Sixth Wave Innovations (SIXW.C) entered into a non-binding letter of intent (LOI) with Halucenex Life Sciences, a soon to be wholly-owned subsidiary of Cresco Pharma. According to the terms outlined in the LOI, Sixth Wave will utilize its Affinity™ in collaboration with Halucenex to explore the separation of compounds such as psilocybin, baeocystin, and others using molecularly imprinted polymers (MIPs).
The growth in medical evidence showing botanical psychedelics treatment efficacy for atypical depression, post traumatic stress disorder (PTSD), and other conditions is compelling and suggests that the market for these substances in both clinical treatment and potentially outpatient micro-dosing will grow substantially…The application of our nanotechnology to this exciting market is an extension of our existing Affinity™ cannabinoid purification system. As Sixth Wave is in the final commercialization efforts for Affinity™ this is a perfect time to be exploiting the design of that system to a new set of molecules,” stated President and CEO of Sixth Wave Dr. Jon Glucklman.
Sixth Wave is recognized as a world class nanotechnology company focused on MIPs for imprinting, capturing and releasing substances. With this in mind, by utilizing Sixth Wave’s patent-pending nanotechnology, Halucenex will be able to simplify processes related to the purification of botanical psychedelics. Additionally, the Company’s nanotechnology will provide a sustainable means for utilizing real plant extracts which provide superior flexibility compared to synthetic molecules. Yeah, that made about as much sense as ketchup on steak.
So, what does this mean for Sixth Wave? Currently, the Company’s products are being commercialized throughout a variety of sectors including mining, cannabis production and health security. Sixth Wave’s colorimetric detection recently succeeded in detecting SARS-CoV-2, the virus that causes COVID-19. With this in mind, Sixth Wave’s products are widely recognized for a reason. Moreover, the Company has already collaborated with numerous R&D initiatives with some of the largest entities in the medical sector. This latest LOI with Halucenex represents yet another collaboration for Sixth Wave, however, the Company will now be operating in psychedelic mushrooms sector.
“The agreement with Sixth Wave is a very important step and will provide Halucenex with another avenue to best understand the use of psychedelic compounds for a range of treatments and health benefits…We look forward to working with the group and utilizing their patent-pending technology, alongside agreements with other key partners, to further our R&D initiatives, which will help us in our clinical trials and future product development,” said Halucenex founded and CEO Bill Fleming.
Furthermore, This LOI could prove to be profitable for both companies as California continues to push for the decriminalization of psychedelics. As of April 13, 2021, the Senate Public Safety Committee approved Senate Bill 519. According to this bill, a wide range of psychedelic substances will be made legal to use and possess for adults over the age of 21. There are a lot of moving parts to this LOI, however, Sixth Wave is likely to benefit from this agreement as California’s psychedelic market develops. In accordance with the LOI, Halucenex and Sixth Wave will finalize a Definitive Agreement by May 31, 2021. Both companies will work together to produce psilocybin isolate intended to assist Halucenex in developing a natural pure psilocybin product for R&D.
Sixth Wave’s share price opened at $0.42 and is currently up to $0.425 as of 11:50AM ET. The Company’s share price has increased slightly following the news.
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