U.S.-based psychedelic investment fund Palo Santo has launched with an initial $35 million in capital raised and an active portfolio of 20 companies. The diversified venture fund said in a statement that it is focused on tackling the growing global mental health crisis by investing in innovative psychedelic-based and adjacent therapies that are poised to shape the future of psychiatry and fields beyond.
Wesana Health Holdings Inc. (CSE: WESA) (OTC: DBDIF) is buying Psychedelitech Inc., also known as PsyTech Inc., for a price of approximately C$21 million an all-stock deal. PsyTech uses data-driven tools that allow physicians insight into patient well-being and clinical best practices. PsyTech is mainstreaming the adoption of psychedelic-assisted therapies through the promotion and delivery of safe and effective therapy, combating stigma, and accelerating innovation.
Empower Clinics reported total revenues of $2 million in the first quarter of 2021. The company also reported a net loss of $25 million, which it said was primarily driven by a non-cash loss on the fair value adjustment related to the Company’s warrants.
PharmaDrug Inc. (CSE: BUZZ) (OTC Pink: LMLLF)reported interim positive results from its ongoing preclinical study evaluating the company’s patented Cepharanthine (“PD-001”) in a broad panel of human cancers. To follow up on these highly encouraging results, PharmaDrug said it will quickly initiate an additional in vitro efficacy study to assess the potential of cepharanthine to provide additive benefits in combination (combo-therapy) with the current standard of care agents. The drug is derived from a non-psychedelic plant called Stephania.