Psychedelic drugs have shown a lot of potential with regard to managing various mental health conditions. Canaccord Genuity Capital Markets analyst Tania Gonsalves states that more investors are getting into the psychedelic space, which may be worth nearly $100 billion. The psychedelic space is also becoming more mainstream as more and more cities decriminalize psychedelics such as psilocybin. Santa Cruz, Denver and Oakland legalized psilocybin use with the state of Oregon becoming the first state in the United States to legalize the use of psilocybin in a therapeutic setting.
Top psychedelic firms to watch include New Wave Holdings Corp. (CSE: SPOR) (OTC: TRMND) (FWB: 0XM2), COMPASS Pathways Plc (NASDAQ: CMPS), Numinus Wellness Inc. (OTC: LKYSF) (NEO: NUMI) (TSX.V: NUMI), Mydecine Innovations Group Inc. (CSE: MYCO) (OTC: MYCOF) and Mind Medicine Inc. (OTC: MMEDF) (NEO: MMED).
Numinus Wellness is a firm focused on developing health solutions that support evidence-based, accessible and safe use of psychedelic-assisted therapies. The company recently announced its acquisition of Mindspace Psychology Services Inc. This acquisition joins two organizations that are both working towards developing and delivering evidence-based, psychedelic-assisted psychotherapy.
Numinus’ medical director Devon Christie, MD, stated that the acquisition would provide a strong partnership for both firms. Both firms have homogenous values and compatible strengths, which made the addition of Mindspace to Numinus a strong cultural and corporate fit.
The managing partner and founder of Mindspace, Joe Flanders, explained that the acquisition was a good opportunity for Mindspace to work jointly with a partner that shared the firm’s values and vision.
Numinus CEO Payton Nyquvest stated that the company was excited to be working with Mindspace, adding that this partnership would propel them forward in their global expansion plan of virtual therapy and clinics that generate revenue.
Mindspace will continue its operations but under the brand Mindspace by Numinus, with Flanders still at the helm. However, Mindspace corporate practices are not included in this arrangement. The company will continue offering these services under a different brand, which is to be announced soon.
Apart from the progress made with Mindspace and Numinus, New Wave Holdings Corp reported that it had entered into a partnership with the University of West Indies, Jamaica, to carry out drug discovery and underline the knowledge of medicinal plants in the aforementioned country.
Mydecine Innovations Group Inc. also reported that it had finalized its first commercial harvest of psilocybin mushrooms weighing 20 kilograms at its cultivation and research facility in Jamaica. The firm is now working on exporting its harvest to its facility in Canada that has a Schedule 1 dealer’s license from Health Canada, which allows it to legally import the psychedelic mushrooms. Could this be the beginning of a major boom in this market?
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