psychedelics Archives - Green Market Report

Debra BorchardtSeptember 19, 2023


Clearmind Medicine Inc. (NASDAQ: CMND) (CSE: CMND), closed its United States-only public offering raising approximately $2.25 million. The offering consisted of 7,500,000 common shares and pre-funded warrants and 7,500,000 common warrants. Clearmind said it plans to use the money for general corporate purposes, which may include operating expenses, research, and development, including clinical and pre-clinical testing of its product candidates, working capital, future acquisitions, and general capital expenditures.

The company noted in its offering that it had received a notification from NASDAQ that the shares had traded under a dollar and it had 180 days to get the share price back up. That deadline is November 13, 2023, however, the company could potentially ask for another 180-day extension. This offering though will further dilute shares and could potentially lower the price even further.

The company reported that at the end of 2022, it had $3.8 million in cash, but also warned investors that it was burning through cash and the company had a $14 million deficit. For the year ending in 2022, the company reported a net loss of $6.8 million.

Clearmind is a psychedelic pharmaceutical biotech company focused on the discovery and development of novel psychedelic-derived therapeutics to solve widespread and underserved health problems, including alcohol use disorder. Its primary objective is to research and develop psychedelic-based compounds and attempt to commercialize them as regulated medicines, foods or supplements.

Additional details stated that the common warrants are immediately exercisable, will expire five years from the date of issuance, and will have an exercise price of $0.30 (C$0.40) per common share. Each common share (or pre-funded warrant in lieu thereof) was sold together with one common warrant at a combined purchase price of $0.30 (C$0.40) per share (or $0.299 (C$0.399) per pre-funded warrant after reducing $0.001 (C$0.001) attributable to the exercise price of the pre-funded warrants) but were issued separately. The common warrants and pre-funded warrants are not listed on any exchange.

Debra BorchardtAugust 29, 2023


Silo Wellness, Inc. (CSE: SILO) (OTCQB: SILFF) is buying NUGL Inc. (OTC Pink: NUGL) in a deal valued at C$43 million. Last month Silo announced it was partnering with Jamaica-based Kaya Group, which is owned by Nugl. Nugl and Kaya merged in April 2022 to form a multifaceted cannabis lifestyle company.

The company operates three Kaya Herb House retail locations and a Gap Café wellness center, which would partner well with Silo’s expertise in managing psilocybin wellness retreats in Jamaica’s legal psilocybin market. At the time of that announcement, Silo acquired just over 25 million shares of Nugl. Now the company has decided to buy the remaining shares.

Nugl Revenue

Silo also noted that NUGL/Kaya had top-line revenue of $2.2 million in 2022  along with $1.5 million in gross profit and a $2. million net loss. This was an increase in revenue from $1.8 million in 2021. The company reported revenue in its most recent quarter ending in June of $708,796.

Still, Nugl was reported as a “going concern.” The company has experienced recurring net losses and negative cash flows from operations since inception and as of June 30, 2023, has an accumulated deficit of approximately $7,877,396 (December 31, 2022 – $7,769,953) and a working capital deficit of approximately $610,739 (December 31, 2022 – $753,675). As of June 30, 2023, the company had $75,168 (December 31, 2022 – $86,575) in cash and cash equivalents with a working capital deficit of $610,739.

Partnership Plans

At the time, Silo Wellness said its partnership with NUGL/Kaya Group would bring even more opportunity for expansion and solidifies the company’s presence in Jamaica, a region championing the burgeoning psychedelics industry.

Mike Arnold, founder and CEO of Silo Wellness and an Oregon attorney said “Our collaboration with Kaya is a monumental stride in realizing our vision to offer holistic treatments that combine the best of and broaden our international footprint. We’re committed to providing transformative plant medicine wellness experiences.”


Debra BorchardtAugust 15, 2023


Mydecine Innovations Group (OTC: MYCOF) released the barest of financial results for the quarter ending June 30, 2023. There is no revenue to report.

The net loss attributable to common stockholders was $3.18 million, from operations, or a basic and diluted loss per share of $(0.13). For the same period in 2022, the loss from operations was $2.45 million, or a basic and diluted loss per share attributable to common stockholders of ($0.35).

Total expenses for the June quarter were $2,650,920 compared to $3,143,805 for the same period in 2022. The company reported that it had $40,458 in cash and cash equivalents as of June 30, 2023. It has a deficit of $147 million.

