“We are pleased with the strides we have made thus far in advancing our research mandate relating to psilocybin and its potential use in Autism Spectrum Disorder,” said Derek Ivany, CEO of Pilz. “This partnership with NOVA should allow us to, not only capture synergies across their current psilocybin research platform, but also to fast-track our access to the capital markets.  We look forward to working closely with Will Rascan, Nova Mentis’ CEO and Jacqueline McConnell, who recently joined Nova Mentis as COO bringing over twenty years of experience working for one of Canada’s largest pharmaceutical companies, Apotex Inc.”

“It takes considerable resources and capital to develop psilocybin-based therapeutics and the combination of our two companies bring greater value in our pursuit,” stated Jacqueline McConnell, COO of NOVA. “Together, I am confident we can build a diversified healthcare business with the potential for scale.  We look forward to working with Dr. Marvin Hausman to advance our psilocybin-based therapeutic research and our broader focus in the health and wellness sector.”

The Pilz research and development program is led by the distinguished Dr. Marvin S. Hausman MD. Dr. Hausman is an Immunologist and Board-Certified Urological Surgeon with more than 30 years of drug research and development experience with various pharmaceutical companies, including Bristol-Myers International, Mead-Johnson Pharmaceutical Co., E.R. Squibb, Medco Research, and Axonyx.

“There is a definite complementary synergistic research fit between Nova Mentis and Pilz with respect to our clinical interest in the human microbiome system and the gut-brain axis for development of neuroinflammatory disorders,” said Dr. Hausman. “Both of our companies are actively researching the anti-inflammatory effects of psilocybin on metabolic disorders. By combining our efforts, I believe we can develop psilocybin-based therapeutics in a faster and more efficient basis.”

Dr. Hausman is well-supported in his research efforts at Pilz, by Dr. Julia Perederiy, an established research neuroscientist, and Dr. Viviana Trezza, Head of Pharmacology, Roma Tre University, Rome, Italy. The goal of both scientists is to investigate the brain mechanisms underlying functional and dysfunctional socio-emotional behavior, especially in Autism Spectrum Disorder (ASD).

Autism Marketplace

Autism refers to a range of conditions characterized by challenges with social skills, repetitive behaviours, speech and nonverbal communication. There is not one singular type of autism but many types, caused by different combinations of genetic and environmental influences. The term “spectrum” reflects the wide variation in challenges and strengths possessed by each person with autism.

The intensity and severity of the disease is different with each individual with the diagnosis of autism generally starting at a very young age in children 2-3 years of age. The cause of the disease has yet to be determined, but research continues to find new methods and pharmaceutical regimes to control the disease with the goal of finding an eventual cure. While no one therapy or drug has proved to be completely effective, psilocybin’s ability to open up a patient’s perspective and view on life is beginning to gain momentum in the research community and new studies are underway on their effectiveness and proven success with helping autistic adults.

In September 2020, Data Bridge Market Research issued a report titled The Global Autism Therapy Market and has forecasted the market’s rise from its  initial value of USD 5.62 billion in 2018 to an estimated value of USD 7.85 billion by 2026, registering a CAGR of 4.25% in the forecast period of 2019-2026.

Data Bridge Market Research concludes the increase in market value can be attributed to the rising awareness about the disease and its prevalence in the market.

The Transaction

Pursuant to the LOI, NOVA proposes to acquire a 100% interest in Pilz by issuing one (1) common share in the capital of NOVA for every one (1) common share of Pilz issued and outstanding (currently 50,006,332).

The closing of the Transaction is subject to NOVA’s satisfactory due diligence period of 30 days, finalizing a Definitive Agreement with customary terms and conditions, and obtaining regulatory approval, as necessary.

About Pilz Bioscience Corp.

Pilz Bioscience Corp. (“Pilz”) is a biotechnology company developing medicinal psychedelics for neuroinflammatory conditions with a significant cognitive component and high unmet therapeutic needs. The initial focus is on Autism Spectrum Disorder (ASD). The company intends to leverage a unique systems-level scientific approach that integrates inflammation, oral/gut/brain axis, and behavior. Pilz aims to lead the global effort in design of effective and comprehensive diagnostic/monitoring programs and first-in-class therapeutics.

https://pilzbioscience.com/

About Nova Mentis Life Science Corp.

