Vancouver - EGF THERAMED HEALTH CORP. The Company is pleased to announce that it has entered into a definitive Joint Venture and Share Purchase Agreement with Green Parrot Labs Corp. ('Green Parrot') and its shareholders, pursuant to which the Company will acquire a 40% equity interest in Green Parrot, a private Delaware corporation with operations based in the Caribbean.
Under the joint venture, the parties have agreed to collaborate for the further development and commercial exploitation of the operations of Green Parrot in the Caribbean, which offers wellness centres and research and development into biosynthesis pathways for psilocybin and cannabinoids. On closing, which is scheduled for May 26th , 2020, the Company will issue an aggregate of 7,800,000 common shares (the 'Consideration Shares') in exchange for 15,600,000 common shares of Green Parrot, representing a 40% interest in Green Parrot. The Company also has anti-dilution protection to participate in further equity issuances undertaken by Green Parrot. The transaction is at arm's length, will not constitute a fundamental change for the Company, nor will it result in a change of control of the Company within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange. The Company will also issue 200,000 common shares in payment of transaction fees to arm's length parties.
The Consideration Shares will be subject to certain pooling restrictions, with 2,103,000 of the Consideration Shares being released in 12 monthly installments commencing four months from closing. The balance of the shares issued by the Company will be free of resale restrictions. Ron McKenna, CEO of Green Parrot stated, 'We're hugely optimistic about the confidence shown by EGF Theramed in the company. Psilocybin laws in Jamaica and the British Virgin Islands are conducive to our business plan and we will be able to proceed with fewer obstacles than many other companies operating in the same area.' He added: 'The climate of the Caribbean is a huge draw for medical tourism, and we believe that our wellness centers will provide excellent treatment for those with inflammatory bowel disease.' 'Green Parrot Labs represents an advancement to our platform as we continue to expand our scientific work in the CBD and psilocybin arenas,' commented David Bentil, the Company's CEO. 'Caribbean countries are working hard to attract investment in the psychedelic space and their laws make conducting business in this area attractive. Research and development will operate ahead of the game in much of North America.'
ABOUT GREEN PARROT LABS CORP.
Green Parrot Labs is a company with operations based in the Caribbean and plans to offer wellness centres and research and development into biosynthesis pathways for psilocybin and cannabinoids. Psilocybin has drawn increasing attention in the last decade as a potential natural treatment for mental health conditions. The mental health market is estimated to rise to $240 billion USD by 2026, and 1 in 6 Americans are believed to suffer from mental health at any one point.1 In 2018, an article published by Johns Hopkins University recommended the government reduce psilocybin's status to a Schedule IV drug - one with low potential for abuse. The operations of Green Parrot plan to take advantage of the generous laws in Barbados, Jamaica and the British Virgin Islands towards medical tourism and research into rare compounds. Magic mushrooms grow naturally and may be legally cultivated and consumed in Jamaica and the British Virgin Islands, making the islands an excellent location to conduct research into the compound.
Green Parrot plans to offer services that provide a tailored treatment program for individuals suffering from inflammatory bowel disease in specialized wellness centres. Medical tourism is well established in the Caribbean; cheaper rates of surgery for the same quality of treatment attract many visitors from the US and Canada. Barbados has one of the few licensed medical tourism facilities in the Caribbean, displaying its potential for future expansion
ABOUT EGF THERAMED HEALTH CORP.
EGF Theramed is a consumer technology company engaged in the provision of biomedical online services for monitoring and treating common health problems. The Company, through its subsidiaries, has assets and technologies used in the extraction and purification of botanical extracts and the creation of extract formulations, as well as medical monitoring device technology. The Company is working to collaborate with other companies for medical technology, equipment protocols and laboratory standard operating procedures. Through the Company's recent joint venture acquisitions, it has begun to research psilocybin and psychedelic extraction and processing for commercialization.
Contact:
Doug McFaul
Tel: (778) 331 8505
Email: dmcfaul@emprisecapital.com
Web: http://www.theramedhealthcorp.com
EGF THERAMED HEALTH CORP. 
