Irwin Naturals Inc. (OTC:IWINF) has terminated the non-binding amended and restated letter of intent (LOI) for a business combination with medical research and telemedicine company Braxia Scientific Corp. (OTC:BRAXF).

CEO Klee Irwin said the decision was based on a "lack of a clear business rationale" for the company to move forward with the transaction.

See also: Irwin Naturals Secures $40M To Accelerate Expansion Of Its Psychedelic Mental Health Clinics

Braxia CEO Dr. Roger McIntyre said the company is "disappointed" with the decision by Irwin and the impossibility to complete the transaction, adding that the team "remains well positioned as global leaders in depression and ketamine research, with high quality, trusted clinics and a telemedicine platform launched in the US."

Braxia will retain its strategic assets across three business verticals, including clinical operations in Canada, US-based telemedicine platform KetaMD, and international clinical research infrastructure.

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