Truffle Report has compiled a roundup of major psychedelic business and investment news from May 3-7, making it easier for you to access these insights in one place.
On May 3, Champignon brands announced that it has changed its name from Champignon Brands Inc. to Braxia Scientific Corp., and that its ticker symbol will change from “SHRM” to “BRAX” on the Canadian Securities Exchange (the CSE), and from “SHRMF” to “BRAXF” on the Over-the-Counter (OTC) market. According to the company, the name change reflects “commitment to providing access to, and leadership in, setting the standard of care for ketamine treatment in depression through its network of clinics, as well as ketamine and psychedelic derivative research and drug development priorities.”
“Our new name – Braxia Scientific – allows us to emphasize our core business objective around changing the way depression and other mental disorders are treated through our growing network of clinics. Our goal is to improve the access and quality of mental healthcare service to people affected by these disorders in a highly cost-effective manner. Braxia Scientific also aims to develop innovative ketamine and psychedelic drug formulations to provide high impact solutions for the future,” said Roger McIntyre, Chief Executive Officer.
On May 3, Psyched Wellness Ltd. announced a two-year supply agreement with MB MEMEL GOODS, a Lithuanian company focused on gathering, processing, and distributing various wild mushrooms for an initial supply of 200kg of Amanita muscaria dried mushroom caps.
“We have sampled and tested a number of different suppliers from around the world and believe that MB MEMEL GOODS provides us with the highest potency and best quality product,” said David Shisel, COO of Psyched Wellness. “After performing various tests and trials, we are confident that the raw material that we will receive from MB MEMEL GOODS will help us more towards AME-1 commercial production.”
On May 3, Mydecine Innovations Group reported its financial results for the full year ended December 31, 2020, and provided a business update. As of December 31, 2020, Mydecine had cash and cash equivalents of $2.2 million. After the year-end 2020, it has raised approximately $30 million and is well-funded to “advance its IP portfolio, expand its clinical trial calendar, expand European operations; and build out its technology division.”
“In 2020, our team worked diligently and effectively to establish the foundation of Mydecine. We focused on closing strategic acquisitions and partnerships, advancing our clinical trials, and building our intellectual property portfolio to position Mydecine as a key player in the advancement of psychedelic-assisted psychotherapy,” stated Josh Bartch, CEO. “Now, as we move ahead in 2021 with a vertically-integrated business model in place supported by a strengthened balance sheet and expanded team of world-class executives, we are strongly positioned to enter the next chapter of Mydecine’s journey to lead the future of the psychedelic therapeutics industry.”
On May 5, Mydecine announced a partnership with Lead Gen Labs, a custom synthesis and contract research organization, to support novel psychedelic drug development efforts and increase its number of novel molecules.
Small Pharma Inc.
On May 4, Small Pharma Inc. announced that its common shares would commence trading on the TSX Venture Exchange (the TSXV) under the ticker symbol “DMT” at the opening of the market on May 6, 2021. Small Pharma’s shares commenced trading on May 6, as planned.
Peter Rands, CEO of Small Pharma, said: “We are delighted to confirm our first day as a listed company. I would like to thank our shareholders for their support and confidence in our bold vision to revolutionize the treatment of mental health conditions, the TSXV, our bankers Canaccord, Eight Capital, and Haywood Securities and our counsel Aird & Berlis for their support in the process, and of course, the team at Small Pharma, whose hard work and commitment have enabled this listing to happen. The money raised will enable us to advance and build out our portfolio of DMT-based therapies and has positioned Small Pharma as a well-funded, psychedelic-focused biotech with a strong and successful future ahead.”
The Good Shroom Co
On May 4, The Good Shroom Co Inc., a Quebec-based company that creates and manufactures functional beverages under two brand names, announced its entrance into a private labelling agreement with Good Food Market Corporation under which it will manufacture and deliver three distinct functional beverages, starting this year. This initiative is a part of a two-pronged approach to “solidify its position in the growing functional mushroom industry by focusing on building its own brands and by selling and supplying privately labelled products to other companies.”
