3 Winners and Losers in Under-the-radar Psychedelics Companies

As the industry matures, there are clear leaders in the pack of psychedelics companies who are positioned to continue driving industry development. Compass Pathways, Atai Life Sciences, and Cybin are generally considered the top three companies in the industry, asserting their dominance in the market, with Field Trip Health and Seelos Therapeutics as psychedelics companies to watch.

But there are other companies maybe not so well known that, for now, are under the radar for industry watchers but are still making news—some good, some bad. 

Here’s a list of three winners and three losers of these lesser-known psychedelics companies:

Three winners:

  1. Numinus Wellness, Inc. (TSX: NUMI) (OTC: NUMIF). This Vancouver-based company reported Q1 2022 revenue of $647,915, a 61.9 percent sequential increase from Q4 2021, and a 1,857.6 percent increase compared to $33,098 during the same period last year when Numinus had only one clinic. The company secured several additional strains of psychedelic mushroom species and has already begun genomic analysis of these spore prints for research purposes, according to a press release. In March, the company announced that it had advanced to the next implementation phase in the multi-site open-label extension study of MDMA-assisted psychotherapy for PTSD (MAPPUSX), sponsored by the Multidisciplinary Association for Psychedelic Studies (MAPS).
  2. Small Pharma. London-based Small Pharma initiated a clinical program into DMT-assisted therapy in February 2021. This program includes a Phase I/IIa trial on the company’s lead candidate alongside the development of a pipeline of proprietary preclinical assets. It was the world’s first clinical trial for DMT-assisted therapy in major depressive disorder that showed the consistent quality of psychedelic response in Phase I, according to a press release.
  3. Intelgenx (TSXV: IGX) (OTCQB: IGXT). This Quebec-based company announced in May 2021, that it entered into a second feasibility agreement with Atai Life Sciences for the development of novel formulations of Salvinorin A, a naturally occurring psychedelic compound being developed for treatment-resistant depression and other indications. The first feasibility agreement between the companies was signed in August 2020. That was followed in March 2021 by IntelGenx and Atai announcing a strategic partnership, including a proposed equity investment in IntelGenx by Atai.

Three losers:

  1. MindCure Health, Inc. (CSE: MCUR) (OTCQX: MCURF) (FRA: 6MH): This Vancouver-based psychedelics company announced in March that the additional capital required to execute the company’s business plan is unlikely to be found under the current and foreseeable market conditions, and that “none of the strategic alternatives available to the company necessitated ongoing developmental expenditures.” The company’s board then immediately eliminated all expenditures outside those required to “preserve the value of the company’s assets.” MindCure then initiated a company-wide workforce reduction of all of its C-suite executives and employees, other than its CFO, the vice president of engineering, and certain administrative staff required to “wind-down the company’s operations and for limited care and maintenance of the company.” 
  2. Core One Labs (CSE: COOL), (OTCQB: CLABF): The Vancouver-based company is actively working to investigate investment and potential takeover opportunities by strategic psychedelics or pharmaceutical companies. Its stock price is currently down nearly 99 percent from a year ago. The company began trading on the OTCQB market in April in an effort to get increased corporate visibility in the U.S. marketplace. It also has the potential to significantly enhance its liquidity and broaden access to institutional and retail investors, according to a press release.
  3. Mindset Pharma (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF): The Toronto-based company is struggling—its stock price is down 50.97 percent today as compared to last year. A letter to shareholders in March brought what sounded like good news from CEO James Lanthier when he touted their partnership with McQuade Center for Strategic Research as a “major milestone” that represents the first partnerships with Big Pharma. But the company is trading at a five-year low of $0.33/share today.

Dave Hodes

David Hodes is a business journalist based in the Washington D.C. metropolitan area. He has contributed feature articles to several cannabis and psychedelics publications, as well as general business/lifestyle publications, on a variety of topics. Hodes was selected as 2018 Journalist of the Year by Americans for Safe Access. He is a member of the National Press Club, and the deputy booking agent for the National Press Club Headliners Committee.


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