Sibannac, Inc. (SNNC) Announces Joint Venture With 1120 Management, LLC to Develop State-of-the-Art DEA-Compliant Psilocybin Research Facility in Phoenix, Arizona
Rhea-AI Summary
Sibannac (OTCID:SNNC) signed a Letter of Intent with 1120 Management to form a joint venture developing a DEA-compliant psilocybin research, cultivation, extraction, and analytical facility in Phoenix, Arizona.
1120 will contribute space and capital; Sibannac will provide scientific staffing and psychedelic research expertise.
Positive
- LOI for joint venture to build DEA-compliant psilocybin research facility in Phoenix
- Access to >30,000-square-foot secured cannabis facility through 1120 contribution
- Partner 1120 provides substantial capital, construction services, and full infrastructure support
- Facility designed for cultivation, extraction, potency testing, and preclinical study support
- Planned pursuit of DEA Form 225 registration and potential FDA IND applications
Negative
- Only a Letter of Intent; definitive joint venture agreement still pending
- DEA registration and any FDA IND approvals remain future objectives, not yet obtained
News Market Reaction – SNNC
In the May 14 session, SNNC declined 1.49%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
PARADISE VALLEY, AZ / ACCESS Newswire / May 14, 2026 / Sibannac, Inc. (OTCID:SNNC), a trailblazer in psychedelic and plant-medicine wellness and therapeutic solutions, today announced the signing of a Letter of Intent (LOI) to form a joint venture with 1120 Management, LLC ("1120"), an Arizona-based licensed medical cannabis operator.
The joint venture will develop and operate a dedicated, secure psilocybin research, cultivation, extraction, and analytical laboratory facility in Phoenix, Arizona. The facility will be fully segregated and designed to meet or exceed all federal DEA Schedule I researcher and manufacturer registration requirements, as well as Arizona state regulations. It will support advanced cultivation optimization, extraction processes, potency testing, preclinical studies, and potential clinical supply for serious mental health indications.
Under the terms of the LOI, 1120 will contribute dedicated space within its existing +30,000-square-foot secured cannabis facility (located at 1120 W Watkins St., Phoenix), substantial capital, in-house construction services, and full infrastructure support, including 3,000 Amps of 480V 3-phase power. Sibannac will provide scientific and operational staffing, deep expertise in psychedelic research protocols, clinical strategy, and regulatory navigation.
"This partnership represents a major step forward for Sibannac in building compliant, large-scale psychedelic research infrastructure in one of the most progressive states in the country," said David Mersky, CEO of Sibannac, Inc. "By combining 1120's exceptional facility, capital, and construction capabilities with our team's experience in the culture and service of plant medicines, we are well-positioned to accelerate research aligned with the April 18, 2026, Executive Order on Accelerating Medical Treatments for Serious Mental Illness."
The joint venture will pursue DEA Form 225 registration, potential FDA IND applications, and collaboration opportunities under the Executive Order, including ARPA-H matching funds and veteran-focused initiatives. The parties expect to finalize a definitive Joint Venture Agreement in the coming weeks.
About Sibannac, Inc.
Sibannac, Inc. (OTCID:SNNC) is a plant-medicine and psychedelic-focused company dedicated to advancing research, cultivation, and therapeutic applications of psychedelic compounds for mental health and wellness. The company is building a portfolio of compliant research assets and strategic partnerships to support the next generation of psychedelic-assisted therapies.
About 1120 Management, LLC
1120 Management, LLC is an Arizona limited liability company operating a licensed medical cannabis cultivation facility in Phoenix. The company brings deep regulatory compliance experience, substantial infrastructure, and significant capital resources to the psychedelic research space.
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Cautionary Note Regarding Forward-Looking Statements.
This press release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Sibannac, Inc. (the "Company"), its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
SOURCE: Sibannic, Inc.
View the original press release on ACCESS Newswire