On May 4, Lobe Sciences announced that it has acquired, through its wholly-owned subsidiary Eleusian Biosciences Corp., the consumer goods product line “Vitamind”, a brand of non-psychedelic functional mushroom products.
Philip Young, CEO and Director of Lobe, stated, “We are pleased to announce the acquisition of this CPG brand, continuing the company’s success in achieving its ongoing M&A initiatives. Functional mushrooms have been gaining popularity with consumers. Not only do we expect that the Vitamind line of products will provide us with top-line revenues, but we anticipate that it will also allow for exciting opportunities for the development of complementary new products as we expand our reach across the growing psychedelics space. We intend to leverage this line of products with additional development focused on improving brain function and treatment of mild traumatic brain disease. We look forward to developing additional products in the near term, securing manufacturing facilities and further developing the brand.”
On May 4, Novamind announced that it will open four new Cedar Psychiatry clinics, doubling the size of its network to eight locations. The expanded capacity from the new clinics is forecasted to increase Novamind’s patient volume from 20,000 client visits recorded in 2020 to approximately 65,000 client visits anticipated in 2021, a margin of 225 percent.
On May 4, Havn Life Sciences Inc. announced that it now has a fully operational mycology lab and production facility in Jamaica. Havn Labs started production of its first grow with local partner Hypha Wellness.
“We want to build strong partnerships with government, industry, and academics here in Jamaica,” noted Dr. Ivan Casselman, Havn Life’s Chief Psychedelic Officer. “The Jamaican psilocybin mushroom industry has a lot of potential, so it is important for our team to help support and build a sustainable industry here. Over the last 3 months, we have been meeting with several key stakeholders to develop collaborative relationships. We are very excited to further develop these relationships and help build the Jamaican medicinal psilocybin mushroom industry.”
Core One Labs
On May 4, Core One Labs Inc. announced that it has completed the acquisition of Akome Biotech Ltd. to further advance psychedelic drugs for mental health disorders, and/or prevent further neurological damage that result from the disorders. Akome is a drug development company focused on new treatments for cluster headaches, Alzheimer’s disease, and depression.
Field Trip Health
On May 4, Field Trip Health announced the opening of its fifth location in the United States in the city of Houston, TX. Located in the River Oaks District, the Houston location is the second Field Trip Health center to open this year. It also announced plans to open five new locations across North America.
On May 6, Field Trip Health announced that its common shares are now eligible for electronic clearing and settlement through The Depository Trust Company (DTC) in the United States. Its common shares and warrants continue to trade on the Canadian Securities Exchange under the tickers FTRP and FTRP.W, and its common shares are posted on the OTCQX Best Board under the ticker FTRPF.
Red Light Holland
On May 5, Red Light Holland Corp. announced that it has received patent pending status for the customization and personalization of microdosing kits and protocols based on biometric and movement data, and for its naturally occurring consumer goods product consisting of raw, natural, and unprocessed magic truffles.
On May 5, Entheon Biomedical announced that it has been approved for trading on the OTCQB Venture Market effective May 5, 2021. The shares are trading on the OTCQB under the trading symbol “ENTBF,” and continue to trade on the Canadian Securities Exchange (CSE) under the symbol “ENBI” as well as the Frankfurt Stock Exchange (FSE) under the symbol “1XU1”.
On May 6, Gilgamesh Pharmaceuticals announced the closing of a $27 million Series A round of funding led by Prime Movers Lab and including other backers such as Gron Ventures and Route 66 Ventures.
“We are happy to partner with our new investors to help position Gilgamesh at the forefront of creating the next generation of medicines,” said CEO and co-founder Dr. Jonathan Sporn. “There is a lot of exciting work being done around the research of psychedelic drugs right now. But what differentiates Gilgamesh is that we were founded by individuals who have had previous success and know that the knowledge base and methods that we have is the strongest path forward to develop new drugs.”