What's Going On With Lucy Scientific Discovery Stock?

Lucy Scientific Discovery Inc LSDI shares are trading higher Thursday, adding to gains of nearly 5% over the last week. 

What Happened: Last week, Lucy Scientific Discovery announced that it completed its acquisition of Wesana Health's SANA-013 assets. SANA-013 is being developed for the treatment of several mental health and central nervous system conditions.

SANA-013 allows both psilocybin and CBD to act in the brain and produces an anti-inflammatory effect that helps to fight depression. 

The company also announced the formation of Lucy Discoveries Holdings, which will serve as a platform for psychedelic medicine research and development. 

"This strategic move significantly enhances our capabilities in the development of psychedelic medicine, reinforcing our commitment to revolutionizing mental health treatments," said Richard Nanula, executive chairman of the company's board (and recently appointed CEO).

On Thursday, Lucy Scientific appointed Nanula as CEO, effective immediately. 

Earlier this week, Lucy Scientific also unveiled a new sleep aid product called Twilight, which uses a blend of Amanita and Reishi mushrooms to improve cognitive function and sleep quality. 

See Also: Discover ASRI: Exploring Alexander Shulgin's Scientific Legacy With Over 500 Psychedelic Compounds

LSDI Price Action: Lucy Scientific shares were up 1.72% at $1.18 at the time of writing, according to Benzinga Pro.

Photo: Claudio_Scott from Pixabay.