Cannabis Companies Therapix and Destiny to Merge
The merged company will focus on Therapix's technology and assets pertaining to clinical-stage pharmaceutical applications of cannabis, and will include Destiny's genomics-based cannabis breeding techniques and development capabilities
Nasdaq-listed Israel-based cannabis company Therapix Biosciences Ltd. has signed a letter of intent for a proposed merger with Edmonton, Canada-based cannabis company Destiny Biosciences Global Corp., the former announced Tuesday.
The merged company will focus on Therapix's technology and assets pertaining to clinical-stage pharmaceutical applications of cannabis, and will include Destiny's genomics-based cannabis breeding techniques and development capabilities, according to the company’s statement.
Growing cannabis (illustration). Photo: Bloomberg Founded in 2004, Therapix develops cannabis-based drugs for the treatment of neurological conditions, pain management, and infectious diseases.
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In October, Therapix signed a deal to be acquired by Canadian company FSD Pharma Inc. in exchange for $48 million worth of FSD Pharma stock—nearly three times Therapix’s market value. After encountering some bumps along the way, the deal was scrapped in December.
