Business News Australia
ASX-listed medicinal cannabis company Vitura Health (ASX: VIT) has joined forces with Canada-based PharmAla Biotech (CSE: MDMA) to form a 50:50 joint venture specialising in the supply of psychedelics for research and therapeutic use in Australia.
Called Cortexa, the joint venture will capitalise on the distribution and industry relationships of Vitura Health – which operates cannabis companies Burleigh Heads Cannabis and CDA Cannabis – and the manufacturing technologies of its Canadian partner.
With a current market capitalisation above $200 million, Vitura itself was formerly known as Cronos Australia – affiliated with Toronto-based Cronos Group – but rebranded earlier this year to make the name more relevant following its merger with Queensland-based CDA Health.
News of the latest partnership has sent VIT’s shares up by more than 8 per cent at the time of writing, with shareholders keen on the Melbourne-headquartered company’s move into the emerging psychedelic therapeutics space.
