is also seeking DTC approval for its dual OTCQB (OTC) listing, which will enable real-time electronic trading of CPH securities and easier access for North American investors.
The listing is expected to occur in the near future and will provide CPH with additional exposure during this critical growth period.
« This is an important development for Creso Pharma and Halucenex and represents an important strategic element that will underpin our expansion into the US market, » said non-executive chairman Adam Blumenthal.
« In recent years Months ago we made a number of appointments with a focus on the US and Halucenex has entered into several partnerships and agreements that allow the company to enter the US psychedelics market and become a pioneer in the sector.
« The board of directors and management team are actively reviewing a number of strategies to accelerate entry into the US and will leverage our existing partnerships and technical psychedelics expertise to create further value for shareholders.
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