Connect with us

Business

Mydecine Innovations Group Inc (OTCMKTS: MYCOF) Provides an Update on Spin-Out of Cannabis Assets in the United States

Published

on

Mydecine Innovations Group Inc (OTCMKTS: MYCOF) recently announced that it has both mailed and filed its management information circular and related proxy and meeting materials for the company’s special and annual general meeting shareholders to be held on September 20, which will be conducted virtually.

The primary goal of the meeting is the consideration of passing a special resolution meant to approve the previous spin-out transaction announcement made by the company, which will be done according to the provisions of the Business Corporations Act. Mydecine’s wholly-owned subsidiary was recently incorporated because of this transaction. Mydecine, according to the agreement, will transfer all its interests to Spinco. Some of these interests include; Tealief Brands LLC, We Are Kured LLC, Relyfe Brands, Drink Fresh Water, and Trellis Holdings Oregon. In addition, the current shareholders of Mydecine will get 2.5 million shares in Spinco, which is in proportion to the shares they previously held at Mydecine, with each common Spinco share being 0.010416.

Nature of Transaction 

When the transaction is completed, Mydecine’s primary business goal will be to concentrate on both the commercialization and development of options for treating neural and mental health complications via its psilocybin R&D. Furthermore, it’ll no longer involve itself in the sale and manufacturing of CBD and cannabis products. The goal of this transaction will be to allow Mydecine to pursue financing and business opportunities that aren’t available to them. At the same time, they continue to hold interests in cannabis subsidiaries based in the United States, including its proposed London Stock Exchange, Capital markets, and NASDAQ listings.

In the Information Circular, the company provides detailed terms of the whole transaction. In addition, it included additional reasons and other data relating to the Spinco and Mydecine following transaction that took place. The company also got an interim order from British Columbia’s Supreme Court, which authorizes and both the holding and calling of this said meeting. This interim order also stipulates all the dissent rights the company’s shareholders have.  

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.

FEATURED STORIES

Business2 days ago

CytoDyn Inc (OTCMKTS: CYDY) Announces Study to Investigate Leronlimab for Triple-negative Breast Cancer Treatment

Post Views: 18 CytoDyn Inc (OTCMKTS: CYDY) has announced that there will be a study on the drug leronlimab and...

Business2 days ago

Curaleaf Holdings Inc (OTCMKTS: CURLF) Completes Acquisition of Los Sueños Farms

Post Views: 38 Curaleaf Holdings Inc (OTCMKTS: CURLF) has completed the acquisition of the most enormous outdoor grow in Colorado,...

Business2 days ago

BAE SYSTEMS ADR (OTCMKTS: BAESY) and Keep Scotland Beautiful Launch Cleaning Hub in Govan

Post Views: 14 BAE SYSTEMS ADR (OTCMKTS: BAESY), a designer, developer and manufacturer of aerospace systems used in space, land,...

Business2 days ago

Charlotte’s Web Holdings Inc (OTCMKTS: CWBHF) Announces it Will Expand Distribution Following Passing of Assembly Bill 45

Post Views: 10 Charlotte’s Web Holdings Inc (OTCMKTS: CWBHF) has announced that it will expand product distribution in California following...

Technology3 days ago

BAE Systems Inc. (OTCMKTS: BAESY) Granted five-year $68.5 Million Air Traffic Control Contract

Post Views: 12 BAE Systems Inc. (OTCMKTS: BAESY) has been picked for a 5-year $68.5M indefinite-quantity, indefinite-delivery contract enabling it...

Business3 days ago

CytoDyn Inc (OTCMKTS: CYDY) Announces Appointments of New Chief Operating Officer and Senior Executive Vice President

Post Views: 30 CytoDyn Inc (OTCMKTS: CYDY) has announced that it has appointed Nitya Ray, Ph.D., to act as its...