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Psychedelic Business and Investment News: May 10-14

Truffle Report has compiled a roundup of major psychedelic business and investment news from May 10-14, making it easier for you to access these insights in one place.

Wesana Health

On May 10, Wesana Health Holdings announced that its shares will commence trading on the Canadian Securities Exchange (CSE) under the ticker symbol “WESA.”

“Following the completion of our go public transaction, we’re thrilled to embark on this journey as a public company listing on the CSE. As a CSE listed company, we will be able to increase engagement with our shareholders and the investment community as we continue to execute on our mission to develop alternative treatment solutions for traumatic brain injury,” said Daniel Carcillo, CEO of Wesana Health.

CB Therapeutics

On May 10, CB Therapeutics announced that it has closed an oversubscribed Series A funding round, filled entirely by re.Mind Capital.

“This fresh round of funding for CB Therapeutics will allow us to rapidly accelerate our scaled-up manufacturing and sale of cannabinoids and tryptamines,” said Dr. Jacob Vogan, CSO of CB Therapeutics. “We’re also very excited to have re.Mind Capital backing us as we expand our PsyVault™, the largest collection of biosynthetic cannabinoids, tryptamines, and other psychedelic molecules which have fantastic therapeutic potential.”

IntelGenx and ATAI Life Sciences

On May 11, IntelGenx Corp. announced that a significant majority of its shareholders have approved the resolution confirming the previously announced investment in IntelGenx by ATAI Life Sciences, from which ATAI will initially acquire an approximate 25 percent interest in IntelGenx.

On May 12, IntelGenx Corp. announced that it has entered into a second feasibility agreement (SFA) with ATAI Life Sciences. The first agreement 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. Under the terms, IntelGenx will conduct formulation development work to provide a prototype to ATAI for further clinical investigation.

Silo Wellness and Kaivalya Kollectiv

On May 12, Silo Wellness announced that it will expand its portfolio of psilocybin and ketamine product and retreat offerings to also include 5-MeO-DMT through a partnership with Kaivalya Kollectiv. Silo Wellness and Kaivalya Kollectiv will integrate the 5-MeO-DMT experience into two new Jamaican retreats.

“Psychedelic experiences can be profoundly transformative and deeply healing. We are pleased to expand our portfolio to include 5-MeO-DMT retreats, especially at a time when so many people are struggling with mental health issues and looking for plant-based alternatives to help guide them on their paths to greater self-actualization,” said Douglas K. Gordon, Chief Executive Officer of Silo Wellness.

PsyBio Therapeutics

On May 12, P PsyBio Therapeutics Corp. announced that it has filed a new provisional patent application with the U.S. Patent and Trademark Office entitled ‘Optimized Methods for the Production of Psilocybin and its Intermediates or Side Products.’ The patent portfolio now includes four pending provisional patents and one pending non-provisional patent with the U.S. Patent and Trademark Office as PsyBio continues to build its platform around the bacterial-based synthesis of therapeutic tryptamines.

COMPASS Pathways

On May 13, COMPASS Pathways announced its financial results for the first quarter of 2021 and gave an update on recent progress across its business. The company reported equity financing raises with gross proceeds of $144 million.

George Goldsmith, Chairman, CEO and Co-founder, COMPASS Pathways, said, “Our recent financing gives us additional resources to work even faster and to expand our efforts, grow our team, and focus on developing new indications, new compounds and new technologies, building on our leadership position in psilocybin therapy and mental health care. Far too many people are suffering with mental health challenges today. We are focused on developing evidence-based therapies that can make a difference and be accessible to as many patients as possible who might benefit. The COMP360 data published in the New England Journal of Medicine showed promising signals in a small investigator-initiated study. We are approaching the completion of our Phase IIb trial of COMP360 psilocybin therapy for treatment-resistant depression, and on track to report data by the end of the year.”

Havn Life

On May 13, Havn Life Sciences announced that it has entered into a supply agreement with ATMA Journey Centers Inc. to be their exclusive supplier of naturally-derived psilocybin. With this agreement, Havn Life consolidates its position as an integral supply chain provider of naturally-derived psychedelics for clinical providers and researchers.

“We are thrilled to add ATMA to our growing list of supply partners,” says Havn Life CEO, Tim Moore.

“Having agreements in place with Revive Therapeutics, The Heroic Hearts Project, Health Tech Connex and now ATMA, we are seeing a surge in demand for clinical and lab use of naturally-derived compounds, nicely underpinning our business model. As an increasing number of studies support the efficacy of therapeutic psychedelics, the global interest in these compounds can only expand, and with our growing facility now fully operational in Jamaica, Havn Life is well-positioned to meet this demand,” he adds.


On May 14, Mind Medicine announced its quarterly financial results for the quarter ended March 31, 2021.

Q1 2021 Financial Highlights (in USD)

  • Total assets as of March 31, 2021, were $201 million, including $160 million in cash
  • Net Cash Used in Operating Activities (Total Cash Burn) of $10 million for the quarter ended March 31, 2021
  • Net and comprehensive loss of $14 million for the three months ended March 31, 2021

Q1 2021 Business Highlights 

  • MindMed closed its acquisition of HealthMode, a leading machine learning digital medicine company, adding Bradford Cross as Chief Technology Officer to lead Albert and Dr. Daniel R Karlin as Chief Medical Officer 
  • MindMed began the first-ever clinical trial combining MDMA and LSD in collaboration with UHB Liechti Lab 
  • MindMed closed an upsized financing of $92 million CAD ($73 million USD) 
  • MindMed closed a subsequent private placement of $19.5 million CAD ($15.4 million USD) 
  • MindMed expanded its Microdosing Division adding a groundbreaking study evaluating LSD Microdosing through next-gen digital clinical markers 
  • MindMed added Chief Development Officer, Robert Barrow, with FDA Phase 2 Psilocybin clinical trial experience 
  • MindMed signed partnership with Swiss psychedelic drug discovery startup MindShift Compounds AG, expanding its development pipeline and IP portfolio with next-gen psychedelic and empathogenic compounds 
  • MindMed’s LSD neutralizer study began in collaboration with UHB Liechti Lab 
  • MindMed added Stanford University Pritzker Professor of Psychiatry and Behavioral Sciences, Dr. Robert Malenka as Chair of its Scientific Advisory Board 
  • MindMed announced its Inclusion in FTSE Russell Indexes

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