Psyched: Cybin And Field Trip Head To Wall Street, AOC Pushes For Federal Psychedelics Research, Off-Label Ketamine Covered By Insurance In Canada

Cybin Inc. CYBN CLXPF and Field Trip Health Ltd. FTRP FTRPF are one step closer to joining Wall Street's expanding group of psychedelics companies.

On Thursday, Cybin announced conditional approval to list on the New York Stock Exchange, while Field Trip received similar approval from the Nasdaq on Friday.

The moves are expected to bring expanded exposure to both companies and the sector as a whole.

“A tier 1 listing in the U.S. can open up avenues to new and potential institutional buying, increased retail buying, and help increase the overall visibility of the company,” Cybin CEO Doug Drysdale told Benzinga.

Field Trip Health CEO Joseph del Moral said that the anticipated listing of Field Trip stock on the Nasdaq is a key milestone in the company’s evolution as a publicly traded entity.

“We believe this anticipated listing will improve liquidity by enabling more investors to participate in our growth, and ultimately enhance long-term shareholder value,” he added.

Both approvals remain conditional and are still subject to final satisfaction of regulatory requirements. 

As uplistings occur, both companies will maintain the shares listed in their respective Canadian exchanges and uplist their OTC shares to the NYSE in the case of Cybin and to the Nasdaq in the case of Field Trip.

Braxia Gets Canadian Insurance Provider To Cover Off-Label Use Of Ketamine For Treating Depression

Braxia Scientific Corp. BRAX BRAXF announced that it has established direct billing practices for its ketamine treatment at specialized mental health clinics.

Clinics from the Canadian Rapid Treatment Center of Excellence Inc., a wholly-owned subsidiary of Braxia with locations in Mississauga, Toronto, Ottawa and Montreal will establish direct billing practices with health insurance provider Medavie Blue Cross for qualifying Canadian military veterans.

The insurance provider will cover 100% of oral, nasal spray and intravenous ketamine treatments, plus travel costs.

At the moment, only Spravato – a ketamine analog developed by Johnson and Johnson JNJ subsidiary Janssen Pharmaceuticals – is officially approved for treating depression in the form of a nasal spray.

Off-label ketamine use is usually not covered by health insurance in both Canada and the U.S.

As approvals for new psychedelic molecules lie on the horizon, this event could set a precedent for the entire industry of medicinal psychedelics, opening up the possibility of insurance providers covering the cost of off-label usage for approved psychedelic molecules.

Jamaica Establishes Protocols For Legal Psilocybin Commercial Operations

The Jamaican Minister of Agriculture and Fisheries, Floyd Green, said the country has put in place interim protocols to facilitate the cultivation and processing of psilocybin mushrooms.

While Psilocybin was never scheduled in Jamaica, the country had not yet developed protocols for the evolution of a legal industry.

“What we have been doing with the team is really looking at how can those who want to participate in the industry at least know the protocols that are involved. You would go through our Plant Quarantine Division just as you would if you are trying to import any plant into Jamaica,” said Floyd George, speaking at the CanEx Psychedelics Summit which was held in Montego Bay on July 15 and 16.

AOC Reintroduces Amendment To Allow For Federal Research Into Psychedelics

Rep. Alexandria Ocasio-Cortez is again pushing for legislation that would remove federal barriers and allow research into the therapeutic potential of psychedelic substances like MDMA, psilocybin and ibogaine.

Currently, a rider on a 1996 spending bill bans the allocation of federal funds to “any activity that promotes the legalization of any drug or other substance in Schedule I.”

Ocasio-Cortez’s measure was introduced as an amendment to a broader spending bill that covers fund allocation for multiple federal agencies. The amendment would strike the rider, thus making research into psychedelics possible for federal agencies.

“It is ridiculous that Congress upholds War on Drugs-era barriers on federal research into substances like psilocybin, ibogaine, & MDMA when early results are indicating major promise in treating PTSD, addiction & more.

I’m trying (again) to lift them so we can pursue the science,” said the Congresswoman in a tweet.

Ocasio-Cortez introduced a similar amendment in the 2019 congressional session, though it was broadly rejected by members of both parties. 

“Last time I intro’d this, both parties voted against it & some laughed,” the representative said on Twitter. “But I am undeterred! I’ll keep bringing it up until the times catch up.”

Mushroom Company Levitee Labs To Go Public With An Aggressive M&A Strategy Into Psychedelics

Levitee Labs, a Canadian company in the mushroom space, began listing its stock on the Canadian Securities Exchange on Wednesday under the symbol LVT.

The company, currently focused on the production and sale of functional mushrooms and nutraceutical products, has announced an aggressive M&A strategy that could quickly propel the company into the psychedelics space.

To date, Levitee has raised over CA$12 million ($9.4 million) through private offerings. The company currently manages two divisions: Sporeo Supply, a subsidiary that produces feedstock for mushroom cultivation and Monk-E Nutraceuticals, which produces a line of non-psychedelic mushroom-based supplements. 

Recently, the company signed various letters of intent to acquire new assets that could fit the strategy of a company in the booming psychedelics space.

Possible acquisitions include ACT Medical Inc., a group of six addiction clinics and three specialized pharmacies treating over 20,000 addiction and pain management patients annually and 1253135 BC Ltd., a late-stage applicant for a Controlled Drugs and Substances Act license from Health Canada.

Other target acquisitions could also fuel the company’s dietary supplement business. These are Earth Circle Organics Inc., an online direct-to-consumer and wholesale supplements brand and Bodie Phytoceuticals Ltd., a functional mushroom-based tea.

The Milestone Round

Tryp Therapeutics TRYP TRYPF announced plans to set up a Phase 2a clinical trial with the Chronic Pain & Fatigue Research Center at the University of Michigan Medical School. The trial will evaluate the efficacy of TRYP-8802, an oral formulation of synthetic psilocybin, in combination with psychotherapy for treating fibromyalgia-related chronic pain.

Small Pharma Inc. DMT has launched a psychedelic-assisted therapy training program meant to train psychologists participating in the company’s upcoming Phase 2 trials on DMT for depression.