Psychedelics Archives - Page 2 of 8 - Green Market Report

Video StaffVideo StaffMarch 5, 2021

3min3010

This is Psychedellux your weekly recap of the psychedelic industry business news

Psychedelic media company Delic Holdings Inc. (OTCQB: DELCF) has acquired mushroom kit maker and media company Homestead brands in an all-stock deal. DELIC issued subordinate voting shares worth $50,000 and 50,000 incentive stock options were also granted to Homestead founder David Tatelman, with an exercise price of $0.58. David Tatelman will act as a consultant to the company.

NeonMind Biosciences Inc. (CSE: NEON) (OTC:NMBDF) announced that they have filed four additional provisional patents on psilocybin preclinical data. NeonMind has a consumer products division focusing on medicinal mushroom infused products, as well as a pharmaceutical division focused on drug development of psychedelic compounds. 

Optimi Health Corp. (CSE: OPTI) closed its oversubscribed IPO and began trading its shares last Friday on February 25, 2021 on the Canadian Securities Exchange. 

Mydecine completed its harvest of psilocybin mushrooms at a private facility in Jamaica. The first shipment of the harvest has now been received at Mydecine’s Canadian facility, which has a Health Canada Schedule 1 Dealer’s License attached to it.

 Novamind Inc. (OTC:NVMDF) reported its fiscal second-quarter results for the three months ended December 31, 2020. The company had revenue of $1.2 million primarily composed of patient services from the clinics in Utah. The company said it was a 47% increase over the first fiscal quarter ending September 30th, 2020.

Ehave, Inc. (OTC Pink: EHVVF) filed for a patent for a trademark on its KetaDASH brand name. The company also filed its application to uplist its shares on the OTCQB market.

Cybin Inc. (OTCQB:CLXPF) uplisted from the Pink Sheets to the OTCQB Venture Market with the symbol “CLXPF”.


StaffStaffMarch 4, 2021
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3min2410

Psychedelic media company Delic Holdings Inc. (OTCQB: DELCF) has acquired mushroom kit maker and media company Homestead brands in an all-stock deal. DELIC issued subordinate voting shares worth $50,000 and 50,000 incentive stock options were also granted to Homestead founder David Tatelman, with an exercise price of $0.58. David Tatelman will act as a consultant to the company.

Homestead is a legacy counterculture distributor of psychedelic media and creator of one of the first self-contained mushroom grow kits.

Matt Stang, Founder, and CEO of DELIC said, “The acquisition of Homestead is an exciting one for us at DELIC. It shows how we are increasing accessibility to this nascent industry within regulated jurisdictions. Homestead not only sold tens of thousands of mushroom kits globally but also was one of the earliest distributors for High Times and many other counter-culture publications. We look forward to growing together and increasing shareholder value with what we accomplish.”

DELIC said the Homestead acquisition would allow the company to increase its product offering on its website Reality Sandwich (realitysandwich.com). Through Homestead’s extensive intellectual property and heritage brand, Delic anticipates reviving the at-home EZ Grow experience targeted at the Reality Sandwich consumer. Including the EZ Grow product suite, DELIC said it intends to increase e-commerce sales and activity by offering other high-demand products to our online viewers and consumers.

The company said that a product launch is expected this March, and the new mushroom kit will have a modern interpretation of the company’s history and will include everything a consumer needs to be an at-home mycologist – pre-sterilized and as easy as mixing the core ingredients provided. In addition to the mushroom kit, consumers will also be able to purchase other complementary products to the kit to enhance their experiences and to become better mycologists. Delic aims to be a leader in the at-home cultivation movement.

Recently, DELIC announced the execution of a definitive share purchase agreement to acquire Complex Biotech Discovery Ventures and a binding letter agreement to acquire Ketamine Infusion Clinics. The addition of Homestead further showcases to our stakeholders the unique ability DELIC has to be able to acquire strong brick and mortar and online businesses in the psychedelic sector as well as bring continued value to the company’s investors.

 


StaffStaffMarch 1, 2021
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4min3870

Optimi Health Corp. (CSE: OPTI) announced the closing of its oversubscribed initial public offering on February 24, 2021. Pursuant to the Offering, the Company issued 27,600,000 units of the Company at a price of $0.75 per Unit for aggregate gross proceeds to the Company of $20,700,000, which includes the full exercise of the over-allotment option.

