Psyched: Compass, Atai And MindMed Release Q1 Earnings, Phase 3 MDMA Trial Closer To Completion, Enveric Splits Into Two Companies

The psychedelics space got a new glimpse at the financials of some of its heavy hitters with the release of earnings reports for the first quarter of 2022.

Compass Pathways CMPS, Atai Life Sciences ATAI and MindMed MNMD, the three top companies by market cap and cash position, opened their books, showing the slow and steady advance of their research pipelines, with cash burn levels that remain consistent with previous quarters and sufficient cash runways to continue operations through the medium term.

Enveric ENVB announced it will split into two companies in an effort to become more attractive to investors by dividing and specializing its cannabinoid and psychedelics research pipelines.

Meanwhile, MAPS’ clinical trial on MDMA for post-traumatic stress disorder, the industry’s most advanced study, got one step closer to the completion of its last trench by commencing enrollment of its first patients.

EXCLUSIVE: NASDAQ-Listed Enveric To Split Into Two Companies, One For Cannabinoids, One For Psychedelics

Enveric Biosciences ENVB, a biotech company working with cannabinoids and psychedelics, announced it will spin off its cannabinoid pipeline into a separate public company that will also be listed on the NASDAQ, and will be called Acanna Therapeutics Inc. CEO Dr. Joseph Tucker said...Read More...

Can LSD Treat Anxiety? MindMed's New Topline Data Show Promise Here's The Research

MindMed MNMD researchers shared topline clinical results for a Phase 2 LSD clinical study at the recent Psych Symposium, which was co-sponsored by University Hospital Basel (UHB). Prof. Matthias Liechti and Dr. Friederike Holze, MindMed collaborators at UHB, commented that...Read More...

EXCLUSIVE: Kevin Harrington Becomes The Latest 'Shark Tank' Judge To Enter The Psychedelics Space

The psychedelics industry is quickly becoming the latest playground for celebrity investors and influencers in the financial sphere. Kevin Harrington, one of the original “sharks” in ABC's “Shark Tank” is joining a psychedelics company as an investor and strategic...Read More…

Has Clearmind Developed A Psychedelics-Based Drug That Can Treat Alcoholism? The FDA Is Interested

On Wednesday, May 18, Clearmind Medicine Inc. CMNDF will meet with the Center for Drug Evaluation and Research (CDER), a department within the FDA. The objective of the meeting is to discuss Clearmind’s proposed first-in-human study evaluating its proprietary drug candidate… Read More…

Ecstasy Research Trial Completes Enrollment, Moves Closer To Approval To Treat PTSD

The non-profit Multidisciplinary Association for Psychedelics Studies (MAPS) and its subsidiary MAPS Public Benefit Corporation finished the enrollment stage for the second Phase 3 clinical trial on MDMA (MAPP2). A year later after publishing the results from its first Phase 3 trial... Read More...

Field Trip Launches At-Home Ketamine Treatment In Partnership With Nue Life

Field Trip Health FTRP, a company offering mental health treatment using ketamine therapy, has inked a unique deal with Nue Life Health to expand its service offerings to at-home treatment. Field Trip currently has eleven clinics across North America, where the company provides...Read More...

Numinus Granted Canada's Special Access Program For Magic Mushrooms To Treat Life-Threatening Conditions

Numinus Wellness Inc NUMIF has been approved to use psilocybin-assisted therapy through Health Canada’s Special Access Program (SAP), marking the first instance in which Numinus will provide this treatment outside of a clinical trial. The newly approved treatment will be...Read More...

Irwin Naturals Continues To Expand In Psychedelics Space, Acquires New Ketamine Clinic

Irwin Naturals IWINF has acquired a new healthcare clinic and the assets of New England Ketamine PLLC, located in Salem, New Hampshire. The transaction is being made through a combined payment of cash and stock, but further details are to be given by Irwin Naturals. Read More...

Red Light Holland Sends Magic Mushrooms Into Canada To Be Used As Pharmaceutical Ingredients

Red Light Holland TRUFF has announced the successful export of psilocybin truffles to its partner in Canada, CCrest Laboratories, through a permit given by Health Canada. It is the third instance Red Light exported psilocybin truffles into Canada, this time being 6.6 pounds...Read More...

