The business side of the industry, how well is it doing? is it profitable? What does the future hold?
New ETF alert!
Yesterday, AdvisorShares launched the first psychedelic ETF on a US exchange – NYSE: PSIL.
The portfolio manager, Dan Ahrens, has an extensive track record of managing ETFs in a variety of sectors including two cannabis ETFs, MSOS and YOLO.
The distribution of holdings is shown below:
The Canadian investment bank Eight Capital gave a Buy rating to 6 psychedelic stocks this week. Here are the projected returns:
Mindset Pharma (MSET) developed a new test that eliminates one of the biggest challenges of developing a new psychedelic drug.
It can difficult to determine whether or not animals perceive a psychedelic experience when testing a new drug, but human trials are much more expensive. Mindset’s test offers a new solution.
By training rats to discriminate psilocybin from saline, Mindset developed a test that allows rats to communicate whether or not they perceive a new drug to be similar to psilocybin, which will help the company select its lead compounds for human clinical trials.
The company also announced that its psilocybin-inspired compound, MSP-1014, will target treatment resistant depression and end of life cancer angst.
It was a big week for this Toronto company!
Last week, HC WainWright gave Field Trip Health (FTRP) a Buy rating, predicting that it will increase from $4.50 to $20 per share in just one year!
The firm noted that Field Trip’s propriety psilocybin analog, FT-104 could soon have some of the strongest intellectual property protection in the sector.
Since the analysis, the company has opened Europe’s first psychedelic therapy healthcare facility in Amsterdam, expanding its network of clinics to six facilities.
Then on Thursday, Field Trip announced that its preparing for Phase I clinical trials, which will commence early next year, to investigate FT-104 in treating post-partum depression and treatment resistant depression.
Red Light Holland (TRUFF) successfully completed the largest legal import of psilocybin into Canada.
The company grew 1.5 kg of psilocybin truffles in the Netherlands and exported them to its lab partner in Montreal, CCrest Laboratories Inc., where they will be evaluated for active pharmaceutical ingredients (APIs).
The sale, which was approved under a Health Canada import permit, was the company’s second import of truffles into Canada and included three different strains of truffles.
This pharmaceutical company is ditching its Covid-19 treatment to focus on psychedelic medicine.
A Toronto pharmaceutical company, FSD Pharma (HUGE), announced a definite agreement to acquire the psychedelic company Lucid Psycheceuticals Inc. for CAD$11.3M. The agreement was announced just one day after the company terminated the Phase 2 clinical trial for its Covid-19 treatment because it was unlikely to be commercially viable.
FSD Pharma went public in May of 2018 and currently trades on the CSE and NASDAQ.
South Africa’s first cannabis company is shifting to psilocybin, which shouldn’t be a surprise given its name – Cilo Cybin Pharmaceutical Ltd.
The company recently applied for a research permit to study psilocybin for depression, anxiety, and PTSD. “I really think it is going to be a lot bigger than cannabis even,” said the CEO.
He plans to take the company public on the Johannesburg and Luxembourg Stock Exchanges within the next 12 months.
Most psychedelics are administered through the digestive tract, but this can require higher dosages, slow the absorption, and can have unwanted side effects. Psycheceutical Inc. is taking a different route.
The Miami-based company just received two patents that could turn psychedelics into safe and effective take-at-home drugs.
The first is for the Janus particle technology, which uses layers of nanoparticles to target specific cells. The technology can deliver multiple medicines simultaneously at different rates and times.
The second patent is for the company’s NeuroDirect technology, a delivery system that administers compounds directly to nerve connections in the brain. This method bypasses the blood-brain-barrier, which will allow for smaller doses, faster responses, and improved efficacy.
A private company based in England called Beckley Psytech raised $80M in a Series B financing round, exceeding the $50M target due to overwhelming interest from investors.
The funds will be used to study low doses of psilocybin in patients with a rare headache condition called short-lasting unilateral neuralgiform headache attacks (SUNHA), which affects just 45,000 people in the US and Europe. The Phase 1b study is already underway at King’s College London.
The proceeds will also be used to develop new proprietary compounds, and to study the company’s novel formulation of 5-MeO-DMT, a psychedelic compound found in toad venom, in treating depression.
A functional mushroom company based in Surrey, BC is joining the psychedelic space.
After 17 months of waiting, Eversio Wellness finally received a “Controlled Substances Dealer’s Licence” from Health Canada, which allows the company to produce psilocybin, DMT, and mescaline.
The company will focus on standardizing the production of natural psilocybin and will likely supply physicians and pharmacies with psychedelics for research purposes.
