Agtech and KRTL Biotech Join Forces to Develop and Distribute Unique CBD and Psilocybin Products

Rhea-AI Summary

Agtech Global International Inc. (OTC Pink: AGGL) and KRTL Biotech Inc. have signed a Memorandum of Understanding to develop CBD and Psilocybin compounds to treat various debilitating conditions, including cancer pain and mental health issues. KRTL received approval from South Korea's Ministry of Food and Drug Safety to begin research on these compounds. AGGL plans to invest $2 million in KRTL, acquiring 10% equity shares with revenue-sharing rights. This collaboration aims to enhance market reach, focusing on the growing legal Psilocybin market in the U.S. and Asia.

Positive

• Memorandum of Understanding signed for CBD and Psilocybin compounds development.
• AGGL's planned $2 million investment in KRTL to boost product development.
• KRTL received approval from South Korea's Ministry of Food and Drug Safety for research.

Negative

• None.

Newport Beach, California, Oct. 25, 2021 (GLOBE NEWSWIRE) -- Agtech Global International Inc. (Agtech) (name change to Galexxy Holdings Inc. in process) (OTC Pink: AGGL) and KRTL Biotech Inc., (KRTL) of Lakewood Colorado are pleased to jointly announce that they have signed a Memorandum of Understanding to develop and distribute new CBD and Psilocybin compounds and ultimately unique medicines under development by KRTL’s team of US and Korean medical doctors and research scientists, for the treatment of a range of debilitating human disorders.

These disorders include but are not limited to pain resulting from the treatment of certain cancers, autism, post-traumatic stress disorder, attention deficit hyperactivity disorder, depression, addiction, concentration improvement and other psychological illnesses just to name a few. 

KRTL’s Chief Executive, Dr. Daniel Lee added that “based on successful product development, the global business potential and resulting shareholder value for our companies is very significant. KRTL believes it has assembled a world class and highly competent medical and scientific team to leverage the equivalent of the US FDA approval in Korea, for leading edge product development to service the entire Asian market”.

KRTL Biotech Inc. obtained a Ministry of Food and Drug Safety (MFDS) approval (formerly KFDA), to commence researching compounds of Psilocybin and CBD (“Project”) that will better assist global populations in the treatment of specific debilitating disorders.

KRTL and its affiliated companies are keen to support and expand Agtech’s market reach and promote its Virtual Retail Marketing Systems™ and Genus™ product range around the world and subject to satisfactory due diligence and funding capacity, AGGL is planning to make a $2,000,000 investment in KRTL to support this worthwhile Project.

KRTL will accommodate AGGL’s proposed investment through the issue of equity to Agtech of 10% of KRTL shares and to grant certain commercial licensing rights. These KRTL shares will be revenue sharing and non-dilutive. In addition, Agtech and KRTL are being joined by a consortium of public companies to further move this Project forward, which include: Here To Serve Holding Corp., (OTC Pink: HTSC) and Pervasip Corp., (OTC Pink: PVSP) the owner of Artizen Corporation.

According to Agtech’s CEO, Ross Lyndon-James, “Much like the early days of Cannabis, Psilocybin is developing a legal market in the US as States and Municipalities are opening the door to psychedelic mushroom use, and according to the Brightfield Group’s latest Newsletter, data show that consumers are ready for a legal Psilocybin”.

KRTL Biotech Inc is a U.S. research and development company working in Korea through KRTL Asia, with a team of experienced Korean and US Doctors and Researchers dedicated to improving mankind’s debilitating physical and mental ailments with progressive holistic solutions.

Agtech is publicly traded on the OTC Markets Pink (OTC Pink: AGGL). Headquartered in Newport Beach, California, Agtech is entering the rapidly developing markets for premium CBD consumer products through its recent acquisition of Galexxy Corporation and its Joint Venture with City Farm Industries. Agtech’s “seed to sale” business strategy is keenly focused on controlling the supply chain and maximizing profits.

For Further Information:

Agtech Global International Inc.                              
Ross Lyndon-James                                                    
E: ross@galexxy.com                                               
M: (949) 456 3972                                                     

KRTL Biotech Inc.
Brian Holden
E: brianholden@gmail.com
M: (702) 444 5015

Here To Serve Holding Corp.
Phone: 1 (855) 464 2535 - press 1 for investor relations

Pervasip Corp.
Phone: 1 (855) 464 2535 - press 1 for investor relations

Forward-Looking Information

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “statements”). All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this press release.

https://twitter.com/AgtechGlobal                                                 

https://www.krtlbiotech.com

https://twitter.com/KRTLBiotech

                                                                                                                            

Attachment

• $AGGL - Agtech and KRTL Biotech Join Forces to Develop and Distribute Unique CBD and Psilocybin Products

FAQ

What is the significance of the Memorandum of Understanding between AGGL and KRTL Biotech?

The agreement aims to develop CBD and Psilocybin products for treating debilitating disorders, potentially increasing Agtech's market share.

How much is Agtech planning to invest in KRTL, and what does it entail?

Agtech plans to invest $2 million in KRTL, acquiring a 10% equity stake with revenue-sharing rights.

What disorders are targeted by the new CBD and Psilocybin compounds?

The compounds aim to treat conditions including cancer pain, autism, PTSD, ADHD, depression, and addiction.

What regulatory approval has KRTL Biotech received?

KRTL has obtained approval from South Korea's Ministry of Food and Drug Safety to research Psilocybin and CBD compounds.

What market potential does the collaboration between AGGL and KRTL have?

The partnership aims to tap into the growing legal Psilocybin market in the U.S. and service the Asian market.