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



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.  

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