BC’s blockchain firm trippy invests within the psychedelic model Shroom Avenue

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Shroom Street is developing a “Psychedelic Truffle E-Commerce Marketplace” to sell its delicious treats in jurisdictions

Author of the article:

David Yasvinski

Release date:

November 21, 2019 • • November 21, 2019 • • Read for 2 minutes The deal is part of the Richmond, BC-based company's strategy to get the burgeoning mushroom industry down to the ground floor before it's too late to take full effect. The deal is part of the Richmond, BC-based company’s strategy to get the burgeoning mushroom industry down to the ground floor before it’s too late to take full effect. Photo from iStock / Getty Images Plus

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Shroom Street is about to get a couple more locks on the doors.

Graph Blockchain Inc. has just signed a letter of intent to acquire the psychedelic brand Shroom Street Limited by purchasing $ 1 million of shares in the company. The deal is part of the Richmond, BC-based company’s strategy to get the burgeoning mushroom industry down to the ground floor before it’s too late to take full effect.

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“The growth of the cannabis industry has been staggering and investors who came early have benefited greatly,” said Jeffrey Stevens, interim CEO of Graph Blockchain, in a press release. “Investing in medicinal mushrooms in 2019 is expected to deliver returns similar to those seen in cannabis six to seven years ago, and we are excited to be a part of it.”

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Shroom Street is developing a “Psychedelic Truffle E-Commerce Marketplace” to sell its delicious treats in jurisdictions and showcase everything the new industry has to offer.

Graph Blockchain was able to connect to Shroom Street on another level thanks to its expertise in supply chain transparency and product tracking for sensitive items.

Currently, psilocybin mushrooms are classified as a List I drug by the FDA, the same category as heroin and cannabis. To be a List I drug means that the substance in question has no medicinal value. As researchers find, mushrooms have positive effects on anxiety, treatment-resistant depression, and seasonal affective disorders that could change.

Researchers at Johns Hopkins University have advocated the use of magic mushrooms in psychiatric treatments and have campaigned for the federal government to reschedule the drug. Maybe they are listening too. For the first time in US history, the FDA accelerated psilocybin research from Compass Pathways in the UK. The move could open the door for the start of the clinical trial with magic mushrooms as early as 2021.

Sounds like Shroom Street just keeps getting busier.

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