Nova Mentis Life Science Corp. (formerly Liberty Leaf Holdings Ltd.) is a Canadian-based, public company whose focus is to build and support a diversified portfolio of health and wellness businesses. Key holdings include its wholly-owned subsidiary, Nova Mentis Biotech Corp., a R&D driven company focused on exploring the anti-inflammatory effects of psilocybin in underexplored metabolic indications such as obesity and diabetes – Just Kush Enterprises, an Okanagan BC based, Health Canada Standard Licensed facility focused on the cultivation of premium, small batch Kush dominant cultivars.

On Behalf of the Board

Will Rascan, President & CEO
Nova Mentis Life Science Corp.

Phone: 778-819-0244
Toll Free: 1-833-542-5323

Twitter: @novamentislsc

Instagram: @novamentislscFacebook: @novamentislsc

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Nova Mentis Life Science’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

SOURCE Nova Mentis Life Science Corp.

For further information: on the Company, please visit https://www.novamentis.ca or email [email protected]

New Jersey and river Hudson

New Jersey has nearly 50,000 medical marijuana patients and out-of-state patients may legally bring their marijuana into the state for up to six months. With nearly nine million residents, the state is the 11th largest in the United States and the most densely populated state with more than 1,200 people per square mile, making it a leading cannabis market.

Let’s take a look at the state’s recreational and medical marijuana programs.

Recreational Marijuana Set for 2020

New Jersey decided to pause its efforts to legalize recreational cannabis in May 2019 after failing to secure enough votes in the Senate to pass the bill — a move that spurred a similar move in New York. Lawmakers instead plan to put the measure to vote during the 2020 general election in a move that would mirror that of many other states.

Illinois is one of the few states that passed cannabis legalization through legislative means rather than a ballot measure. New York and New Jersey hoped to do the same but could not reach a consensus on the bills. The 2020 ballot initiative would involve voters actively instructing lawmakers to pass cannabis legalization measures.

During the 2019 session, lawmakers still plan to move forward with bills designed to expand its medical cannabis program and expunge existing marijuana convictions. These social justice and medical initiatives could pave the way for recreational legalization by establishing the Cannabis Regulatory Commission, which will ultimately regulate both markets.

Improved Medical Marijuana Program

New Jersey has made a medical marijuana program in place for the past ten years, but the passage of the Jake Honig Compassionate Use Marijuana Act in May 2019 introduced some big changes. Lawmakers believe that the new program could create a ‘national model’ for medical marijuana by introducing major changes to the entire process.

Doctors were the biggest bottleneck with the old regulations. Many doctors fear the the federal government would target them while the drug remains illegal on a federal level. At the same time, the state suspended the license of many prominent medical marijuana doctors in the state, saying that they didn’t maintain a “bona fide” relationships with patients.

The new law will remove the “bona fide” requirement, which means that doctors could recommend medical marijuana on a patient’s first visit, as long as they examine the patient, diagnose the issue and feel confident that medical marijuana would address the underlying issue. Health Commissioner Shereef Elnahal has also campaigned to sign up more doctors.

Where to Find Dispensaries

New Jersey has several medical marijuana dispensaries located near major population centers and more dispensaries are expected to open over the coming months.

In June, the Department of Health announced their intent to license over 100 Alternative Treatment Centers with up to half of the new facilities operating as a dispensary and the others operating as cultivators and manufacturers.

The six existing medical marijuana dispensaries include:

• Breakwater Alternative Treatment Center (Cranbury)
• Compassionate Care Foundation (Egg Harbor)
• Curaleaf NJ (Bellmawr)
• Garden State Dispensary (Woodbridge)
• Greenleaf Compassion Center (Montclair)
• Harmony Dispensary (Secaucus)

Six more dispensaries were approved by the Department of Health last year, but they have been delayed by unsuccessful applicants that are suing in court. The newly created Cannabis Regulatory Commission will also be required to issue permits to at least two more dispensaries located in the northern and southern parts of the stat over the next year.

What’s Next?

New Jersey’s new social media and medical marijuana reforms could make cannabis much more affordable for patients and decriminalize the drug. In 2020, voters will be looking forward to a ballot measure that could finally tip the scales and bring recreational legalization to the state following what’s sure to be a hotly contested general election.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.