The shuffling of psychedelics companies into and out of success as shown in their respective quarterly earnings and annual reports over the last few weeks offers a glimpse into what it takes to survive and thrive in the industry.
The strategic acquisition, development of novel therapeutics, and building awareness and collaborations are the names of the game today in what is still an emerging industry rife with challenges and opportunities.
Here’s a look at three such companies and their strategies:
- Delic Corp. (CSE: DELC) (OTCQB: DELCF) which bills itself as a “leader in new medicines and treatments for a modern world,” acquired Ketamine Wellness Centers LLC in November which owns and operates 10 ketamine infusion treatment clinics across Arizona, Colorado, Florida, Illinois, Minnesota, Nevada, Texas, Utah, and Washington. Ketamine infusions have emerged as a promising treatment option for chronic diseases and pain disorders. This $10 million acquisition makes the company the owner of the largest chain of wellness centers providing ketamine treatments in the U.S., and is a leading company building the psychedelics industry’s infrastructure.
Ace in the hole? Matt Stang, co-founder and CEO of Delic since January 29, 2021, was an owner and operator of High Times magazine for 17 years. Stang helped legalize cannabis in multiple states, and launched High Times’ most popular event, the Cannabis Cup, in the U.S. Stang is considered one of the most connected people in the alternative drug space.
- Revive Therapeutics LTD. (OTCQB: RVVTF) (CSE: RVV), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, is building a specialty psilocybin-based product pipeline to treat mental illness, substance abuse and neurological disorders. They are launching their first clinical study evaluating psilocybin in the treatment of methamphetamine use disorder, and advancing the development of an oral psilocybin thin file strip and psilocybin microneedle patch.
Ace in the hole? The company is studying psilocybin as a potential treatment for stroke with the University of Wisconsin-Madison. It is one of the first companies to explore the role that psychedelics may play in the treatment of brain injury, with implications for treating Parkinson’s and other neurodegenerative diseases.
- Wellbeing Digital Sciences (NEO: MEDI) (OTC: KONEF) is an evidence-based healthcare company focused on innovative clinical solutions, artificial intelligence-powered digital therapeutics and contract research. One of its subsidiaries, KGK Science Inc., was selected by Lophos Pharmaceuticals Inc. for a novel study to evaluate a path to market for peyote-derived natural health products, one of just a handful of companies pursuing development of peyote for medicinal use. Wellbeing is also developing a study of patients with post-traumatic stress disorder who are undergoing the proprietary physical therapy program through another subsidiary, IRP Health.
Ace in the hole? Led by new Wellbeing CEO Najla Guthrie, the former chief medical officer of the company, who is also the president and CEO of KGK Science, the company became the founding sponsor of Women in Psychedelics Network (WIP) in May. WIP was created to bring women together in the psychedelic industry, of every discipline, and build a community based on education, support, growth, and experience as more women rise to the top of the psychedelics industry. One top woman in psychedelics Dr. Ekaterina Malievskaia, is the co-founder and chief innovation officer for Compass Pathways