Disney, Amgen, First Republic, Psychedelics: How One Exec's Universal Deal-Making Approach Shapes Industries

In the dynamic world of business, adaptability is king, a principle veteran executive Richard Nanula has embodied throughout his career. "Every place I've been... maybe you could conclude that they might not fit because one of them didn't have much relation to the other. But the reality is they're all just business, and I was able to bring some important lessons from each to the next," he shares.

His storied career spans significant roles at the Walt Disney Company, Amgen, Starwood Hotels, and now, Lucy Scientific LSDI, a licensed manufacturer of controlled compounds spearheading the development of psychotropic and psychedelic treatment therapies.

Nanula's professional journey is a vibrant mosaic of high-ranking roles in a variety of industries. Serving as EVP and CFO at Disney, president and COO of Starwood Hotels, and leading finance and strategy as EVP and CFO at biotech titan Amgen, he's shown an uncanny knack for navigating the nuances of diverse sectors. Notably, his stint at Colony Capital saw him steer the acquisition and IPO of First Republic Bank, helping the institution blossom into a $200 billion entity.

Lessons From First Republic And Amgen

Nanula's time at First Republic Bank and Amgen underscores his expertise in maneuvering within regulated environments. Both entities operate under stringent regulatory control, mirroring the landscape that psychotropic and psychedelic drugs inhabit.

"The FDA is the bouncer at the bar; until they tell you- you can come in, you have to stay outside," Nanula says.

While recognizing the importance of swift compliance with regulatory mandates, Nanula emphasizes that adherence to regulations alone isn't sufficient. Organizations must also conduct risk assessments and due diligence. Instances may arise where companies need to be even more conservative than regulators demand. He brings up an example to illustrate how this principle was affirmed by First Republic, when it chose to retain extra cash on hand in a low-interest-rate environment, opting for long-term stability over immediate gains.

A Bold New Venture: From Mainstream To Niche

Buoyed by this strategic wisdom, Nanula recently pivoted his focus to the psychedelic industry with Lucy Scientific. The company is poised on the edge of the burgeoning sector of psychotropic compounds, skillfully integrating various assets in a nascent industry.

Under Nanula's stewardship, Lucy Scientific has diversified its portfolio. From a manufacturing facility catering to clinical trials, to a deal to acquire drug developer Wesana Health Holdings WSNAF, and venturing into consumer products via its Mindful brand, the company has continually expanded its horizons.

Additionally, Lucy Scientific's strategic alliance with High Times, a leading voice in the cannabis and psychedelics sectors, promises to amplify its market presence without incurring extensive advertising costs, capitalizing on High Times' expansive reach and rich legacy. "High Times had what we would never grow efficiently on our own: a big mailing list and a big brand," Nanula elaborates. This partnership is a calculated move to amplify Lucy's market presence without the burden of hefty advertising costs, leveraging High Times' extensive mailing list and brand recognition.

Fortune Favors The Bold

Drawing on his wealth of corporate experience gleaned from top-ranking roles at Fortune 100 companies, Richard Nanula is guiding Lucy Scientific into the expansive psychedelic realm. His understanding that "deal-making is universally applicable across industries" gives Lucy Scientific a unique edge, helping it navigate the complexities of this rapidly evolving industry.

Nanula emphasizes adaptability as a key aspect of success: understanding the potential regulatory challenges that lie ahead while maintaining a resolute outlook is of utmost importance. These entrepreneurial insights – adaptability, readiness to pivot, and flexibility in the face of change – are critical as he leads Lucy Scientific in charting an exciting course.

Looking to the future, Nanula remains grounded in reality, aware of the potential regulatory hurdles. "We're not going to have hundreds of licenses in every state with the heavy burden of excise taxes," he concedes, acknowledging the challenges of navigating a regulated landscape. Yet, he remains undeterred: "anything that's regulatory is going to be uncertain."

Is It Just Like Cannabis?

Drawing parallels between the cannabis industry's evolution and Lucy's potential trajectory, Nanula believes the future holds exciting possibilities. "I think this is going to be a big, exciting market," he enthuses, despite acknowledging the uncertainty inherent to such nascent sectors.

The cannabis and psychedelics industries share commonalities: both are subjected to regulatory changes and uncertainties. Yet, Nanula perceives a potentially smoother path for Lucy, navigating these fast-paced sectors with an eye for detail and a willingness to adapt.

The Importance Of Adaptability And Readiness

Richard Nanula's journey across diverse sectors illuminates the importance of adaptability and readiness to confront new business frontiers. As he forges ahead, his commitment to Lucy Scientific's success is clear. Navigating nascent sectors like cannabis and rapidly evolving fields like AI might be daunting, yet Nanula's indomitable spirit shines through his willingness to face the unknown.

Author's note: After this interview was conducted, news emerged on Monday of a takeover offer by Lucy for biotech company Pasithea Therapeutics KTTA. The latest development on this evolving corporate landscape underpins Nanula's tenacity, evoking a quote from "Succession’s" Frank Vernon: "I can’t, in good conscience as a chair, vote any other way."