MindMed Reports Financial Results For Q1, With Lower Cash Balance Compared To December Last Year

MindMed MNMD announced its financial results for the first quarter of 2022, which ended March 31. Financial highlights as of March 31, 2022, MindMed’s cash balance totaled $120.5 million, compared to $133.5 million as of December 31 of last year. The net cash used in operating...Read More...

Adastra Holdings Appoints New Director Eyeing Psychedelics

Adastra Holdings Ltd. XTXXF (FRA: D2EP) appointed Smoke Wallin to the company's board of directors. Wallin Responds "I'm excited to support Michael and the team at Adastra as they build on an already impressive set of production assets in the Canadian cannabis market, with an...Read More…

Delic Holdings Provides Default Status Update

Delic Holdings Corp DELC DELCF (FRA:6X0) provided a default status report in accordance with the alternative information guidelines set out in National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"). On May 3, 2022, the company announced that as a result of… Read More...

Atai Life Sciences Posts Earnings for Q1 2022, Advancing Key Milestones In Psychedelic Drug Development

Atai Life Sciences ATAI, a biotech company leading the development of psychedelic compounds for mental health purposes, issued its financial report for the first quarter of the year ended March 31, 2022. “We made great progress in the first quarter on our mission to achieve...Read More...

Beckley Retreats Launches To Offer Magic Mushroom Retreats In Jamaica

Following Silo Wellness’ SILFF steps, the newly launched Beckley Retreats will soon offer psychedelic retreats in Jamaica. Starting in October 2022, Beckley Retreats will offer a program that includes pre-retreat preparation, as well as post-retreat...Read More...

Irwin Naturals And Assurance Laboratories Reach Licensing Agreement For THC Products In New Mexico

After inking a deal with The Hive Laboratory last month, Irwin Naturals Inc. IWINF announced a new deal with Assurance Laboratories LLC. Irwin Naturals’ subsidiary, Irwin Naturals Cannabis Inc. by which it will enter into an agreement with New Mexico-based...Read More...

Veterans In Arizona Will Have Access To Ketamine Therapy At No Out-Of-Pocket Cost

Delic Holdings Corp’s DELCF Ketamine Wellness Center will provide military veterans in Arizona with ketamine therapy for treatment-resistant depression (TRD) and PTSD. Access to ketamine is part of a collaboration with the Veterans Administration in the state. With prior...Read More...

Colorado Activists Push To Add Psychedelics Reform Onto November Ballot

Activists with the Natural Medicine Colorado campaign say they've collected nearly half the signatures needed to get psychedelics reform on the November ballot. According to a Marijuana Moment report, Kevin Matthews, a chief petitioner of the campaign, said that approximately 40...Read More…

Senators Cory Booker And Brian Schatz Call On Federal Agencies To Research Psychedelics

Senators Brian Schatz (D-HI) and Cory Booker (D-NJ) sent a letter to the National Institutes of Health (NIH) and the FDA whom they called on to study the therapeutic potential of psychedelics. According to the senators, the U.S. has already undertaken a...Read More...

LFTD Partners Inc Revenue Up 41% From Previous Quarter, Shares Financial Results For Q1 2022

LFTD Partners Inc. LIFD announced its financial results for the first quarter of 2022. LFTD is the parent corporation of Lifted Made, Kenosha, WI, which manufactures and sells psychedelic products under its Silly Shruum brand and hemp-derived cannabinoid products under its Urb...Read More...

Novamind And Numinus Prepare For Acquisition, Both Companies Share Info Circulars To Shareholders

June 8, 2022 marks a turning point for both Numinus NUMIF and Novamind NVMDF. That day, shareholders will vote in two special meetings on the proposed acquisition of Novamind by Numinus. This week both companies shared circulars with their shareholders, asking them to...Read More...

Compass Pathways Reports Q1 Financial Results, With Increased R&D Expenses Compared To 2021

Compass Pathways CMPS announced its financial results for the first quarter of 2022, which ended March 31. Q1 Results For the first three months of the year, net loss was $21.2 million, or $0.50 loss per share. For comparison, net loss in the same period of 2021 was $12.7 million or...Read More...

Connecticut Gov. Lamont Signs Budget Bill Including MDMA And Magic Mushrooms Provisions

Connecticut Democrat governor, Ned Lamont signed a budget bill into law that includes provisions that will give patients access to MDMA and psilocybin. The bill, which according to Lamont gives the “largest tax cut in history” to taxpayers in the state, allows for psychedelic...Read More...