The common shares of the Company and the common share purchase warrants issued began trading on February 25, 2021 on the Canadian Securities Exchange. The Offering was led by Mackie Research Capital Corporation, as the lead agent and sole bookrunner, on behalf of a syndicate of agents, including Canaccord Genuity Corp. and Stifel Nicolaus Canada Inc.

The Units offered under the Offering each consist of one Common Share and one‐half of one common share purchase warrant of Optimi. Each Warrant is exercisable to acquire one common share of the Company at an exercise price of $1.25 per Warrant Share at any time until February 24, 2023.

The net proceeds of the Offering will be used for capital expenditures related to the Company’s facilities in Princeton, BC, the development of the company’s functional mushroom business, the execution of the Company’s Psilocybin and Psilocin research and development initiatives, and for working capital requirements and other general corporate purposes.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The Units, the Unit Shares and the Warrants comprising the Units, and the Warrant Shares issuable upon exercise of the Warrants, have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws. Accordingly, the Units may not be offered or sold within the United States or to U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Optimi in any jurisdiction in which such offer, solicitation or sale would be unlawful.

With a vertically integrated approach, Optimi intends to cultivate, extract, process and distribute high quality functional mushroom products at its two facilities comprising a total of 20,000 square feet nearing completion in Princeton, British Columbia. To fully investigate the science of mushrooms, the Company has received a research exemption under Health Canada Food and Drug Regulations (FDR) for the use of Psilocybin and Psilocin for scientific purposes at its wholly owned Optimi Labs Inc subsidiary.


Video StaffVideo StaffFebruary 26, 2021

3min2300

This is Psychedellux, the week’s top news for the psychedelics industry.

Massachusetts lawmakers are moving forward to decriminalize psychedelic drugs. The effort began at the city level when Somerville and Cambridge adopted measures that would make possession of psychedelics a low law enforcement priority. Now it has moved to a state-wide initiative with legislature introduced in both the state senate and house. 

Red Light Holland Corp. (OTC: TRUFF) announced that Brazil has granted authorization for the company’s iMicrodose packs, which contain 15g of Psilocybin Truffles, to be legally imported to Brazil. Also this week, the company issued 26 million units in an offering that brought in over $11 million. 

EMPOWER CLINICS INC. (EPWCF:OTCQB) announced the launch of its first three integrated health centres in Ontario, Canada with each location expected to generate $2.5 – $3.6 million in annual revenue. Advanced discussions are currently underway on multiple additional locations as the company begins the rollout of its national clinic expansion strategy.

NeonMind Biosciences Inc. (CSE: NEON) has purchased an initial order of GMP grade psilocybin from Psygen Labs Inc. for its planned phase 2 human clinical trial expected to begin in Canada later this year. Psygen is a Calgary-based company specializing in the synthetic manufacture of psychedelic medicines. The company provides non-exclusive access to psychedelic drug products for clinical research, therapeutic applications and is a leading supplier for the emerging commercial market.

Novamind Inc., (OTC PINK:NVMDF)  has changed its OTC symbol from “HNLMF” to “NVMDF” effective February 19, 2021.

Psychedellux has been brought to you by the Green Market Report.


StaffStaffFebruary 25, 2021
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3min3760

PharmaDrug Inc. (CSE: BUZZ) (OTC Pink: LMLLF) has filed for an application with the U.S. Food and Drug Administration to receive Orphan Drug Designation (“ODD”) for N,N-Dimethyltryptamine or DMT in the prevention of ischemia-reperfusion injury in patients undergoing kidney transplantation.

The company explained that Ischemia/reperfusion injury (IRI) is caused by a sudden temporary impairment of the blood flow to a particular organ. PharmaDrug noted that research studies have shown that DMT activates the sigma-1 receptor (“Sig-1R”), an intracellular chaperone fulfilling an interface role between the endoplasmic reticulum and mitochondria in cells. Sig-IR ensures the correct transmission of ER stress into the nucleus resulting in the enhanced production of anti-stress and antioxidant proteins. “DMT has also been shown to have anti-inflammatory properties. Consistent with these functions, DMT was found to mitigate ischemia-reperfusion injury (IRI) caused by hypoxia, oxidative stress and inflammation in preclinical models of renal transplantation.[2] The anti-inflammatory protective effects of DMT may provide a novel, more beneficial strategy to attenuate the damage induced by ischemia and reperfusion during kidney transplantation.”

