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A Vernon health sciences company that had sought a Health Canada dealer’s licence for its psilocybin-based products has abandoned the application and terminated the lease on its Old Kamloops Road facility.
“The limited market for psilocybin products and the slow pace of regulatory change unfortunately made operations at the Vernon facility currently unfeasible,” Doseology Sciences CEO Ralph Olson said in a press release.
“The company could not justify the additional capital expenditures required at this time to complete construction and obtain a dealer’s licence.”
The company is now focused on establishing and growing retail sales channels for its branded line of functional mushroom products.
The Old Kamloops Road facility was the site of Doseology’s application to Health Canada under the Controlled Drugs and Substances Act.
The company’s board of directors has initiated a review process to explore strategic alternatives.
The process will include an evaluation of the company’s direction, operations, market valuation and capital structure, and will consider alternatives ranging from “continuation as a stand-alone public company, (to) strategic investor participation, acquisition by or a merger with an industry partner.”
“The board believes that, given the current state of the capital markets and the evolving landscape in our industry, a broad review of strategic alternatives is appropriate and in the best interests of the company,” Olson said.
Meanwhile, director and independent audit chair Harbir Toor has left the company and been replaced by David Lutz as a director and Pratik Patel as a director and independent audit chair.
Doseology continues to offer functional mushroom products, including tinctures, powders and supplements on its website.
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