Vernon-based magic mushroom company sprouts mental health treatment

A Vernon-based company that looks to improve mental health through the use of psychedelic-assisted therapy is now listed on the Canadian Securities Exchange (CSE).

Doseology Sciences Inc. has obtained a receipt for its final non-offering, long-form prospectus from the British Columbia Securities Commission, according to a company press release dated Nov. 12.

Doseology has received approval to list the company's common shares on the CSE. The shares began trading on the CSE on Monday, Nov. 15, under the symbol MOOD.

"We are thrilled to finally obtain our listing on the CSE and are appreciative of the significant efforts of our team, our advisors, and the exchange to get to the finish line," said Daniel Vice, CEO of Doseology. "We now look forward to significantly accelerating the development of our ambitious business plan, through organic growth, partnerships, joint ventures and acquisitions."

The approval results in the company's previously issued 11,885,000 subscription receipts (aggregate gross proceeds of $2,377,000) to be automatically converted into 5,942,500 units, with each unit comprised of one share.

The company has also filed an application with Health Canada to become a licenced dealer under the Controlled Drug and Substances Act, which would allow for the laboratory analysis of psilocybin and psilocin — the hallucinogenic substances in mushrooms — as well as the possession, sale, sending, transportation and delivery of psychedelic compounds.

Doseology's mission statement is to "restore mental health through establishing psychedelic-assisted therapy clinics, building a library of intellectual property through research on psychedelic compounds," and developing and selling its branded functional mushroom products.

The company says these products can be used to treat depression, PTSD and other mental illnesses.