“We have been focused on laying the foundation in becoming an industry leader in the research and development of novel uses for DMT in the treatment of neuropsychiatric, neurological and inflammatory disorders,” said Daniel Cohen, CEO of PharmaDrug. “Although DMT is commonly associated with offering an intense psychedelic experience, the therapeutic potential of DMT is fascinating and remains underexplored. We aim to unlock the potential of DMT in treating unmet medical needs beyond its potential utility in mental health disorders. Our orphan drug designation application for DMT in the prevention of kidney injury during transplant surgery fits with our psychedelic pharmaceutical strategy of creating a unique portfolio of DMT therapies targeting rare disorders while also focusing on foundational research with DMT to explore and evaluate its therapeutic potential both in the brain and other human organs.”

Earlier this month, PharmaDrug filed an application with the FDA to receive Orphan Drug Designation for DMT in the treatment of acute ischemic stroke patients presenting for emergency medical assistance within 3-hours of symptom onset.


StaffStaffFebruary 23, 2021
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7min6090

Massachusetts lawmakers are moving forward to decriminalize psychedelic drugs. The effort began at the city level when Somerville and Cambridge adopted measures that would make possession of psychedelics a low law enforcement priority. Now it has moved to a state-wide initiative.

Cambridge

Cambridge’s city order read, “Drug policy in the United States and the so-called “War on Drugs” has historically led to unnecessary penalization, arrest, and incarceration of vulnerable people, particularly people of color and of limited financial means, instead of prioritizing harm-reduction policies that treat drug abuse as an issue of public health. Entheogenic plants, which include a spectrum of natural plants, fungi, and natural materials, have been used for centuries by people in different cultures to address conditions including substance abuse, addiction, post-traumatic stress disorder (PTSD), elements of Persistent Traumatic Stress Environment (PTSE) conditions, chronic depression, end-of-life anxiety, grief, cluster headaches, and tendencies toward recidivism, as well as to improve mental and socio-emotional health.”

The city resolved that the Middlesex County District Attorney  should “Cease the prosecution of persons involved in the use, possession, or distribution of entheogenic plants and the use or possession without the intent to distribute of any controlled substance.” It went on to say that the use and possession of all controlled substances should be understood first and primarily as an issue of public health by city departments, agencies, boards, commissions, and all employees of the city and that it should be the policy of the City of Cambridge that the arrest of adult persons for using or possessing controlled substances shall be amongst the lowest law enforcement priority for the City of Cambridge.

State

Marijuana Moment reported that the state Senate version of the legislation, SD 2248, was introduced Friday by Sen. Julian Cyr (D) and was virtually identical to the House bill. Both measures are titled “An Act Relative to Harm Reduction and Racial Justice.” This bill stated, “No person knowingly or intentionally shall possess a controlled substance unless such substance was obtained directly, or pursuant to a valid prescription or order, from a practitioner while acting in the course of his professional practice, or except as otherwise authorized by the provisions of this chapter.” It also limits any fines to $50.

A separate House bill introduced by Mike Connolly (D) on Friday would move even further than decriminalization and would set the stage for regulated sales of certain drugs. The House bill, HD 3829 language states that an interagency task force would be created to study the public health and social justice implications of legalizing the possession, consumption, transportation, and distribution of naturally cultivated entheogenic plants and fungi. The task force will be made up of 21 members.

“The task force shall: (i) compile and review research regarding the physiological and psychological effects of entheogenic plants and fungi; (ii) compile testimony and data on the experiences of communities across the United States—including Somerville (MA), Cambridge (MA), Denver (CO), Oakland (CA), Santa Cruz (CA), Ann Arbor (MI), sovereign native lands, Washington D.C. and Oregon. The task force shall file a report of its findings and recommendations, together with drafts of legislation necessary to carry those recommendations into effect, by filing the same with the clerks of the senate and the house of representatives, the chairs of the senate and house committees on ways and means, the senate and house chairs of the joint committee on public health, the senate and house chairs of the joint committee on the judiciary, the senate and house chairs of the joint committee on public safety and homeland security not later than June 2022.”

“Our coalition owes these bills to our volunteers across the Commonwealth,” the group Bay Staters for Natural Medicine, which was behind the successful local decriminalization efforts in Somerville and Cambridge, told Marijuana Moment in a statement. “From the vicious pain of opioid addiction and cluster headaches to the exclusion of people of color from the mental health care system, it’s your stories of redemption and hope that have created this movement.”

