What’s going on with CFN Enterprises?
CFN Enterprises Inc. (CNFN) stock fell more than 5% although the owner and operator of CFN Media, a media network covering the global legal cannabis, CBD and psychedelic industries, announced an article outlining the upside of a merger between Enveric Biosciences (ENVB) and MagicMed Industries Inc.
Shares of CNFN were down 5.66% to $0.13 per share, while ENVB stock up 0.52% to $1.92 per share on Monday afternoon.
The two companies are nearing a merger while conducting clinical research in the nascent cannabinoid and psychedelic industries. Enveric recently announced a Phase 1/2 trial focused on CBD as a treatment for brain cancer glioblastoma (GBM). The company has entered a definitive agreement to acquire and combine with MagicMed, which is researching novel derivative psychedelic molecules for clinical use.
What does this mean for CNFN?
CFN Media is bringing investor attention to the Enveric and MagicMed merger as it views it as a catalyst for the development and commercialization of cannabinoid and psychedelic therapies.
“The combined capabilities of the two companies could serve to greatly enhance our understanding of both cannabis and psychedelic science after decades of neglect,” CFN said in a news release.
“With the pending acquisition, the combined companies would be able to keep the whole process, from drug discovery and molecule development through clinical trials and drug approval, under one roof,” the release continued. “The hope is to advance psychedelic therapies and research into the mainstream and, of course, gain approvals for drug treatments of major indications like anxiety, PTSD, and depression. The fact that Enveric is listed on the NASDAQ and has clinical trial experience should only work to the benefit of achieving those goals, both in terms of access to capital for development and more generally the acceptance of psychedelic research in the investment community.”
