A startup just listed on the Canadian Securities Exchange with a business model based on a provocative prediction: legal cocaine is coming.
Safe Supply Streaming Co. is betting on a so-called third wave of policy changes that would would decriminalize hard drugs, following similar measures making cannabis and psychedelics more mainstream. It plans to acquire companies that could benefit, such as fentanyl test-strip makers, addiction clinics and energy drinks containing coca leaf, according to Chief Executive Officer Bill Panagiotakapoulos.The company was valued at about C$11.
“We’re going to start to build an ecosystem, go out as a beachhead, garner a market cap as a public company and start to acquire all these businesses that the general public hasn’t clued in yet are narcotics businesses,” said Michael Astone, who serves on Safe Supply’s advisory board and is CEO of ArcStone Securities & Investments, one of the company’s financial backers.A number of governments have embraced the vision of legalized hard drugs.
Hockenberry wasn’t familiar with Safe Supply Streaming. But he drew an analogy based on its investment model. “If Anheuser-Busch or Bacardi suddenly said it would take some of its revenue and invest in Betty Ford clinics, could you imagine the backlash?” he said. “It would never fly.”
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