CannaGlobal, Sansero Life Sciences, and Rise Wellness announced a merger on Monday.

The resulting company, valued at roughly C$25 million ($18.5 million), will be named CannaGlobal Wellness and focus on psilocybin wellness and research.

Formed by cannabis industry veterans, Lorne Gertner, Irie Selkirk, Steve Sadoff, and Dr. Darryl Hudson, CannaGlobal Wellness will combine Sanseros’ science team and R&D capabilities, Rise Wellness’ delivery of immersive healing experiences, and CannaGlobal’s network. 

According to CEO Steve Sadoff, CannaGlobal Wellness was formed to use psychedelics, including psilocybin, to treat depression, PTSD, and other mental health conditions.

“These natural compounds have moved into the mainstream, and are being studied at the world’s top universities,” Sadoff told Benzinga. “Our mission is to make them available to people who need them because existing therapies aren’t working or have negative side effects. We believe that small doses of these substances will play a major role in addressing serious issues that affect tens of millions of people who simply aren’t getting relief through other means.”

Lead image by Ilona Szentivanyi. Copyright: Benzinga.