GLTA
Lattice Biologics Reorganizes to Focus on Psychedelics and Cannabis Therapies
Lattice Biologics Ltd. ( TSX-V: LBL ) (OTCBB: LBLTF) (“ Lattice Biologics ” or the “ Company ”) announced today that the Company will change its business strategy to focus on the fast growing psychedelics and cannabis markets through the creation of a new life sciences subsidiary. The Company will focus on the research and commercialization of psychedelic products in combination with its stem cell based regenerative compounds while leveraging the Company’s distribution expertise.
The Company believes there is a sizeable legal market for psychedelic products and that there is a promising prospect for a strong, legal psychedelic industry to emerge globally. In November 2020, voters passed Oregon Ballot Measure 109, making Oregon the first state to both decriminalize psilocybin and also legalize it for therapeutic use. In August of 2020, the Canadian federal Minister of Health approved the use of psilocybin therapy in the treatment of end-of-life distress for certain patients. Lattice believes that the recent wave of deregulation and legalization of recreational cannabis across the globe will result in a new wave to psychedelics legalization. The Company believes that the new focus on psilocybin and psilocybin medicine may open up the approximately $15 billion-dollar global anti-depressant market to psilocybin.