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Friday 22 May 2020 , 2:52 pm

NewLeaf Brands Agrees to Acquire Mindleap Health Inc.

NewLeaf Brands will acquire 100% of the issued and outstanding shares in the capital of Mindleap in exchange for CAD $3,500,000, payable in common shares in the capital of the Company at a deemed price per share equal to CAD $0.55, as of the date of signing the LOI.
By SIN Bureau
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NewLeaf Brands Inc. has announced that it has signed a non-binding Letter of Intent ("LOI") with Mindleap Health Inc. ("Mindleap"), dated May 20, 2020, pursuant to which NewLeaf Brands will acquire, by way of share exchange, 100% of all of the issued and outstanding securities of Mindleap, an arm's length company.

Today, more than 300 million people suffer from depression worldwide, with about 100 million of whom do not respond to available treatments. Psychedelic medicine offers the potential to revolutionize the mental health industry and is witnessing staggering growth. Mindleap is uniquely designed to meet the needs of the over 90+ psychedelic clinics and 30 million underground psychedelic users. The company's platform will allow mental health specialists to provide psychedelic aftercare along with addiction, and holistic wellness services and programs.

Mindleap Health Founder and CEO, Nikolai Vassev stated, "We have always believed in building strong alliances and are extremely pleased to begin working with the talented team at New Leaf. Their investment in Mindleap will allow us to speed up our time to market, add more advanced capabilities but most importantly will get us closer to our goal of improving access to mental health services for those that need them most."

The pandemic has shown the need for virtual therapy services and it's expected there will be over 1 billion telemedicine sessions by the end of 2020. Mindleap's innovative technology and business model strive to capture a unique and growing piece of that market.

NewLeaf Brands Director and CEO, Josh Bartch, stated, "Upon diving into Mindleap's unique approach to the mental health space and seeing their innovative technology we were immediately blown away. Mindleap fills a much needed void in the marketplace that we see as an incredibly important aspect of the overall success of modern mental health treatments. Mindleap's unique focus on psychedelic aftercare, addiction and holistic wellness fits well with our strategy and we are excited for them to join the NewLeaf family."

Pursuant to the LOI, NewLeaf Brands will acquire 100% of the issued and outstanding shares in the capital of Mindleap in exchange for CAD $3,500,000, payable in common shares in the capital of the Company at a deemed price per share equal to CAD $0.55, as of the date of signing the LOI. NewLeaf Brands shall also advance CAD $500,000 in direct investment into Mindleap upon closing of the transaction and CAD $500,000 before, or on, September 1, 2020.

The Company will pay a finder's fee for the transaction. The Company will look to close the transaction following the completion of the due diligence investigations. Closing is subject to definitive documentation and applicable regulatory approvals.




Neha Mule

Neha writes articles on sectors including medicine, food, materials, and science & technology. A qualified statistician, she has the ability to observe and analyze the trends in global markets and write compelling articles that help CXOs in decision making. She is a bookworm and loves to read fiction, lifestyle, science and technology. Neha comes with 6 years of experience in content writing and editing that involves blog writing, preparation of study materials and OERs.

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