Absolem Health Corp Announces Mushroom Extraction Joint Venture and Financing – Yahoo Finance

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AREVF) with the goal to become the leading solution for functional extractions of mushrooms. Further details respecting the terms of the definitive agreement will be announced when it has been finalized. This transaction is subject to the approval of the CSE.

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The mushroom market is expected to exceed $50B in the next six years, reports Grand View Research. Food Navigator found that year-on-year sales for food products incorporating medicinal mushrooms have risen between 200-800%, depending on the variety.

Ken Kuiper , CEO of Absolem, commented: “We are excited about the global growing interest in functional mushrooms and believe we could become leaders in commercial extraction. We believe with AREV’s expertise in extractions we will be successfully in doing so.”

Michael Withrow , CEO of AREV., commented: “We are honored to have been selected to be the extraction company of choice by Absolem. The team at Absolem has identified what we believe to be massive growth in natural medicines and we are delighted to be part of this innovation. This collaboration will hopefully lead to another line of branded ingredients and formulations produced by AREV and build on our revenue stream.”

Absolem Health recently completed the acquisition of One Up Pure Energy, a food and beverage line of functional mushroom snacks, teas, powders and development of our mushroom based meat alternative protein product. Absolem is undertaking a non-brokered, best efforts private placement of up to 6,000,000 Units comprised of one common share in the capital of the Company and a full, two-year purchase warrant at $0.50 comprised of one share and one further purchase warrant at $0.65 . Participation in the private placement is limited to Canadian residents who are able to acquire the Company’s securities pursuant to exemptions under applicable Canadian securities laws.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.