Psychedelics Archives - Green Market Report

Debra BorchardtJanuary 26, 2023
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After the market closed on Wednesday, Mind Cure Health Inc. (CSE: MCUR) (OTCQB: MCURF) announced its financial results for the quarter ending November 30, 2022. Keep in mind that last year in March, Mind Cure announced it needed more money and that was unlikely to be found. Accordingly, Mind Cure made the decision to eliminate all expenses outside those required to preserve the value of its assets including its public company status with Canadian securities regulators and cash and cash equivalents.

At the end of November, the company had $6.4 million in cash and cash equivalents. The company had a comprehensive loss at the end of the quarter of $432,130. The company currently has no sources of cash from operations. Management said in the filing that it estimates it will be able to meet its obligations
and to sustain operations for at least the next twelve months.

In addition to that, Robert Hill has resigned as a director of the company’s board of directors effective January 1, 2023.  Stephen Inouye has replaced Mr. Hill on the company’s board of directors.  “On behalf of the board of directors and the Company, I would like to thank Rob for his contribution and support.” stated Philip Tapley, CEO and Chair of the board of directors of MINDCURE.  “I would also like to welcome Steve to the board of directors.  Steve has been working with the Company in various roles since the Company’s inception.”

As of November 30, 2022, Mind Cure said it had $33,455 in accounts payable and accrued liabilities due to related parties (2021 – $76,890).

Becoming LNG Energy

On November 18, 2022, the company signed a binding Letter of Intent with LNG Energy Group Inc., a private company focused on the acquisition of natural gas production and exploration assets in
Latin America, after which the company will become the holder of all of the issued and outstanding securities in the capital of LNG Energy. It is intended that the Transaction will constitute a reverse takeover of the company by the shareholders of LNG Energy. In connection with the proposed transaction, the company will complete a 2.4-1 consolidation of its shares and change its name to LNG Energy Group Inc. In connection with the Transaction, LNG Energy will complete a private placement of subscription receipts for proceeds of between $15m and $35m at a subscription price of at least C$0.20 per subscription. Further, LNG Energy will complete a non-convertible debt financing of between $65m and $85m. The Company will further complete a non-brokered private placement for total proceeds of approximately $1m at a price of $0.05 per uni


Dave HodesJanuary 18, 2023
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There is psychedelics high fashion. Psychedelics perfume. A psychedelics series on Hulu featuring A-list actor Nicole Kidman. There are psilocybin microdose candies at weddings, replacing alcohol.

Psychedelics of all kinds are working their way into mainstream culture in California and elsewhere. The social elite – Mike Tyson, Miley Cyrus, even Prince Harry – are telling everyone that they’ve not only taken psychedelics, but that it’s changed their lives.

Business conferences about psychedelics are popping up everywhere, including what promises to be the granddaddy – 10,000 attendees in Denver in June for Psychedelic Science 2023 conference.

Johns Hopkins Medicine, NYU, Massachusetts General Hospital, MIT, some top California universities – all are studying psychedelics, some with millions of dollars invested in their work. There is even a new psychedelics caucus in Congress.

Psychedelics is back, big time, and here to stay. But is public attitude changing with the times?

According to a 2021 questionnaire given to 99 people about their attitudes on psychedelics and psilocybin therapy, the majority (72%) supported further research, with 59% supporting psilocybin as a medical treatment.

Younger age groups, those with previous psychedelic experience, and those with nonreligious beliefs were more likely to have favorable attitudes towards psilocybin. A total of 55% of the total sample would accept psychedelics as a treatment if a doctor recommended it.

It’s this sort of momentum for psychedelics that is driving the movement to decriminalize and legalize psychedelics across the U.S. There are now about 15 states or cities in states considering legislation or building working groups to decriminalize or legalize psychedelics. Colorado and Oregon legalized medical use of psychedelics, with Oregon’s legalized medical psilocybin program officially started this year.

There will be much more about the general public’s attitude on the practical use of psychedelics coming out of the Oregon program. But there is still a knowledge gap to overcome, even at the highest levels.

For example, in one study, researchers explored the acceptability of psychedelics among psychiatrists and found that, overall, psychiatrists perceived psychedelics as hazardous and “appropriately illegal.”

The data demonstrates misinformation about psychedelics and a lingering cultural stigma even among highly educated mental health professionals.

So are we still stuck with the stigma of psychedelics, sometimes coming from those respected authorities who we think should know better?

A report about psilocybin in the United Kingdom found that 59% of respondents would use psilocybin-assisted therapy if they had a condition for that kind of treatment. But 24% feared that they would get addicted to psilocybin.

Getting more and better information measuring the general public’s attitudes on psychedelics is fleeting at best. Too much is anecdotal, representing smaller groups or smaller subgroup demographics.

