Discovore Plc (AQSE:ORE) said it is broadening its horizons to potential investments in the field of medical psychedelics as well as cannabis.
Announcing results on Monday the Aquis-listed investment company/special purpose acquisition company (SPAC) said it changed its investment policy in conjunction with a GBP3.5mln funding round in April at 2p per share.
Discovore, which was previously known as Eurocann International, said the adoption of a medical psychedelics investment policy made the company pretty unique in the UK market.
It added that the primary focus of this proposed investment strategy will be to invest “in businesses or assets involved in the development of potential treatments for mental health issues,” including drug-resistant depression, anxiety, addiction and post-traumatic stress disorder PTSD.
Investors who have been following the company for a while will hope that with the recent fundraising bringing on board “a number of high-profile investors in the industry”, the company’s investment policy (and name) might prove more durable after the Eurocann moniker only lasted slightly longer than a year.
Originally the company was a natural resources investor called Valiant Investments, before boss Conrad Windham sold off the last of those assets and morphed the firm into Eurocann International (with the ticker BUD) in August 2019, along with new director Burns Singh Tennent-Bhohi (also a director at Aquis listed IamFire PLC and Evrima PLC) and a new investment focus on medicinal or therapeutic cannabis.
The change of name to Discovore was proposed last October, with the investment policy at this time mainly concentrated on medicinal or therapeutic cannabis or related products, “including but not limited to nutraceuticals, dietary supplements and cosmetic products which contain cannabis or hemp derived cannabinoids”, but with Windham not ruling out going back to his roots with investment in companies or projects in the natural resource industry, “as well as special situations that offer meaningful capital appreciation”.