First psychedelics ETF begins trading on NEO Exchange
With prospects for new mental health treatments at an all time high in the psychedelic space, investors big and small can now capitalize on the expected growth of key companies.
- On Wednesday of last week, the psychedelic sector’s first Exchange Traded Fund (ETF) was listed on the NEO Exchange in Canada.
- The passive ETF is trading under the ticker symbol PSYK
Who’s Being Bought?
The ETF consists of publicly-listed US and Canadian companies engaged in R&D of psychedelic drugs and substances. Top five holdings in this new fund include:
- Numinus Wellness Inc (9.83%)
- Mind Medicine Inc (9.74%)
- Compass Pathways PLC (9.29%)
- Seelos Therapeutics Inc (8.70%)
- Cybin Inc (7.81%).
To be included, companies must maintain a minimum of a $25 million market capitalization, $0.10 stock price and $125,000 average daily traded value.
Lookahead: Horizons say they’ve received more inquiries about PSYK than the cannabis ETF – HMMJ – back in 2017.
Major new partnership seeks to overcome psychiatric disorders
A new partnership between atai Life Sciences and the Massachusetts General Hospital seeks to accelerate the research into novel treatments using psychedelics.
The Partners: atai, a biotech company based in Berlin, has been developing psychedelic and non-psychedelic compounds for a variety of indications. They will be collaborating with the ‘Center for Neuroscience of Psychedelics’ – a new branch of the Department of Psychiatry at the Harvard Medical School and Mass General.
Dr. Jerrold F. Rosenbaum, chief psychiatrist at the center, and his team will evaluate atai’s pipeline and potential effects of molecules on the brain’s mechanisms. Their goal to prove the effectiveness of psychedelics may lead to novel treatments addressing a long list of psychiatric disorders.
New legislation may finally be moving forward in Hawaii
Legislative bill SB 2567, introduced in March 2020, proved that Democrats in the state of Hawaii recognize the “efficacy and safety” of psilocybin to treat a variety of mental health conditions. According to the State Senators, these compounds have shown significant improvements over traditional methods in the treatment of “addiction, depression, anxiety disorders, and end-of-life psychological distress.”
The Plan: Their vision is to establish designated treatment centers for therapeutic administration of psilocybin and psilocyn, two active compounds derived from different psychedelic mushrooms. This reform would also allow for the creation of an official review panel to monitor and assess the impacts of this new policy.
Last year’s initiative unfortunately has not moved forward, however a new bill in the Hawaii State Legislature was introduced on Friday to continue this movement.
State Bill 738 seeks to remove ‘magic mushrooms’ from the state’s Schedule I of controlled substances, for medical purposes.
Breath of Fresh Air
Following outstanding progress made in Oregon in November of 2020, hope remains high that a momentum will come to Hawaii. For now, SB 738 remains on hold for a hearing yet to be scheduled by the state.
Out of options, NHL player turns to psychedelics
They say rock bottom is worth a college education. For former NHL star and newfound CEO Daniel Carcillo, this life experience has meant newfound purpose. Wesana Health, a business venture he formed with co-founder Chad Bronstein, is seeking to change the lives of a substantial community affected by traumatic brain injuries (TBI).
The Backstory: Seeking to recover from his trauma, Daniel tried everything traditional medical practice had to offer. After racking up over $200,000 in healthcare costs, the feelings of hopelessness crept in. After being introduced to psilocybin and experiencing vast improvements to his condition, Carcillo found inspiration and decided to take action.
The Nowstory: With the goal to make these treatments available to all victims of TBI, Wesana Health will rely primarily on compounds derived from psilocybin mushrooms.
- Wesana freshly closed a $4 million financing round.
Path Ahead: Pre-clinical trials on animals are set to begin as early as the first quarter of 2022. The daunting task remains for Carcillo and Bronstein to present this new approach and provide support to professional and former athletes.
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