With regard to the company’s debt, at the end of June 2023, the note payable balance was $85,263. On March 7, 2023, Mydecine defaulted on the note payable, and the defaulted note payable bears an interest of 12% interest per annum. The company said in its filing that it’s in negotiation with the creditor to settle this note payable. All of the financial liabilities of the company are due within 12 months of June 30, 2023, with the exception of the convertible debentures.

C-Suite Changes

In July, the company announced that John Ross, its current Chief Financial Officer, had been appointed as Corporate Secretary. In addition to that change, Todd Heinzl resigned from the board of directors. Heinzl can’t seem to make up his mind as to whether he wants to be on the board or not. He previously resigned from the board on April 3, then was reappointed in an announcement on May 29. Now he’s gone again.

The company has seen quite a few changes in the CFO role. In 2022, Larry Dean Ditto resigned as CFO for personal reasons, effective Aug. 19, and COO Damon Michaels was appointed interim CFO. Ross was named the CFO in September of 2022.

Management compensation for 2023 is listed as $907,219.

Money Trouble

Green Market Report reported in May that Mydecine was left with just over C$10,000 in the bank after losing C$7.65 million in the first three months of 2023, contrasted with C$10.2 million in liabilities the company was carrying and C$2.2 million in assets.

The losses were a substantial increase from Mydecine’s cash burn rate in 2022; the company lost C$5.63 million for the same period a year prior and C$11.56 million for all of last year.

With the SEDAR site down, it is hard to determine any additional information regarding the company’s filings. The documents are not up to date on the OTCMarkets site.

New Age Farm?

In addition to that, in April 2023, a Vancouver resident settled with the B.C. Securities Commission (BCSC) for failing to file insider reports and early warning reports disclosing his stake in the company. Erwin Liem paid the Commission $40,000 and was barred from the investment market for 20 years.

According to a statement, between July 2014 and April 2017, “Liem used the identities ‘Surya Chandra’ and ‘Li Hong Chang’ to obtain and hold securities of Mydecine Innovations Group Inc., now known as New Age Farm, Inc. At the peak of his shareholding, Liem owned over 24.3% of New Age’s shares. He held shares through the Chandra and Chang identities, as well as in his own name and through companies he controlled.”

The statement said that New Age was listed on the NEO Exchange in Canada and traded on the OTC Pink Market in the U.S. However, there doesn’t seem to be any company with that name associated with Mydecine.

Debra BorchardtJuly 24, 2023


Enveric Biosciences (NASDAQ: ENVB) announced the successful completion of preclinical ADME and toxicology studies for its lead candidate EB-373.


EB-373, is defined as a New Chemical Entity or NCE. According to the company it is designed as a next-generation proprietary psilocin prodrug and developed leveraging the company’s Psybrary drug discovery platform to target anxiety disorders. In preclinical studies, EB-373 demonstrated a quick response to psilocin both in vitro and when orally administered. For example, when mice were treated with EB-373 and given a marble burying test, which is used to test animal anxiety, the mice exhibited less anxiety and it lasted for seven days after the test was initiated.

The new in vitro tests confirmed the previous mice tests. The company said in a statement that tests using liver extracts derived from human, dog, rat, and mouse models “demonstrated efficient conversion of EB-373 to active metabolite psilocin, with consistent results across all species. Preclinical results for EB-373 have consistently shown rapid achievement of peak psilocin concentration in the blood at levels >95% that of the parent prodrug, indicating the almost complete conversion of EB-373 to psilocin by the liver.”

“These ADME and toxicology data help us further understand and confirm our molecular design success as we seek to harness the neuroplastogenic properties of psilocin while offering a potential treatment that better controls the hallucinatory effects in humans,” said Joseph Tucker, Ph.D., Director and CEO of Enveric. “With these in vitro analyses, in addition to our animal PK studies, we are building a robust pharmaceutical profile as we progress EB-373 to human testing in clinical trials.”

“We are increasingly confident that EB-373 has the potential to be well tolerated with a side effect profile that improves on psilocybin,” added Dr. Tucker. “Evident in its emerging PK parameters and safety profile, EB-373 appears to have realized the desirable properties of being rapidly converted to the active metabolite psilocin, followed by rapid elimination from the body, allowing for a potentially significant reduction in the overall length of the hallucinatory experience, and resulting in an improved therapeutic option for patients.”


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