“I’m looking forward to a dialogue in Massachusetts to identify the most effective and evidence-based public health and harm reduction strategies that should replace the failed drug war,” Shaleen Title, a former Massachusetts cannabis regulator and longtime drug policy activist, told Marijuana Moment.

Vermont

Vermont, which borders Massachusetts is also laying the groundwork for some sort of decriminalization. The Vermont Digger reported that Chittenden County State’s Attorney Sarah George was suggesting laws to that effect as a means to combat addiction issues. Rep. Selene Colburn, P/D-Burlington said, “a bill to decriminalize drugs across the board was still being drafted but would be introduced in the Legislature later this session at a press conference.”

 

 

 


Video StaffVideo StaffFebruary 19, 2021

2min3040

Psychedelic medicine biotech company MindMed (OTCQB: MMEDF) said it will acquire HealthMode for roughly C41 million. HealthMode is a digital medicine and therapeutics startup that uses Artificial Intelligence (AI)-enabled digital measurement to increase the precision and speed of clinical research and patient monitoring. The acquisition will give MindMed access to HealthMode’s Intellectual Property, platforms for clinical drug trials, and its entire twenty-four-person digital medicine team. MindMed said it will incorporate HealthMode’s machine learning (ML) engineering, product development, and operations employees into its newly established digital medicine division, Albert. 

Revive Therapeutics Ltd. (OTC: RVVTF) entered into an agreement with Newscope Capital Corporation (OTCQB: PHRRF) to buy PharmaTher Inc.’s intellectual property pertaining to psilocybin for roughly C$10 million. PharmaTher is a specialty life sciences company focused on the research and development of psychedelic pharmaceuticals.

Field Trip Health Ltd. (OTCQX: FTRPF) reported its third fiscal quarter results for the three ending in December. Patient services revenues of $316,329 represented a 235% increase over the previous quarter. Net loss for the third fiscal quarter was $8 million.

Champignon Brands Inc. (OTCQB: SHRMF) announced it will withdraw and refile its condensed interim consolidated financial statements and MD&A for the three and six month periods ended March 2020. The restatement is related to previously recognized intangible assets in connection with the acquisitions of Artisan Growers, Novo Formulations and Tassili Life Sciences  for roughly $12 million.

That’s it for this week. Psychedellux has been brought to you by the Green Market Report. 


Debra BorchardtDebra BorchardtFebruary 18, 2021
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5min4700

Psychedelic medicine biotech company MindMed (OTCQB: MMEDF) will acquire HealthMode, a digital medicine and therapeutics startup that uses Artificial Intelligence (AI)-enabled digital measurement to increase the precision and speed of clinical research and patient monitoring.

MindMed said it will acquire HealthMode through the issuance of 82,508 multiple voting shares of MindMed (equivalent to 8,250,836 subordinate voting shares which, at yesterday’s closing price of CAD $5.13, puts the value of HealthMode at approximately CAD $41,254,180) and the payment of approximately CAD $300,000 in cash.

MindMed Co-Founder and CEO J.R. Rahn said: “Our mission is to make MindMed as much a digital medicine company as a drug development company. With the addition of Dan and Bradford’s team of engineers and product experts, our digital medicine division, Albert, is now the Special Ops of digital medicine, applying machine learning to drug development and patient care. The future of modern mental healthcare and psychedelic medicine ultimately will rely on improving infrequent, self-reported and observed measures for mental health to a paradigm where the continual digital measurement of our mind and body is as vital as the drug treatment itself. In effect, we see a future mental health treatment paradigm where potential drug products such as our LSD experiential therapy might be prescribed right alongside software application programming interfaces (APIs) to prepare the patient for treatment and optimally monitor the after-care of one’s anxiety disorder.”

What HealthMode Brings

The acquisition will give MindMed access to HealthMode’s Intellectual Property, platforms for clinical drug trials, and its entire twenty-four-person digital medicine team. MindMed said it will incorporate HealthMode’s machine learning (ML) engineering, product development, and operations employees based in Silicon Valley, New York CityBratislava and Prague into its newly established digital medicine division, Albert. MindMed intends to establish Albert as a full-stack digital mental health platform, capable of launching and commercializing psychedelic-assisted therapies and medicines at scale for patients.

