As we wait for the Canadian courts to repeat the process that made cannabis legal after decades in purgatory, some companies aren’t waiting around for their chance to claim a piece of the upcoming shroomaceuticals market.

Captiva Verde (PWR.C) has taken the attitude that, if you can’t make it work in Canada, you can certainly do so FROM Canada, in places where the rules allow.

Captiva Verde is a cannabis company during daytime hours, and has plans to grow much of that outdoors over the coming year. But a move to claim a medical license in Mexico has opened things up for them elsewhere.

From October last year:

CAPTIVA VERDE COMPLETES ACQUISITION OF A FULL AUTHORITY TO IMPORT, MARKET AND DISTRIBUTE ALL CANNABIS PRODUCTS IN MEXICO Captiva Verde Land Corp., further to its news release of Jan. 10, 2019, has executed and completed a share exchange agreement with Salud Esmeralda de Mexico SA de CV for the exchange of all of the shares of Esmeralda for 80 million common shares of Captiva. The shares are subject to a pooling agreement for one year.

That deal amounts to around $20 million, which is a fair price for a legitimate medical import/export license.

The bonus, however, is in the details.

Prior to this announcement, Esmeralda and its principals acquired, from another Mexican corporation, a comprehensive pharmaceutical licence to sell, market and distribute the entire suite of pharmaceutical, health, wellness and veterinarian products which include all psychoactive and non-psychoactive drugs listed under groups I, II and III. These include a suite of over 300 medicines.

Fair move, if you’re looking to buy and sell weed products.

But it’s also a good move if you’re into mushrooms. And Captiva Verde, it turns out, is.

CAPTIVA VERDE COMMENCES PSILOCYBIN MUSHROOM FACILITIES IN MEXICO Captiva Verde Land Corp. has commenced the execution of a pharmaceutical-grade psilocybin mushroom growing, packaging, sales and distribution program in Mexico under its pharmaceutical licence that includes over 300 types of narcotics and psychoactive medicines under groups I, II, and III of the World Health Organization guidelines. Microdosing of psilocybin is known to reduce stress, anxiety and pain without any of the side effects associated with traditional pharmacology products that have been prescribed for the same issues.

To be sure, mushrooms are no more than a side hustle for PWR right now. They continue to purchase cannabis brands in the US and Canada, and have raised money intended to support their grow operations in New Brunswick, while still engaging in the real estate deals they started out on as a company.

As this shroom sector plays out, the Captiva Verde Mexican plans could become very important, and profitable.

Keep watching.

— Chris Parry

FULL DISCLOSURE: No commercial connection.