The business side of the industry, how well is it doing? is it profitable? What does the future hold?
Red Light Holland (TRIP) reported quarterly financial results including $622K in revenue (up 28% over the previous quarter), a gross profit of $232 (up 48%) and $27.3M in cash.
Optimi Health (OPTI) upgraded its common shares to the OTCQX Best Market, the highest tier of OTC Markets which requires companies to meet high financial and corporate governance standards.
Novamind (NM) reported quarterly financial results including a record high revenue of $2.45M (up 32% over the previous quarter) and $2.7M in cash.
Incannex Healthcare (IXL), an Australian cannabis and psychedelic medicine company, debuted on the Nasdaq under the symbol ‘IXHL’.
COMPASS Pathways (CMPS) reported 2021 financial results including a net loss of $71.7 million ($1.79 loss per share) and $273.2M in cash. The company had a $60.3M loss ($3.55 loss per share) and $190.3M in cash in 2020.
Producing psilocybin is wildly expensive if you want it to meet the FDA’s Good Manufacturing Practice (GMP) standards. With all the testing required, it can cost $7,000-$10,000 for a single gram of psilocybin.
Core One Labs (COOL) developed a new production method involving fermentation of bacteria that could reduce the cost of production to under $100 per gram.
Hopefully this will make psilocybin therapy much more affordable!
Filament Health (FH) will license its natural psilocybin to ATMA Journey Centers for use in clinical trials, including an upcoming phase I trial on healthy subjects, which has already received Health Canada approval.
Biomind Labs (BMND), a company researching DMT, 5-MeO-DMT, and mescaline, began trading on the OTCQB market under the symbol “CRSWF”.
Enveric Biosciences (ENVB) will partner with the University of Calgary to study oral psilocybin for cancer-related distress. Patient enrollment will begin by the end of this year or early next year.
Entheon Biomedical (ENBI) initiated a ketamine study on treatment resistant depression in partnership with Wavepaths. It will monitor brain activity with EEG while assessing the impact of Wavepaths’ personalized music technology.
