Enveric Biosciences, Inc. (NasdaqCM:ENVB) intend to spin off Acanna Therapeutics, Inc on May 11, 2022. Enveric Biosciences spin-off Acanna Therapeutics Inc. by way of dividend to Enveric shareholders. Enveric has undertaken the spin-off of the Acanna in such that it is in the process of being separated from the existing business of Enveric through a series of transactions hat, when completed in its entirety, will result in the Company becoming an independent, separately traded public company listed on the NASDAQ, with such date that SpinCo commences trading on the NASDAQ as a separate public company from Enveric being referred to herein as the “ Spin-Off Date. In related transaction, Enveric and Acanna entered into a Securities Purchase Agreement with an accredited investor on May 5, 2022, pursuant to which Acanna agreed to sell up to an aggregate of 5,000 shares of Acanna’s Series A Convertible Preferred Stock and warrants to purchase shares of Acanna’s common stock for $5 million. The proposed spin-off would create two separate and distinct biotechnology companies, one developing next-generation psychedelic-inspired treatments and the other developing innovative cannabinoid treatment. Enveric use the proceeds from the sale of the Securities for general corporate purposes, including for expenses in connection with the consummating the Spin-Off. The spin-off transaction will be subject to various conditions, including Acanna meeting the qualifications for listing on The Nasdaq Stock Market. Rick A. Werner, Esq. of Haynes and Boone, LLP acted as legal advisor to Acanna. . Palladium Capital Group acted as a financial advisor to Enveric