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Welcome to Psychedellux – the recap of the top psychedelic industry news for the week ending February 5, 2021.
Cybin Inc. (NEO:CYBN) closed its previously announced bought deal that issued over 15 million units of the Company at a price of CDN$2.25 per Unit for aggregate gross proceeds of CDN$34 million.
Delic Corp., signed a binding agreement to acquire Ketamine Infusion Centers (KIC), which owns and operates two ketamine infusion treatment clinics. one in Phoenix, AZ and one in Bakersfield, CA. In the last three years, the company has generated over $1.5MM in revenue.
Algernon Pharmaceuticals said it is going to pursue DMT for the treatment of stroke in humans and is planning clinical trials this year. The company said it is motivated by results of a 2020 pre-clinical study where rats treated with DMT recovered motor-function more quickly and exhibited better neural growth of brain cells; plus brain lesions were significantly reduced compared to animals that did not receive DMT (Today’s Press Release with details).
In legislative news,
The Campaign to Decriminalize Nature DC said that Initiative 81, the Entheogenic Plant and Fungus Policy Act of 2020, has been transmitted to Congress and the “Projected Law Date” is March 19, 2021. Initiative 81 reforms police priorities to help ensure that DC residents benefiting from natural psychedelics known as entheogens are not police targets. Initiative 81 passed with support from more than 76% of DC voters in November.
In Australia, the TGA announced its interim decision not to amend the current Poisons Standard in relation to the use of medical-grade psilocybin and medical-grade MDMA as part of therapy to treat patients suffering from treatment-resistant mental illnesses including Depression, PTSD, and Substance Abuse. Mind Medicine Australia said it will contest the Decision Not to Reschedule Psilocybin and MDMA for Medical Use as Part of Therapy for Key Mental Illnesses.
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