Adam Jackson
Psychedelics venture Lucy Scientific Discovery Inc. (Nasdaq: LSDI) rang the closing bell at the Nasdaq stock exchange on Tursday in New York, a week after issuing its Feb. 13 initial public offering for $7.5 million.
In a statement, Lucy said that it is focused on becoming a leading research, development, and manufacturing organization for the emerging psychedelics-based medicines industry. The company already has licenses from Health Canada to make psilocybin, MDMA, LSD, and mescaline.
But that’s not all.
Lucy filed an amendment to its current dealer’s license, essentially asking Health Canada to allow the company to manufacture cocaine and heroin for the country’s harm reduction programs.
CEO Chris McElvany said the expansion “represents an effort to supply harm reduction programs globally” in light of the “failed war on drugs.”
McElvany said that with the filing, the firm will get the ball rolling on its broader goal to “reduce lethal and or negative consequences associated with adulterated drug supply, particularly considering that fentanyl overdose is the leading cause of deaths among 18 to 45-year-olds in the United States.”
“This milestone marks a significant step in the company’s growth and plans for expansion,” said McElvany. “We look forward to the opportunities ahead of us to continue working on improving mental health and finding sustainable solutions for treatment.”
The company enlisted Richard Nanula, a former executive vice president and CFO at the Walt Disney Co. (NYSE: DIS), noting the Harvard Business School grad’s high regard as an investment advisor and experienced leader.
Lucy also happened to ink a Jan. 16 deal with Hightimes Holding Corp. for $833,333 in annual advertising and marketing credits for three consecutive years, in exchange for 625,000 of Lucy’s common shares.
The accord allows Lucy to advertise on all Hightimes publications, including the its print and website publications, and at all festivals and events conducted by Hightimes.
Paul Abramowitz, one of Lucy’s directors, is the stepfather of the executive chairman of Hightimes. Abramowitz’s biological son is also beneficial owner of Roma Ventures, which owns approximately 8.53% of Lucy’s issued and outstanding common shares.
Currently, Lucy focuses on the development of psychedelic drugs for research purposes, but “hopes to supply safe access programs in the future. ”
In Canada, certain psychedelic substances, including psilocybin, psilocin, mescaline, and DMT, are classified as Schedule III drugs, and the country’s Controlled Drugs and Substances Act prohibits the possession of a Schedule III drug without authorization from the CDSA.
“It’s time to realize that the failed war on drugs has caused additional harm to the masses worldwide, and harm reduction programs will lead to less death and more treatment options in the long term,” McElvany said.
Following its IPO, Lucy said that it believes that it is “well-positioned to continue positively impacting the field of psychedelic medicine.”
“We intend to leverage our 25,000 square foot facility located near Victoria, British Columbia, for research, development, and large-scale production of high-quality biological raw materials, APIs, and finished biopharmaceutical products,” the company wrote in its Jan. 21 SEC filing.
“Supported by an executive leadership and advisory team consisting of highly experienced biotechnology and pharmaceutical industry experts, we will seek to position our company to be at the forefront of new discovery in this rapidly emerging market.”
