Psychedelics
Lykos Therapeutics Secures Over $100 Million in Series A Financing
LOS ANGELES- Lykos Therapeutics, previously known as MAPS Public Benefit Corporation, has achieved a significant milestone in its journey to revolutionize mental healthcare. The company announced an oversubscribed Series A financing, raising over $100 million, including the conversion of previously issued convertible notes. This funding is a crucial step in supporting regulatory and pre-launch activities for its investigational MDMA-assisted therapy for post-traumatic stress disorder (PTSD). The financing round was led by Helena, a global problem-solving organization, with contributions from a diverse group of mission-aligned and institutional investors. These include the Steven & Alexandra Cohen Foundation, Eir Therapeutics, Vine Ventures, True Ventures, and several others. Amy Emerson, CEO of Lykos, expressed ...
Cybin Inc. Advances Psychedelic Therapy with Promising Phase 2 Results and Upcoming Trials
LOS ANGELES- Cybin Inc., a clinical-stage biopharmaceutical company at the forefront of psychedelic-based mental health treatments, recently announced encouraging results from its Phase 2 study of CYB003 for Major Depressive Disorder (MDD) and outlined key milestones for its upcoming clinical trials. The company's Phase 2 findings revealed a significant breakthrough in treating MDD. The study observed that 79% of patients achieved remission from depression symptoms six weeks after receiving two doses of CYB003 (12mg). These results are especially notable when compared to the efficacy of current standard antidepressants like selective serotonin reuptake inhibitors (SSRIs). CYB003 showed a mean -13.75 point difference in the Montgomery–Asberg Depression Rating Scale (MADRS) score compared ...
AMA Introduces Psychedelic Therapy Codes Amidst FDA Review of Prescription MDMA
-LOS ANGELES The American Medical Association (AMA) has taken a significant step in the realm of psychedelic therapy by introducing specific codes for these treatments. This development aligns with the Food and Drug Administration's (FDA) ongoing evaluation of MDMA as a potential prescription medication for post-traumatic stress disorder (PTSD). In July, the AMA, in collaboration with the Multidisciplinary Association for Psychedelic Studies Public Benefit Corporation (MAPS) and COMPASS Pathways, established Current Procedural Terminology (CPT) III codes. These codes aim to standardize psychedelic treatments, paving the way for insurance coverage and reimbursement, contingent on FDA approval. This initiative follows the publication of MAPS' latest Phase 3 Trial findings in the esteemed ...
Silo Pharma Advances in Development of Ketamine-Loaded Implant for Chronic Pain Treatment
LOS ANGELES- In a significant step towards innovating chronic pain management, developmental-stage biopharmaceutical company Silo Pharma, Inc. (Nasdaq: SILO) has reported notable progress in the development of SP-26, a ketamine-loaded implant designed for home treatment of fibromyalgia and other chronic pain conditions. Working collaboratively with Sever Pharma Solutions, Silo Pharma is conducting analytical testing and pre-clinical trials to ascertain the drug release and stability of the implant. This phase is crucial for evaluating the potential effectiveness and safety of the treatment. Eric Weisblum, CEO of Silo Pharma, emphasized the company’s commitment to addressing the urgent need for non-opioid pain relief options. “Based on our current findings, SP-26 stands a chance ...
Copy of BetterLife Pharma Secures Funding to Advance Innovative Mental Health Treatment
LOS ANGELES — BetterLife Pharma Inc. ("BetterLife"), a biotech company at the forefront of mental disorder treatments, has announced the successful closing of $300,000 in convertible debentures. This funding is a strategic step towards the development of their lead compound, BETR-001, a non-hallucinogenic derivative of LSD, poised to revolutionize the treatment of psychiatric disorders. BETR-001, BetterLife's proprietary version of 2-bromo-LSD, stands out in the field of mental health for its potential in treating psychiatric disorders without causing hallucinations. The company plans to utilize the newly acquired funds to complete necessary IND-enabling studies as mandated by the FDA, and to produce Good Manufacturing Practice (GMP) drug substances for future clinical trials. Ahmad ...
A Psychedelics Deep Dive: Capital Flow in the Psychedelics Industry: Part 4 of 4
TORONTO– Some people are surprised to learn about the very existence of a publicly traded psychedelics market. We’ve been conditioned for generations, after all, to conflate benign psychedelic substances with dangerous narcotic drugs. Regardless of our preconceptions, the truth remains that the global psychedelics industry is thriving even if it’s taking some time to find its wings. In this fourth and final part of our series investigating the psychedelics market, we’ll cover how money enters the psychedelics industry and what investors want it to do once it gets there. How is the psychedelics industry funded? The psychedelics market remains highly speculative, but there’s a lot more to it than mere ...
