Roadman expects to firm up Psychedelic LOI by month-end 2020-02-11 09:05 ET - News Release
Mr. Luke Montaine reports
ROADMAN INVESTMENTS PROVIDES ADDITONAL DETAILS ON DUTCH PSYCHEDELIC CENTER LOI
Roadman Investments Corp. has provided additional details on its recent announcement of its letter of intent with Psychedelic Insights. The company is working toward a definitive partnership agreement, with an expected closing by the end of February, 2020.
The strategic partnership agreement that the companies are planning on entering will create a medical corporation upon legislative changes, giving the new joint venture the ability to pursue the opening of a clinic and garnering a first-mover advantage. Due to limited liability, risk management and tax savings, this type of corporation is the best way forward.
One of the important considerations that Roadman and Psychedelic Insights will be focused on is the regulatory and legal aspects of this venture. Currently, administering psychedelic medicines is only permitted under Food and Drug Administration- and Drug Enforcement Administration-approved clinical trials. Roadman believes that this should change in the future, given that, in November, 2019, activists filed a ballot measure to legalize psilocybin mushrooms in the state of California.
The latest version of the California Psilocybin Decriminalization Initiative that has potential to be on the ballot for voters to approve this fall. The initiative aims to advance cognitive liberty and implement a comprehensive, statewide scheme authorizing and regulating the cultivation, processing and distribution of psilocybin mushrooms and the chemical compounds contained therein for personal, spiritual, religious, dietary, therapeutic and medical use. Beyond legalizing retail sales and cultivation, the proposal would also allow for on-site social consumption facilities and for the mushrooms to be sold at farmers' markets.
Roadman's definitive agreement will outline the specific details on the companies' plan to form a medical corporation in the state of California upon legalization or medical approval of psilocybin.