A Saskatoon-based company which focuses on developing a commercializing medical cannabinoid products has begun the legal process for a reverse takeover of Phoenix Canada Oil Company.

ZYUS Life Sciences has signed a non-binding Letter of Intent with Phoenix which outlines the terms of combining the businesses together. It would mean ZYUS would become a wholly-owned subsidiary of Phoenix. which is an investment management company based in Ontario.

Charlotte Moore Hepburn, the CEO of Phoenix, says there is a need for regulated medications to address adult pain which don’t contain opioids and she believes with ZYUS, Phoenix has found a strategic partner with “an impressive scientific and patent portfolio and program of research” with great biomedical potential.