Psychedelics company Core One Labs Inc. (CSE:COOL) (OTC:CLABF) is expanding into the functional mushroom space with the acquisition of New Path Laboratories Inc., a British Columbia-based company dedicated to the development and licensing of natural health products and dietary supplements.
"This acquisition further extends the company's presence in the functional mushrooms space and also will allow the company to generate sales revenue by virtue of adding retail distribution channels to its business model and reach an exponentially growing consumer base," said Joel Shacker, CEO Core One Labs.
New Path incorporates functional mushrooms to help support everyday biological functions in the maintenance of good health and has a vertical integration model that can allow it to grow, develop and distribute natural health products and dietary supplements from spore to sale.
Core One has purchased New Path through an all-stock transaction of 5,700,000 common shares, valued at approximately CA$3.9 million ($3 million).
Core One over-the-counter shares were $0.44 at the time of this writing.
Photo by Kalineri on Unsplash.