Press Release: Global Wellness Signs Definitive Agreement with Cannvalate Australia


August 9 Enters into the Chronic Pain Market with Psychedelics Global Wellness Strategies Inc. (CSE: LOAN) (FSE: O3X) (OTCQB: PNNRF) (formerly Redfund Capital Corp.) (“Global” or the “Company”) is pleased to announce the signing of a definitive agreement on August 6th 2021 memorializing the Global Wellness Strategies, Inc. binding letter of intent signed on July 12th 2021 to purchase certain assets of Cannvalate Pty Ltd. (“CV”) based in Australia and to acquire 100% of their wholly owned subsidiary, Shanti Therapeutics Pty Ltd. (“Shanti”), and all its assets focused on psychedelic MDMA-based drug development. This acquisition is focused on becoming the first and only company solving the puzzle of chronic pain with MDMA-based medicines utilizing clinical trials for the purposes of novel drug development. The global chronic pain treatment market is predicted to progress at a CAGR of 6.5% from 2020 to 2030 and generate revenue of $151.7 billion in 2030.1 Chronic Pain has a significant psychosocial component2 which is not fully addressed by existing analgesics3. To-date, there are no psychedelic drugs that have been approved as analgesics and there is a paucity of literature describing their use in this novel setting4. The team will conduct clinical research on an IP-protected, novel drug, with MDMA as the primary API, with a view to modulate the psychosocial component of pain. After positive confirmation from the proof-of-concept clinical study, toxicology and CMC will be conducted to open an IND (Investigational New Drug) File with the FDA. “In order to explain impacts of pain, Canadian psychologist and professor of psychology at McGill University Ronald Melzack and his research colleague Patrick Wall proposed what is known as “gate control theory”. Their theory suggested that the spinal cord contains a neurological “gate” that either blocks pain signals or allows them to continue on to the brain; in basic language that…

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Source : Press Release: Global Wellness Signs Definitive Agreement with Cannvalate Australia

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