Canadian firm buys Colorado psychedelic mushroom company

Canadian CBD company NewLeaf Brands Inc. has bought a Colorado-based businesses that cultivates different strains of mushrooms for medical purposes.

Vancouver, British Columbia-based NewLeaf Brands Inc. said in a news release Thursday that it had acquired Mydecine Group in an all-stock deal.

The agreement calls for NewLeaf Brands to purchase 100% of the issued and outstanding share capital of Mydecine in exchange for 17 million common shares of NewLeaf Brands.

The transaction won’t constitute a change in control, NewLeaf Brands said.

Last year in May, Denver voters approved an ordinance to decriminalize psilocybin mushrooms, also known as magic mushrooms.

NewLeaf Brands trades on the Canadian Stock Exchange as NLB.