MindMed will add pharmaceutical veteran Daniel R. Karlin M.D. M.A. and AI/ML expert Bradford Cross to the MindMed executive team. Cross, who will become the Chief Technology Officer of MindMed, was a founding partner at deep tech venture capital fund, Data Collective (DCVC) and also founded Prismatic, a personalized AI-driven news feed that became part of the IP underlying Linkedin’s newsfeed and content classification.

HealthMode Co-Founder Dan Karlin said, “Through the tech we have built at Healthmode, we aim to potentially rapidly increase the value of MindMed’s asset portfolio by advancing more drugs against more indications at a faster pace with high scientific and technical rigor.”

Co-Founder Bradford Cross added: “At HealthMode, our technical motto has always been ‘better science faster’ because we always try to think about what our tech can do to answer real scientific questions by capturing more and better data from increasing patient populations at higher frequency and at a larger scale. Now we’ll apply that playbook to accelerate research on one of the most promising targets in psychiatry and ultimately help launch these psychedelic-assisted therapies to patients at scale.”


Video StaffVideo StaffFebruary 12, 2021

2min2600

The week’s recap of psychedelic industry news:

Revive Therapeutics Ltd. received a receipt for its final short form prospectus for aggregate gross proceeds of $20 million through a syndicate of underwriters led by with Canaccord Genuity Corp. the company also filed a Business Acquisition Report in connection with its acquisition of Psilocin Pharma Corp. 

Mydecine Innovations Group (CSE: MYCO) (OTC: MYCOF) announced that Canaccord Genuity Corp. has agreed to purchase, on a bought deal basis, an aggregate of 30,000,000 units of the Company at a price of C$0.50 per Unit for aggregate gross proceeds to the Company of C$15,000,000. 

PharmaDrug Inc. (OTC: LMLLF) filed an application with the U.S. Food and Drug Administration to receive Orphan Drug Designation for N,N-Dimethyltryptamine or DMT in the treatment of stroke patients presenting for emergency medical assistance within 3-hours of symptom onset. 

Field Trip Health Ltd. (OTCQX: FTRPF) announced the official opening of the Field Trip Natural Products Limited Research and Development Laboratory for Psychedelic Fungi in Mona, Jamaica. The research facility, which is opening as part of Field Trip’s previously announced strategic partnership with the University of West Indies.

And finally, Red Light Holland announced it is legally selling natural microdoses to consumers, via Magic Truffles in their branded iMicrodose packs in the Netherlands. The company named Comedian, Russell Peters, Chief Creative Officer, and  Industrial Artist, Karim Rashid, was named Head of Design.

Next week I will be moderating a panel in the Mydecine speaker series on Feb 18 at microdose.buzz. The topic is “Can Psychedelic Drug Design Improve Safety and Efficacy for Medicine?” And it starts at 1:30 eastern

That’s the big news this week

Psychedellux was brought to you by the Green Market Report


Video StaffVideo StaffJanuary 29, 2021

2min3700

This week we’re starting a new weekly news video called Psychedellux which will cover the psychedelic company news of the week. 

This week the first psychedelic stock ETF (exchange-traded fund) will begin trading on the Canadian NEO exchange under the ticker PSYK on January 27. The base currency will be Canadian dollars. The ETF will be managed by Canadian financial services company Horizons ETF Management and it will be focused on the emerging psychedelics opportunity led by life science and pharmaceutical companies.

Seelos Therapeutics, Inc. (Nasdaq: SEEL) closed on an underwritten public offering that is expected to raise approximately $33.5 million.

Mydecine Innovations Group (CSE: MYCO) (OTC: MYCOF)  has submitted a formal application to list its common shares on the NASDAQ Stock Exchange. 

NeonMind Biosciences Inc. (CSE: NEON) has appointed pharmaceutical executive Robert Tessarolo as its President and Chief Executive Officer.

As the race to own the psilocybin market heats up, MagicMed Industries Inc. (CSE: MGIC reserved)  announced that it has completed the establishment of the psilocybin-derivatives patent portfolio of the Psybrary and the launch of the Candidate Selection program.  The company said that Psybrary is a proprietary physical and knowledgebase collection of novel psychedelic-derivative drug candidates, manufacturing methods, pharmacological data, and patent filings that protect all of the above.

Ehave, Inc. (OTC Pink: EHVVF) announced it is exploring how palliative patients could benefit from its Ketamine home delivery platform, KetaDASH. 

 



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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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