MagicMed Industries is Psyched to be Acquired by Enveric Biosciences

MagicMed Industries Inc., a privately-held biotech company, recently announced its agreement to an acquisition by Enveric Biosciences (NASDAQ: ENVB). This joint venture may be the first, or at least the largest, merger involving both psychedelics and cannabinoids, setting a milestone for each industry and no doubt opening doors for everyone involved.

Two Sides of the Same Coin

MagicMed’s focus has been primarily in the research and development of novel psychedelic molecules. The company most famously created the Psybrary™, a top-tier library of psychedelic derivatives. Enveric has built an impressive portfolio as well, and the company's work lies in the use of cannabinoid-derived pharmaceuticals for the treatment of cancer.

Enveric is hopeful that the result of the combined entity will further expand its pipeline of naturally occurring compounds, making its portfolio even more robust as it welcomes in MagicMed’s wealth of psychedelic-derived molecules. As for MagicMed, going public will grant access to more capital and big pharma connections, allowing the company to test beyond preclinical and bring exciting new drug candidates to market in-house. 

“Our mission at MagicMed has always been focused on unlocking the full potential of psychedelic-derived medicines for the treatment of neurological and psychological indications,” mentioned MagicMed’s CEO Dr. Joseph Tucker.

“Complementing our R&D ...

Full story available on Benzinga.com

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