One group of researchers is attempting to develop a model for such measurement, reporting that in a rapidly developing research field such as psychedelics, it is important to understand how the general public views the topic, as well as any specific subgroup – professionals in the mental health field, policymakers or patients.

“Systematically assessing and measuring attitudes on psychedelics in a variety of settings and groups could help understand the wider context and implications of their medical use for psychiatry and society in general,” the researchers noted. “Any further developments in psychedelic research may also affect public opinion trends, which should be followed over time. A validated psychometric instrument allows for direct comparison and replication of data and is best suited to this purpose. Poor general knowledge on psychedelics is understandable, as psychedelic research has only recently experienced revival and the information on these topics is slowly reaching the mainstream.”

What they did find out is that a survey of college students’ attitudes on hallucinogens showed a majority thought that hallucinogens cause addiction. A significant number of participants thought that drugs such as heroin belong to the psychedelic group, indicating a poor understanding of psychedelics’ effects and the classification of illicit substances in general.

“Our findings of the association between knowledge and attitudes on psychedelics strongly indicate that assessing educational interventions is a logical next step,” the study concluded.

The U.S. federal government is perhaps the most difficult obstacle to overcome in changing the public’s perception, because the DEA’s Controlled Substances Act lists most psychedelics as being some of the worst substances on the planet. They are federally illegal, off limits, bad.

There’s a lot to learn still. A lot of misinformation to correct.

After the last 2-3 years of busy psychedelics business development, it feels like the psychedelics industry should be further along in helping the public understand where it’s coming from and where it’s going. The appears not to be the case.

Yet.


Dave HodesJanuary 17, 2023
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Yesterday, Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF), a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, released its financial results for the quarter ending November 30, 2022.

The company is one of the few in the industry reporting revenue growth, for the most part, because of its area of business concentration as a provider of therapy treatment services involving ketamine and Spravato.

Revenue grew 618% year-over-year to C$5.7 million. Their gross margin grew to 41.9% from 31.5% in the fourth quarter of 2022, with a gross profit of C$2.4 million, representing an increase of C$1.1 million.

The company ended the quarter with a cash position of C$26.4 million, down from C$41.8 in the previous quarter ending May, 2022, and also showed a net loss of C$6.2 million—C$1 million more than in 2021.

“We’re very pleased with the momentum that is building across all aspects of our business and the trajectory we’re on, making Numinus the first publicly traded psychedelic-focused company to achieve profitability, which we believe is likely to occur in the next 18 to 24 months,” Payton Nyquvest, founder and CEO of Numinus, said during the earnings call.

The company’s clinical network during Q1 2023 completed more than 19,774 client appointments, including one-on-one and group therapy sessions, neurology-related appointments, paid group programs, ketamine-assisted psychotherapy (KAT), transcranial magnetic stimulation (TMS) and ketamine/spravato medicine appointments, representing a 13.7 percent increase in clinic appointments compared to more than 17,000 appointments in Q4 2022.

Numinus had 138 practitioners providing client treatments through its wellness clinics and virtual services, a 13.1 percent increase from the beginning of the quarter.

The company was especially busy during the end of 2022, launching a new financing option for clinic patients in Canada and expanding its ketamine-assisted therapy offering to its Toronto location in September.

Then on October 28, 2022, Numinus announced the launch of its Ketamine for Chronic and Serious Medical Illness Program, a new program to be introduced in clinics in Utah, British Columbia and Quebec.

All this is seen as good news for the company by investors. The stock rose 13.64% on the Toronto exchange on the financial report news, though earnings per share were down slightly. Analysts positioned the company as a strong buy, according to Yahoo finance.

Future plans include establishing Numinus as a key provider of psychedelic-assisted therapy training during this quarter, Nyquvest said that they submitted a clinical trial application to Health Canada to conduct experiential psilocybin-assisted therapy training research. “This new experiential training study will enable practitioners training to provide psilocybin-assisted therapy the ability to experience and observe psilocybin sessions and further our understanding of the treatment,” he said. “It is one of the first training programs with an experiential option, and something that further differentiates our broader practitioner training program from others offered.” 

Numinus is initially launching the program at their clinic in Vancouver but expects to expand it to other locations.

Nyquvest also noted that the company has focused on acquiring and adapting clinics that can meet the needs of psychedelic-assisted therapy protocols to be used in the future, ensuring their clinics have therapy rooms large enough to comfortably hold a patient and two therapists, with the appropriate soundproofing and patient access to private bathrooms. “Not all wellness clinic companies currently offering ketamine-assisted therapy have taken the same strategy, and we’re confident that Numinus is the best-positioned clinic network to offer MDMA or psilocybin-assisted therapies as soon as they’re approved.”

Nyquvest concluded his remarks by noting that the main focus is now around practitioner recruitment. “It’s about just filling the capacity that we’ve got as we get prepared for some of these other psychedelic products that we anticipate coming online early next year,” he said.


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