Field Trip Charts Path to Public Market

The Details:

  • Field Trip Psychedelics Inc. has entered into an LOI with Mira X acquisition corp, a Capital Pool Company traded on the TSX-V, to facilitate a going public transaction for Field Trip. 
  • Field Trip is an integrated psychedelics firm, operating psychedelic therapy centres, the first in downtown Toronto, and conducting drug discovery through its subsidiary Field Trip Discovery.
  • In conjunction with the Mira X transaction, Field Trip will conduct a financing of up to $15M, selling units at a price of $2 per share. 
  • The financing will be co-led by Canaccord Genuity Corp. and Stifel Nicolaus Canada Inc. (the “Private Placement”). 

Why it Matters:

  • Field Trip’s go-public will be another in what has become a parade of psychedelic companies becoming publicly listed, or existing pubcos pivoting to psychedelics. 
  • In terms of capital raised, Field Trip is close to or part of the top tier of psychedelic companies. 
  • Field Trip’s founding team are experienced in the clinic business, having founded CanvasRX, which they sold to Aurora Cannabis (CSE: ACB) in 2016. 
  • Field Trip appears to be behind their peers when it comes to drug development and discovery, but they have assembled a formidable team and now a growing war chest to pursue this business line. 

Additional Resources:

Global News recently visited Field Trip’s Toronto location

RoP spoke with Ronan Levy, Executive Chairman, for our Conversations Podcast

Colorado Activists Eye Legalization Ballot Measure

The Details: 

  • A new poll, reported in Marijuana Moment, shows fifty percent of likely voters in Colorado would support the legalization and regulation of the use of psilocybin across the state. 
  • The poll, which surveyed 500 likely voters in Colorado, was conducted by RBI Strategies & Research and paid for by SPORE, a psychedelic activist group formed by leaders of the successful Denver decriminalization campaign. 
  • The polling results have emboldened these activists to begin to pursue a statewide ballot initiative, aiming to be on the ballot for the 2022 election. 

Why It Matters

  • The Colorado polling reflects the broader increase in acceptance of psychedelic substances, as the decriminalization project in Denver and other municipalities continue to succeed and more research is published, expect more and more support. 
  • Oregon is likely to put a psychedelic legalization question on their ballot this year, making it to the ballot and passing would build significant momentum for Colorado, a state that is already comfortable going first. 
  • Although it’s starting to look more and more like psychedelics are taking a similar path towards legalization as cannabis, it’s important to remember these substances are very different. A bad experience on psychedelics can be much worse than on cannabis, halting momentum. 
  • Also, unlike cannabis, commercial medically focused psychedelic firms pursuing the FDA approval route may actively oppose legalization through ballot measure. 

New Wave Holdings (CSE: SPOR) Adds To Team

The Details:

  • New Wave Holdings is a “investment issuer focused on the burgeoning psychedelics and e-sports sectors.”
  • The firm has appointed Dr. Dennis McKenna to their Psychedelic Research Advisory Board and Dr. Carolyn Myers as VP of Product Development. 
  • Dr. McKenna will “assist in the development of an IP strategy, acting as a liaison to key industry players and providing introductions.”
  • Dr. Myers will “be instrumental in shaping New Wave’s research and development focus in the area of psychedelic compounds, including psilocybin, MDMA, LSD, and ketamine.”

Why it Matters:

  • Dr. McKenna’s appointment is likely symbolic, he’s considered a leader in field of psychedelics and sits on many advisory boards of organizations. 
  • Dr. Myers’ appointment signifies an intent of the organization to actually develop product, the release, however, is unclear whether she will be leaving her current position at BioEnsemble LTD. a consultancy currently advising New Wave. If their VP of Product is not full time, the ambitions of New Wave to bring products to market may be viewed skeptically. 

MindMed (NEO:MMED), NeonMind (CSE: BOSS) Add DMT to Portfolios

The Details:

  • DMT occurs naturally in some plants and animals (including humans) and is available in synthetic form. Potential therapeutic uses include treatment of addiction and mental health disorders. 
  • MindMed announced they will be funding a phase I clinical trial, slated to begin in Q4 2020, as part of their collaboration with Lietchi Laboratories and the University Hospital Basel.
  • NeonMind announced the filing of a provisional patent application for the use of DMT to treat “compulsive eating disorder and other illnesses.”

Why it Matters:

  • As mentioned in last week’s newsletter, MindMed appears to be positioning themselves as The Psychedelic Company, with the addition of DMT to their development pipeline they’re further broadening the approach. Lietchi Laboratory has the science chops, and MindMed has cash but it’s important to keep an eye on spreading their resources to thin. 
  • DMT has undergone very little clinical research, little is known about the application of DMT to eating disorders, or any other disorder for that matter. The patenting of DMT for this use likely doesn’t accomplish much for NeonMind other than building a story and press release. 

What Else We’re Watching

Mota Ventures Appoints Roger C. Clinton as Member of Advisory Board to Verrian GmbH: Mota Ventures Corp. (CSE:MOTA), a cannabis company who recently entered psychedelic through its acquisition of Verrian, a german manufacturer and extractor of psilocybin, has appointed Roger C. Clinton, the brother of former president Bill Clinton, to the advisory board of Verrian. 

Researchers Think a K-Hole Might Actually Be the Brain Going Offline: Researchers at the University of Cambridge found that the brain waves of sheep stopped all together for a period of time when given a high dose of ketamine. 

Champignon’s Dr. Mcintyre / Canadian Rapid Treatment Centre of Excellence (CRTCE) Published in Two Peer Reviewed Study Journals: Two peer reviewed studies coming out of Champignon Brands have been published in academic journals. The studies explore the use of ketamine for treatment of bipolar disorder, anxiety and major depressive disorder.

PSYC To Exit Cannabis Payments Industry To Redirect Focus on Emerging Psychedelic Market SpaceGlobal Trac Solutions, Inc. (OTCPink: PSYC) announced via press release that despite all their success in the cannabis payments business they’ve elected to shutter that business line in favour of psychedelics.  Also announced via press release this week, the company has sent their much hyped (also by press release) firth monthly newseletter.