Lophos CEO Overhauled; Psychedelic Licence Lost With Facility

Lophos Holdings (CSE:MESC) appointed Joshua Herman chief executive officer on May 6, 2026, part of a board shake-up that added Brad Cotton and Dr. Cory Harris. The same press release disclosed a hard fact: the company no longer holds a Controlled Substances Dealer's Licence from Health Canada.

The licence was site-specific to a 10,000-square-foot facility in Napanee, Ontario. Lophos lost that facility to mortgage enforcement proceedings. Once the site was gone, the licence went with it. The old CSDL covered MDMA, ketamine, LSD, DMT, mescaline, psilocin, and psilocybin – the full federal schedule of psychedelic controlled substances. Without the licence and without the facility, Lophos has no current means to produce, store, or handle those substances.

Health Canada has issued fewer than 50 CSDLs for psychedelic compounds under the current framework. Each one is a scarce asset. Lophos held one of them. Now it does not. The company acknowledged this in the update. Management said it is evaluating strategic alternatives for future controlled substance activities. Those include collaborations with existing licence holders and contract research organizations. The language is exploratory, not committed. There is no timeline for securing a new licence or facility.