CBD-focused biotechnology company Enveric Biosciences (NASDAQ: ENVB) confirmed Monday it will acquire psychedelics company MagicMed Industries in an all-stock deal.
"It's been in the works for a little while," Dr. Joseph Tucker, CEO and president of MagicMed, told Benzinga.
According to Tucker, listing on the Nasdaq provides companies with an attractive opportunity for raising capital.
"It's a really exclusive group listed on the Nasdaq, and that access to capital is going to be a game-changer for everybody," Tucker said.
Upon closing the acquisition, Tucker will become CEO at the new company and David Johnson, current CEO and chairman, will become executive chairman.
Why It Matters – ‘Like Two Halves Of One Company’
MagiMed Industries is researching second-generation psychedelic molecules with the aim of developing medicine for various mental health conditions. It is currently studying novel molecules derived from psilocybin, also known as the active compound in “magic …