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Late Tuesday, Origin Therapeutics Holdings Inc. ORIG, an investment issuer that has historically focused on psychedelics-industry-related companies announced it had signed a binding Letter of Intent (LOI) to acquire all of the issued and outstanding securities of Safe Supply Streaming Co., a pharmaceutical streaming and investment company in the safe supply eco-system.
Completion of the transaction is anticipated to create the world’s first publicly-listed pharmaceutical and narcotics investment company “aimed at creating a global powerhouse positioned to take advantage of the rapidly growing safe supply narcotic sector and entire eco-system,” according to Origin.
“This is a major milestone for Canadian political history and represents the third and final wave of de-scheduling narcotics here in Canada following the success of cannabis and psychedelics in prior years,” Bill Panagiotakopoulos, CEO of Safe Supply Streaming told Benzinga exclusively.
“Canada will become the first G7 country to make such a bold move to fight the fentanyl crisis and create a safe supply ecosystem. This will only be productive if we concurrently incorporate rehabilitation into the framework and we intend on being heavily involved in that healing process through our various ventures,” Panagiotakopoulos added. “We are honored to be the first pharmaceutical/ narcotics streaming company with a first mover advantage and clear efficient path to list on a public exchange to give us a strong foundation in this burgeoning sector.”
Pursuant to the terms of the LOI and other terms to be agreed upon, Origin has agreed to lend up to $500,000 as interim financing to Safe Supply to allow it to execute near-term business objectives.
Completion of the transaction is subject to a number of conditions, including:
- (i) the entering into of the Definitive Agreement;
- (ii) the consolidation of the Company’s existing share capital on a 4-for-1 basis or such other basis as mutually determined by Safe Supply and the Company;
- (iii) the Company changing its name to “Safe Supply Streaming Co Ltd.” or such other mutually determined name;
- (iv) completion of the Private Placement;
- (v) the entering into by Safe Supply of certain letters of intent with respect to streaming opportunities;
- (vi) receipt of all required shareholder, regulatory, and third-party consents, including approval of the Transaction by the Canadian Securities Exchange.
“Pursuant to the Transaction, all outstanding securities of Safe Supply will be exchanged by the holders thereof for identical securities of the Resulting Issuer on a post-Consolidation one-for-one basis,” per a company press release.
Image Credits: Anaterate, Sergeitokmakov by Pixabay Edited By Benzinga
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Image and article originally from www.benzinga.com. Read the original article here.