Empower enters into a term sheet to acquire an interest in the global royalty rights of Dosed Movie, launches Dosed Wellness, a psychedelics brand, launches new dedicated website www.dosedwellness.com and adds new team members dedicated to the new brand.
VANCOUVER BC / ACCESSWIRE / May 20, 2020 / EMPOWER CLINICS INC. (CSE:CBDT)(OTCQB:EPWCF)(Frankfurt:8EC) ('Empower' or the 'Company'), a vertically integrated life sciences company, is pleased to announce it has entered into a non-binding term sheet with Golden Teacher Films Inc. ('Golden') to acquire a 10% interest in certain royalty rights, intellectual property rights and interest in Dosed Movie ('DOSED'), an award-wining documentary film about treating anxiety, depression and addiction with psychedelic medicine.
Under the terms of the agreement, the Company intends to issue $75,000.00 CAD of common shares in the capital of Empower (each, a 'Share') plus an aggregate payment of $25,000.00 CAD to the Vendors at the Closing. Further, the principals of Golden, Tyler Chandler and Nicholas Meyers will be offered consulting contracts to join the management team of Dosed Wellness Ltd.
The Company also announces the launch of a dedicated psychedelics division Dosed Wellness Ltd. ('Dosed Wellness') and a new dedicated website www.dosedwellness.com that will leverage the operating assets of Empower. Dosed Wellness is uniquely positioned as an early mover in the psychedelics space with a network of physicians and clinics, advanced research opportunities, telehealth capabilities, and a growing base of over 165,000 patients.
The mental health crisis could cost the world $16 trillion by 2030 and according to Future Market Insights; the global behavioral health (non-pharmacological) market is expected to be valued at US$156 billion by 2028.
'Widespread legalization of psilocybin and psychedelics is inevitable, as clinical research is showing these compounds are uniquely useful for treating mental illness and addiction.' said Tyler Chandler, Director of DOSED. 'Since billions of people worldwide suffer from these conditions, we need to establish infrastructure and patient-care competencies to serve this population as soon as the law allows. We're thrilled to align with Empower Clinics, which has the strategic vision, existing client base and clinic network to continue to lead the plant-based medicine industry.'
'The opportunity to partner with DOSED to help bring down stigmas and advance the science of psychedelic treatment options is a meaningful step forward to vastly improving the mental wellness outcome for millions of people around the world.' said Steven McAuley, Chairman and CEO of Empower. 'Now, with the additions of Tyler and Nick on our new management team, we will leverage their substantial psychedelics experience and network to take full advantage of Empowers' clinic infrastructure, technology and access to patients.'
According to the World Health Organization depression is already the leading cause of disability worldwide (more than 322 million people suffer from depression) and is a major contributor to the overall global burden of disease.
Both MDMA and psilocybin, combined with a course of therapy, have received Breakthrough Therapy Designation (BTD) from the FDA in the US, which means both are one step closer to licensing approval.
'Our team is well connected in the psychedelic space and our expertise on the media side will help elevate the Empower brand. We're also excited that Empower Clinics is acquiring an interest in DOSED, as their promotion of the film will help educate millions of people about the opportunities inherent in psychedelic medicine.' said Nicholas Meyers, Producer of DOSED. 'When people see Adrianne's inspiring and eye-opening journey in DOSED, they'll want to know how to access these treatments, which is precisely the problem Empower Clinics is positioned to solve as we move towards clinical trials and legalization.'
Psychedelic medicines derived from or inspired by plants and fungi found in nature have the potential to redefine how mental health conditions could be treated over the course of the next decade. Prohibition Partners Psych: The Psychedelics as Medicine Report March 2020
Empower is a vertically integrated health & wellness brand with a network of corporate and franchised health & wellness clinics in the U.S. The Company is building its first hemp-derived CBD extraction facility and produces its proprietary line of cannabidiol (CBD) based products. The Company is a leading multi-state operator of a network of physician-staffed wellness clinics, focused on helping patients improve and protect their health, through innovative physician recommended treatment options. The Company has launched Dosed Wellness Ltd. to connect its significant data, to the potential of the efficacy of alternative treatment options related to hemp-derived cannabidiol (CBD) therapies, psilocybin and other psychedelic plant-based treatment options. The Company now offers COVID-19 testing options in the United States and physician-based consultations, to address COVID-19 concerns.
About Dosed Movie
After many years of prescription medications failing her, a suicidal woman turns to underground healers to try and overcome her depression, anxiety, and opioid addiction with illegal psychedelic medicine such as magic mushrooms and iboga. Adrianne's first dose of psilocybin mushrooms catapulted her into an unexpected world of healing where plant medicines are redefining our understanding of mental health and addiction. DOSED is directed and produced by Tyler Chandler and Nicholas Meyers is producer and director of photography. Visit www.dosedmovie.com to rent or own DOSED.
ON BEHALF OF THE BOARD OF DIRECTORS:
Chief Executive Officer
Investors: Steven McAuley
Chairman & CEO
Investors: Dustin Klein
SVP, Business Development
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DISCLAIMER FOR FORWARD-LOOKING STATEMENTS
This news release contains certain 'forward-looking statements' or 'forward-looking information' (collectively 'forward looking statements') within the meaning of applicable Canadian securities laws.All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release.Forward-looking statements can frequently be identified by words such as 'plans', 'continues', 'expects', 'projects', 'intends', 'believes', 'anticipates', 'estimates', 'may', 'will', 'potential', 'proposed' and other similar words, or information that certain events or conditions 'may' or 'will' occur. Forward-looking statements in this news release include statements regarding: the Company's expected timing of filing of its Annual Filings, the Company's intention to create psilocybin and psychedelics divisions, that market research on advancements in psilocybin and psychedelics in North America and globally will create greater shareholder value, the Company's intention to open a hemp-based CBD extraction facility, the expected benefits to the Company and its shareholders as a result of the proposed acquisitions and partnerships; the effectiveness of the extraction technology; the expected benefits for Empower's patient base and customers; the benefits of CBD based products; the effect of the approval of the Farm Bill; the growth of the Company's patient list and that the Company will be positioned to be a market-leading service provider for complex patient requirements in 2019 and beyond; the ability of the Company to complete or execute phases One, Two, Three or Four of COVID-19 test programs, and Psychedelic substances remain illegal in most countries, so please reference your local laws in relation to medical or recreational use. Such statements are only projections, are based on assumptions known to management at this time, and are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements, including; that the Company may not open a hemp-based CBD extraction facility; that legislative changes may have an adverse effect on the Company's business and product development; that the Company may not be able to obtain adequate financing to pursue its business plan; general business, economic, competitive, political and social uncertainties; failure to obtain any necessary approvals in connection with the proposed acquisitions and partnerships; and other factors beyond the Company's control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned not to place undue reliance on the forward-looking statements in this release, which are qualified in their entirety by these cautionary statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements in this release, whether as a result of new information, future events or otherwise, except as expressly required by applicable laws.
SOURCE: Empower Clinics Inc.
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