- The AlphaMind Acquisition is a Milestone Moment for the Rapidly Ascending Cannabis Company
- With the Transformational Deal Now Complete, Hollister Has Officially Diversified into the Flourishing World of Psychedelics
Hollister Biosciences (CSE: HOLL) (OTC: HSTRF) (FRA: HOB) announced on Thursday the close of its acquisition of AlphaMind Brands, following the recently signed definitive agreement.
The AlphaMind deal’s completion marks a significant milestone for Hollister as the rising cannabis multi-state operator (MSO) officially diversified its operations to include the emerging psychedelics sector.
Hollister’s founder and CEO Carl Saling commented on the company’s watershed acquisition:
“We are very pleased to close our acquisition of AlphaMind. It is our continual objective to broaden our product scope, and AlphaMind, with its experienced management team, is a perfect foothold for us in the fast-growing market for medicinal mushrooms and complements our existing cannabis and hemp-based product offering. We are excited to bring another promising brand under the Hollister umbrella, especially in such a fast-growing and exciting sector.”
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Based in Canada and the United States, AlphaMind Brands is a growth stage company that is currently developing a portfolio of certified legal mushroom-based natural health products. Led by Dr. Nikos C. Apostolopoulos, AlphaMind is also focused on its ongoing R&D initiatives, which include the exploration of Psilocybin based pharmaceutical treatments.
“We are very pleased to have closed this transaction. We are looking forward to working with Hollister to build out our medicinal mushroom-based product line and conducting further R&D to develop an exciting IP portfolio surrounding psilocybin based pharmaceutical treatments,” added Dr. Nikos C. Apostolopoulos, AlphaMind’s Chief Product & Research Officer.
According to the terms of the deal, Hollister acquired AlphaMind in exchange for CDN $1.2 million in Hollister stock. For a full list of terms and conditions, please read the company’s official press release here.
With the transaction now complete, Hollister Biosciences’ journey into the world of psychedelics has officially commenced.
HOLL Stock Price Action & Chart
From the looks of it, the investing community clearly views Hollister’s psychedelics acquisition as a bullish move, with shares of the company’s stock closing Friday on a high note. In April, Hollister’s stock was one of the top-performing cannabis stocks rising as much as 250% off its early month lows. With the company’s transformational psychedelics deal complete and the stock surging on Friday, all signs point to Hollister carrying its momentum into May.
Hollister kicked off the month of May in a big way as the company’s CSE listed ‘HOLL’ stock soared 16.67% on Friday, closing the session at $0.14, which was also the HOD. Hollister’s U.S. OTC Markets listed ‘HSTRF’ stock closed Friday at $0.10, up 11.73% on the day. The company’s German Frankfurt listed ‘HOB’ shares finished the week at $0.082, down 4.65% on Friday.
Source: Barchart
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