Psychedelics Deep Dive: Psychedelic Medicines in Development: Part 3 of 4
LOS ANGELES- Human beings have used psychedelic substances for thousands of years. It's only recently, though, that these mind-altering compounds have made their way back into the realm of mainstream medical science. Out of all the psychedelics discovered and popularized during the 20th century, ketamine was the only substance to retain its therapeutic classification. Now, though, drugs like MDMA and LSD, originally produced for psychotherapy, are regaining their rightful places within the modern pharmacological pantheon. The modern psychedelic movement is being propelled by unprecedented levels of capital influx. Many psychedelic companies are publicly traded—even within American markets. Global capital clearly favors the advent of prescription psychedelic therapies. It’s now up ...
Psychedelics Deep Dive: Key Players in the Psychedelics Industry: Part 2 of 4
LOS ANGELES- The psychedelics industry is just now starting to make headlines. Ketamine, a potent psychedelic, has been legal with a doctor’s prescription for decades, and psilocybin is already recreationally legal in certain areas around the country. Psychedelics companies will have to surmount significant public ignorance and regulatory red tape, but a considerable volume of capital has already flowed into publicly traded psychedelics stocks. The healing potential of psychedelics is now undeniable, and the following five companies are doing their best to bring psychedelic therapies into the mainstream. #1) Numinus Wellness (TSXV: NUMI) Founded in 2019, Numinus is already one of the world’s most-followed psychedelics stocks. With a cash ...
Analysis: What is the Psychedelics Industry? Part 1 of 4
PORTLAND– What is the Psychedelics Industry? Psychedelic substances, once derided as dangerous drugs with no medicinal value, have now reclaimed their rightful places as respected medicines with great therapeutic potential. Most psychedelics are no more harmful than pharmaceutical medications intended to treat the same conditions. They’re widely available in nature and remarkably easy to source. The only issue with psychedelics is regulation: Most countries around the world still follow archaic “War on Drugs” rules when dealing with psychedelic medicines. All that is starting to change. Publicly traded companies with significant market caps are starting to develop psychedelic medications for depression, anxiety, PTSD, inflammation, opioid addiction, and even liver disease. Quite ...
HCN Investigates: Cannabis Funding in New York State Part 2 — The Key Players
NEW YORK–The New York cannabis industry may seem in its infancy, but medical cannabis has been legal in the Empire State since 2016. That’s plenty of time for the old money engines in New York to spin up and start strategizing the steady conquest of a market that didn’t yet exist. With the signing of the MRTA act into law, recreational cannabis is now a reality in New York State — on paper, at least. The majority of New Yorkers will continue getting their weed illegally for the time being, but five Big Apple cannabis operators are already dominating an industry that encapsulates the nation’s biggest metropolis. New York State ...
How Are Cannabis Businesses Getting Funded in New York State? Part 1 — Overview
NEW YORK– The cannabis industry is evolving all over the world. Our deep dive into the North American cannabis market begins with an examination of New York State, which is now counted among the members of a rapidly spreading “green zone” of states — a patchwork hodgepodge that is nevertheless starting to look more homogenous than fragmented. All the more relevant now that New York is in the news with the resignation of pro-pot Governor Cuomo for sexual harassment allegations. This latest news is only the latest twist in the long saga of cannabis legalization in New York. Is cannabis legal in New York State? How legal is it? Is ...
HCN Investigates: Cannabis SPACs: What Are They? What Should You Know About Them?
LOS ANGELES– Cannabis companies have traditionally had trouble gaining funding via public offerings. With SPACs, entities in the cannabis and hemp sectors can be publicly traded in both American and Canadian markets. What are cannabis SPACs, and which cannabis SPACs are currently active? Perhaps most importantly, are cannabis SPACs reliable investment vehicles? What is a SPAC? A special purpose acquisition company (SPAC) is a publicly traded entity that exists solely to merge with or acquire existing companies. SPACS do not have any commercial operations, and they are backed by underwriters. During the formation of SPACs, the founders of these investment vehicles do not specify which entities they intend to acquire. ...
Cannabis Funding Around the World: A Focus on Germany
HCN Investigates – Germany is one of the wealthiest European nations. It also has some of the world’s most progressive politics, making Deutschland a perfect fit for the global cannabis industry. In the first two financial quarters of 2020, German cannabis sales exceeded €75 million. The existing German cannabis market comprises approximately 120,000 adults, and this market is expected to swell considerably. While the German cannabis industry has experienced a few recent setbacks, growth projections remain strong. Learn more about cannabis in Germany, discover the biggest players in German cannabis, and find out how they’re funded. Is Cannabis legal in Germany? Since 2017, licensed German doctors have been able to ...
