CFN Weekly Psy Index Movement & Psychedelic Business News Roundup

Key Points

  • Psy Index Down 10.7% For the Week

  • Corporate Developments

  • DARPA’S (USA) $US27Million Investment Into Research


PsyIndex Weekly Update

The PsyIndex fell 10.6% last week after trading was suspended in Champignon Brands Inc. (CSE: SHRM, OTC: SHRMF). Field Trip Health also became the latest private company to reveal plans to go public via a reverse merger following a similar move by Silo Wellness the week prior.

Psy Index


Market Performance

PsyIndex Weekly Performance: $89.20 (-10.6%)


Corporate Developments

  • Mind Medicine Inc. (NEO: MMED) (OTC: MMEDF) filed two separate patent applications for technologies to screen and optimize the dosing of MDMA and LSD in collaboration with the University Hospital Basel.
  • Empower Clinics Inc. (CSE: CBDT) (OTC: EPWCF) plans to open a wellness clinic in Vancouver, BC to support the development of the psychedelics division Dosed Wellness and to establish a new Canadian headquarters.
  • Field Trip Health signed a letter of intent with Newton Energy Corporation (TSX-V: NTN.H) to go public via a reverse merger. The deal would involve raising $14 million in a private placement of common shares.
  • Champignon Brands Inc. (CSE: SHRM) (OTC: SHRMF) announced that it has been selected for a continuous disclosure review by the BC Securities Commission. In connection with the review, it suspended trading of the securities in Canada.
  • Numinus Wellness Inc. (TSX-V: NUMI) announced the formation of a Clinical Advisory Council to develop an assisted psychedelic therapy program.


Industry Developments

  • The U.S. Department of Defense’s Defense Advanced Research Projects Agency, known as DARPA, announced a new $27 million project to create new medications to effectively and rapidly treat depression, anxiety, and substance abuse without major side effects. In particular, researchers will look for ways to reduce the hallucinogenic, addictive and disorientating side-effects of drugs like ketamine and psilocybin to better treat these neurological conditions.

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