Last summer four Canadians were granted access to psilocybin, commonly referred to as ‘magic mushrooms’, for use in palliative care. Since then a further 20 applications have been approved, igniting hope the psychedelic could be permanently regulated in the medical framework. 

South of the border, psilocybin producing mushrooms have been decriminalized in Colorado, Oregon and Washington, with California set to go to the polls in 2022. Venture capitalists, eager to profit from innovations in medicine, are betting psilocybin could be the next breakthrough to radically transform healthcare. 

We’ve compiled five companies that have recently gone public in the psychedelic arena to keep an eye on:

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Compass Pathways – NASDAQ: CMPS
The first psychedelics company to IPO on the NASDAQ, Compass Pathways raised $80 million in the largest-ever private financing round. Its psilocybin-assisted therapy for treatment-resistant depression, COMP360, was designated a ‘breakthrough therapy’ by the FDA, with the results from the first clinical trial anticipated later this year. 

In addition to supplying the drug and the practitioners that supervise its use, the company has developed a training program for psychiatrists looking to provide the therapy. 

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Field Trip Health – OTC: FTRPF
Field Trip Health operates five clinics offering psychedelic-assisted therapy studies a range of hallucinogenic, including psilocybin and ketamine. The company develops its own psychoactive drugs and has a patent pending on proprietary psychedelic molecule FT-104. FT-104 binds to the same receptors as psilocybin, but with a quicker onset time and shorter duration, which heightens its efficacy in medical settings 

The company raised $95-million in a single round of financing and has committed the funding to open a further 70 clinics by 2025. 

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Havn Life Sciences – CSE: HAVN
Havn Life Sciences is exploring the potential of nootropics, with psilocybin the focal point of its investigations. In the summer 2020, the company received an exemption from Health Canada to possess the psychedelic, enabling the company to develop pharmaceutical-grade extraction methods. 

To create naturally-derived psilocybin for the studies, addressing PTSD in veterans, Havn partnered with Jamaica’s Hypha Wellness to produce the entheogen at scale. 

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Mind Medicine – OTC: MMEDF
In addition to developing treatments that harness psychedelics, Mind Medicine also creates traditional therapies to treat mental illnesses. 

Mind Medicine has commenced trials on the use of LSD to enhance ADHD and anxiety treatments, the latter of which are valued at $4.7 billion annually, and is expanding studies to evaluate enhanced cognitive performance, immune system response and neuroplasticity. 

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Numinus Wellness – TSX: NUMI
Numinus Wellness, like Havn Like Sciences, has also acquired a license from Health Canada to cultivate psilocybin producing fungi. In addition to producing the hallucinogenic drug for clinical settings, the company plans to provide practitioner training courses and therapies that leverage its medicinal benefits.

Its Salvation Botanicals division provides cultivation and research and development services, while the Nimunis Health Division delivers supportive treatments that employ psilocybin in psychotherapy and physiotherapy.

Looking to launch a company in the burgeoning psychedelic industry? Book an introductory call today to discuss how Marigold PR can help you achieve your business objectives.