Psyched: Atai, MindMed, Enveric and Mydecine Release 2021 Earnings, Bienstar Expands To Brazil & More!

It’s earnings week in the psychedelics space, opening a new window into the financial situations of many companies in the sector.

Atai, MindMed, Enveric, Mydecine and Filament Health all released their numbers for 2021, with positions varying between “very well-capitalized” to “almost out of cash.” As we reviewed in our analysis piece for the week, this period marks a turning point in the industry in which the sector is starting to consolidate amongst its best-prepared players. We foresee a wave of companies lacking the cash to complete their business plans before the end of the year.

As Benzinga broke at the time, psychedelics continue their path of expansion throughout Latin America, with a new deal made by Bienstar Wellness to enter the Brazilian market.

Are Psychedelics Stocks In Trouble Or Is The Market Reaching Maturity?

In recent months, psychedelics stocks entered into a period of turmoil characterized by declining valuations and a generalized capital dry spell. However, what might be seen as a period of struggle for psychedelics companies can also be interpreted as a market correction toward a more stable and less volatile period for the industry. Read the full story…

EXCLUSIVE: Bienstar Wellness Enters Brazilian Psychedelic Market, Will Acquire Ibogaine Co.

Bienstar Wellness Corp., an integrative mental health company specializing in psychedelic medicine with core operations in Latin America, entered into a binding letter of intent to acquire 100% of a Brazilian psychedelic institution specializing in ibogaine treatment for substance abuse. Read the full story…

Atai Life Sciences Announces Fourth Quarter and Full Year 2021 Financial Results

Atai Life Sciences ATAI announced its financial results for the fourth quarter and full-year ended December 31, 2021. Net loss attributable to shareholders for the twelve months ended December 31, 2021, was $167.8 million. Cash and cash equivalents totaled $362.3 million as of December 31, 2021. Read the full story…

What Do We Know About Microdosing Psychedelics?

Not many studies have been done regarding microdosing —that is, taking small amounts of psychoactive substances, which would not cause the user to experience hallucinogenic effects. What do we know about the practice? What does science say about it? Read the full story…

MindMed Reports Full Year 2021 Financial Results, Announces Changes In Leadership

Mind Medicine (MindMed) Inc. MNMD, MMED reported its financial results for the full year ended December 31, 2021. 2021. Cash balance as of December 31, 2021, was $133.5 million compared to $80.1 million as of December 31, 2020. Read the full story…

Mydecine Reports Financial Results For 2021

Late Thursday, Mydecine Innovations Group MYCOF reported financial results for the fiscal year ended December 31, 2021. Net loss attributable to common stockholders was $28.9 million. Cash and cash equivalents as of December 31, 2021, were $1.5 million. Read the full story…

Enveric Biosciences Reports Full-Year 2021 Financial Results

Enveric Biosciences Inc. ENVB reported its financial results for the full year ended December 31, 2021. Comprehensive net loss for the year was $48.8 million. As of December 31, 2021, the company had cash and cash equivalents of $17.4 million and working capital of $15.3 million. Read the full story…

From Pharma To Psychedelics, Robert Barrow, CEO Of MindMed: Meet Our Speakers

With over ten years of experience in the pharmaceutical industry, Robert Barrow, CEO of Mind Medicine Inc. MNMD is someone who certainly knows the ins and outs of the business. Barrow joined MindMed in January 2021 as chief development officer (CDO) but was later appointed as CEO and member of the Board of Directors. Read the full story…

Stifel Initiates Coverage On Awakn Life Sciences With A Speculative Buy, $8 Target Price Target

Stifel analyst Andrew Partheniou is predicting a bullish future for Awakn Life Sciences AWKNF. The stock market analyst initiated coverage of the psychedelics stock, grading it as a Speculative Buy. Partheniou also set an $8 price target for the stock. Read the full story…

What Is Iboga And How Does It Compare To Cannabis Exactly?

In this article, we explored what iboga is and see how it compares to cannabis. Most importantly, how safe is it? Read the full story…

LFTD Partners Posts Record Revenue For 2021 With Hemp-Derived Cannabinoid Products And Other Offerings

LFTD Partners Inc. LIFD shared its financial results for Q4 2021 and full year 2021, reporting its sixth consecutive quarter of positive GAAP-basis earnings per share and record revenue. Read the full story…

Cybin Begins Study Using Kernel Flow Headsets To Measure Ketamine's Effects On The Brain

The first-ever study to measure the psychedelic effects of ketamine in the cerebral cortex blood flow is underway, announced Cybin Inc. CYBN, which is sponsoring the research that will make heavy use of Kernel Flow, a quantitative neuroimaging technology. Read the full story…

Numinus Administers MDMA To First Volunteer In Clinical Trial Sponsored By MAPS

Numinus Wellness Inc. NUMIF, announced that clinical trial MAPPUSX has gotten underway with the enrolling and dosing of the first trial volunteer in Canada. MAPPUSX stands for "A multi-site open-label extension study of MDMA-assisted psychotherapy for PTSD.” Read the full story...

Georgia Bill Calls For Creation Of Psychedelics Committee To Study Therapeutic Potential

Georgia lawmakers advanced a bipartisan resolution that calls for the formation of a House study committee to investigate psychedelics. The goal of the committee would be to analyze the potential therapeutic applications of the substances, such as psilocybin, and make recommendations for reforms. Read the full story...

Top 5 Most Influential Psychedelic Studies

While psychedelic studies now number in the thousands since Western research began in the 1950s, we unpack five of the most important in recent years as psychedelics are on the cusp of becoming mainstream medicines. Read the full story…

Cybin Completes In Vivo Preclinical Studies For Major Depressive Disorder

Cybin Inc. CYBN announced that its in vivo preclinical studies evaluating the proprietary drug CYB003 are completed. The goal is to analyze the potential of the compound in treating major depressive disorder (MDD). Read the full story…

Ibogaine Blocks Alcohol's Rewarding Effects On Mice, Recent Study Finds

According to a recent study published in the Frontiers in Psychopharmacology journal, the psychoactive substance ibogaine could block some addiction-related effects of alcohol. Read the full story…

Can Psychedelics Like MDMA Cure Eating Disorders?

The Multidisciplinary Association for Psychedelic Studies (MAPS) published a study that found that MDMA-assisted therapy significantly reduced symptoms of eating disorders. Read the full story…

Michigan Advocates Launch Massive Signature Drive For Statewide Psychedelics Legalization

Less than a week after Hazel Park decriminalized psychedelics, Decriminalize Nature, its Michigan chapter, and Students for Sensible Drug Policy (SSDP) launched a massive signature drive to place a measure on this November’s statewide ballot to legalize possessing, cultivating and sharing psychedelics. Read the full story…

Awakn Life Sciences Seeks To Treat Addictions: Gambling, Binge Eating And Compulsive Sexual Behavior

Awakn Life Sciences AWKNF is not only going after alcoholism but also binge eating disorder, compulsive sexual behavior and Internet gaming disorder. Read the full story…

Isracann Biosciences Signs Definitive Agreement To Acquire Praesidio Health For $3.18M

Isracann Biosciences Inc. ISCNF IPOT (XFRA: A2PT0E) signed a definitive agreement dated March 24, 2022, with Praesidio Health Inc to acquire all of the issued and outstanding shares in the capital of Praesidio for CA$4 million ($3.18 million) in common shares of the company. Read the full story…

Empower Clinics Raises $2.1 Million Via Private Placement

Empower Clinics Inc. EPWCF CBDT has closed a non-brokered private placement of unsecured convertible debenture units at a price of $1,000 per unit for aggregate gross proceeds of $2.1 million. Read the full story…