A change in strategy and branding sometimes helps make a business more successful and a better overall investment. That's what Vireo Health is banking on, at least. The company recently changed its name to Goodness Growth Holdings(OTC:GDNS.F). In addition to a name change, the business has also announced plans to expand into psychedelics.

Below, I'll look at why Goodness Growth is trying to set course on a different path, whether these are good moves for the company, and whether you should consider investing in it.

Earlier this month, Goodness Growth announced that its subsidiary, Resurgent Biosciences, is going to research psychedelic medicine and develop intellectual property (IP) in that area. However, the company noted that Resurgent won't actually be manufacturing or cultivating any psychedelics. The company says this move is a "natural expansion" of the business and its scientific expertise.

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