MIAMI, FL--May 11, 2020--Ehave, Inc.a provider of digital diagnostic tools to empower mental health professionals, has entered into a definitive agreement to acquire Psychedelitech (“PsyTech”) including PsyTech’s two divisions, PsyTech Connect and PsyTech Discovery. PsyTech Connect is the psychedelic community platform for live and virtual conferences and an online portal for psychedelics content. PsyTech Discovery will develop ventures in psychedelic therapeutics and education. PsyTech will become part of Ehave’s Mycotopia subsidiary.
Through this transaction, Ehave, Inc. will build on its plan to nurture the development of therapies using psychedelics. Through PsyTech's ecosystem, Ehave, Inc. plans to identify and commercialize innovative companies and create synergies between those companies and the research community. The transaction is expected to close by the end of May.
“This strategic acquisition will allow us to fully realize the potential of a combined Ehave and PsyTech. We believe this combination will create more value for scientists, innovators, regulators, investors, our current and potential business partners, and advocates from around the world. We aim to open minds to the potential of psychedelic medicine,” said Ehave CEO Ben Kaplan. “First and foremost, with this acquisition, we plan to make the information from our PsyTech Conferences more accessible to investors and industry professionals.”
“PsyTech looks forward to what it can do for the psychedelics community and what it can do to develop solid ventures in psychedelic therapeutics as part of Ehave.” said PsyTech Managing Director Hayim Raclaw. “Our mission and ethos remain the same, and this move should enable us to pursue that mission with more resources and have greater positive impact.”
“This deal will ensure that PsyTech becomes all that it can become, building a psychedelics ecosystem to accelerate innovation and bring value to patients, consumers, researchers, investors, and policy makers.” Said Saul Kaye, CEO of ICAN: Israel-Cannabis, PsyTech’s largest shareholder and owner of the start-up incubator that birthed PsyTech.
Psychedelic substances are attracting interest from both the scientific community and investors alike. Psilocybin (the chemical in psychedelic mushrooms), lysergic acid diethylamide (LSD), methylenedioxymethamphetamine (MDMA), and ketamine all have the potential to treat a range of conditions, including anxiety, depression, addiction, and post-traumatic stress disorder (PTSD).
The National Institute of Mental Health estimates that 16.2 million U.S. adults had at least one major depressive episode in 2016. This represents 6.7 percent of the U.S. adult population. Depression is most common in ages 18 to 25 (10.9 percent) and in individuals belonging to two or more races (10.5 percent). Clinical depression is treatable. Though, according to the WHO, less than 50 percent of those worldwide with depression receive treatment. The most common treatment methods are medications and psychological counseling.
Many individuals prefer naturally occurring remedies, opposed to those man-made in a lab. In fact, a recent study conducted by OnePoll on behalf of Remedy Review found half of Americans have turned to a natural remedy to treat an ailment, rather than a prescription medication, according to new research. Results found nearly three-quarters of respondents believe natural remedies – such as cannabis, marijuana or hemp – are safer than prescription medicines.
Some of the major companies currently working in the global psychedelic drugs market are COMPASS, The Emmes Company, LLC, Klarisana, AstraZeneca, F. Hoffmann-La Roche Ltd, Dr. Reddy’s Laboratories Ltd, Takeda Pharmaceutical Company Limited, Pfizer Inc., Mylan N.V., Merck and Co., Inc., Alkermes, ALLERGAN, H. Lundbeck A/S among others.
About Ehave, Inc.
Ehave, Inc. is a provider of digital therapeutics delivering evidence-based therapeutic interventions to patients. Our primary focus is on improving the standard care in therapeutics to prevent or treat brain disorders or diseases through the use of digital therapeutics, psychedelics, independently or together, with medications, devices, and other therapies to optimize patient care and health outcomes meeting privacy and HIPAA & GDPR Compliant. Our main product is the Ehave Dashboard which is a mental health informatics platform that allows clinicians to make objective and intelligent decisions through data insight using Blockchain technology. The Ehave dashboard offers Offline Encrypted Digital Records Empowering Healthcare providers and patients and it’s a powerful machine learning and artificial intelligence platform using artificial intelligence to extract deep insights from audio, video and text to improve research with a growing set of advanced tools and applications developed by Ehave and its leading partners. This empowers patients, healthcare providers, and payers to address a wide range of conditions through high quality, safe, and effective data-driven involvement with intelligent and accessible tools.
PsyTech is building a vibrant community designed to explore psychedelic health and wellness, combat stigma, and accelerate innovation. PsyTech operates two matrix divisions that deliver revenue and build an equity portfolio: PsyTech Connect and PsyTech Discovery. PsyTech Connect is a premier psychedelic community platform for live and virtual conferences and an online portal for psychedelics content. PsyTech Discovery will develop ventures in psychedelic therapeutics and education. Learn more about PsyTech at www.psytech.biz
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