Cannabis Funding Around the World: A Focus on Germany
HCN Investigates – Germany is one of the wealthiest European nations. It also has some of the world’s most progressive politics, making Deutschland a good fit for the global cannabis industry. In the first two financial quarters of 2020, German cannabis sales exceeded €75 million. The existing German cannabis market comprises approximately 120,000 adults, and this market is expected to swell considerably. While the German cannabis industry has experienced a few recent setbacks, growth projections remain strong. Learn more about cannabis in Germany, discover the biggest players in German cannabis, and find out how they’re funded. Is cannabis legal in Germany? Since 2017, licensed German doctors have been able to ...
Exploring Cannabis Funding Around the World — Oceania
HCN Investigates – Oceania, which comprises Australia, New Zealand, and the surrounding islands, is expected to embrace both medical and recreational cannabis in the near future. According to cannabis analytics firm Prohibition Partners, the Oceanian cannabis market may reach $1.55 billion by 2024. Even at this size, the cannabis market in Oceania would remain one of the world’s smallest, but investors are still keen to capitalize on emerging medical and recreational markets in Australia, New Zealand, and beyond. (Image: Auckland, New Zealand skyline by Partha Narasimhan) Current status of the Oceanian cannabis industry Medical marijuana is available throughout Australia and New Zealand with the other parts of Oceania, including Melanesia, ...
Exploring Cannabis Funding Around the World — Africa
HCN Investigates – Africa has a long history of medicinal cannabis use. Find out how this continent’s modern entrepreneurs are finding funding for legal African cannabis ventures. Exploring Cannabis Funding Around the World — Africa Cannabis use in Africa goes back at least as far as the 14th century. The illicit cannabis trade runs rampant throughout this continent, and recently, a handful of African nations have embraced Cannabis sativa as a replacement cash crop as the tobacco economy loses steam. In this guide, catch up with the status of the legal cannabis industry within Africa, and find out how entrepreneurs from around the world are seeking funding for their African ...
Exploring Cannabis Funding Around the World — Europe – Part 1
HCN Investigates – Part 1: Industry Background Despite the fact that this continent comprises 44 separate nations, the approximately 750 million people currently living in Europe are largely united by a shared economic market. This international European economy is partly spurred by the overarching organizational principles of the European Union (EU), but even countries that aren’t part of the EU remain united by close physical proximity and shared cultural legacies. Despite varying national stances on the issue, Europe is gradually coming together with a cohesive stance toward the emerging global cannabis market. Combined, the nations of Europe are home to more than twice the number of people living in the ...
Exploring Cannabis Funding Around the World — Europe – Part 2
HCN Investigates — Funding within the European cannabis industry. Generally speaking, the fledgling European cannabis industry relies on funding models similar to those used in the Canadian recreational and medical marijuana markets. While large investments from venture capital firms and investment funds occasionally occur within the United States recreational marijuana market as well, debt financing and crowdfunding campaigns are also common in the U.S. due to the prevailing lack of cohesive federal cannabis policies. In the United States, there is an existing model for small companies to enter state-specific recreational and medical marijuana markets, and these SMB startups compete directly with multi-state marijuana enterprises that are sometimes backed with Canadian ...
Exploring Cannabis Funding Around the World – Latin America – Part 1
HCN Investigates – In 2013, Uruguay became the first country to legalize recreational cannabis. Recreational cannabis is now widely available in this nation, but other countries in Latin America have been slow to follow suit. At present, Uruguay remains the only Latin American nation to have legalized recreational cannabis, and while certain neighboring nations have adopted medical cannabis policies, prohibition remains the default stance toward cannabis in Latin America. In this guide, we’ll explore recent evolutions in the Latin American cannabis industry, investigate sources of funding used by Latin American cannabis entrepreneurs, and predict how this region’s cannabis industry might evolve over the next few years. (Image above: Michael Tompsett/Etsy) ...
Exploring Cannabis Funding Around the World – Latin America – Part 2
HCN Investigates – Cannabis Funding Details in Latam. With the notable exceptions of Uruguay and Colombia, the Latin American cannabis industry remains in its infancy. While Latin American cannabis will likely be worth more than $10 billion in a few years, investment into this blossoming market is relatively slow-going. Recently, the Colombian export agency ProColombia announced that more than $400 million has been invested into the Colombian cannabis industry, which is no mean sum. Compared to the $2 billion Canadian recreational cannabis industry, however, Colombia has a long way to go. (Graphic: Viviana Hershey) Cash flow within the Latin American cannabis industry In stark contrast to the European cannabis industry, ...
