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The Public Psychedelic Companies Report (PRO REPORT)

Investing in psychedelic companies has become increasingly popular in the past few years. Here at Psychedelic Invest, our goal is to connect you to the…




Investing in psychedelic companies has become increasingly popular in the past few years. Here at Psychedelic Invest, our goal is to connect you to the resources that you need to make educated decisions when it comes to your money. 

We have put together this report to give you an overview of all the public psychedelic companies that are included in our index, which you can find at For every single company, you will find the basic information that you need in order to decide if you want to put more time into researching the company. You will get an overview of the company from the time of inception to today (January 2023). Some of the key elements that we looked at are the goal of the company, the drugs in its pipeline or services/products offered, the indications that they are targeting, clinical trials, the stock, current financial position, and other pertinent news to the growth and development of the company. 

We urge you to do further research into any companies that you plan on investing in. This report is meant to be a jumping-off point where you can pinpoint the companies that have the basic characteristics that you are looking for in an investment. This is not meant to be investment advice. The purpose of this report is to give you a basic overview of the companies within it so that you can decide if a company fits within your investment strategy on a fundamental level. 

It is important to have a complete picture of a company before deciding to invest. To continue your research on the companies that pique your interest and the industry as a whole, you can find further resources on for daily news, assessments, and industry updates. For the most comprehensive data network within the psychedelic industry, visit 

Please also take note that this was written with information available up until January 2, 2023. Many of these companies have clinical and financial updates on a regular basis. Subscribe to or follow us on social media to receive regular press releases from all the major psychedelic companies. If you go to the website, you can find all recent announcements under the press release tab.

It is crucial to mention that when investing in any biotechnology company during the early stages the timeline for turning a profit can prove quite long. Many of these companies will not turn a profit for at least a couple of years. Significant returns on investments come with patience. 

Seeking Ultra-Rapid Durable Remissions In Depression.”

GH Research is a clinical-stage biopharmaceutical company focussing on treatment-resistant depression (TRD). The company is based out of Dublin, Ireland. 


GH Research has three formulations of 5-MeO-DMT in its pipeline. The top candidate, GH001, is an inhalant that has successfully completed two phase 1 trials in healthy volunteers. A phase 1/ 2 trial on individuals with TRD showed 87.5% ultra-rapid remission. GH002 is an injectable that has completed pre-clinical development. The last drug in the pipeline is GH003– an intranasal approach that is currently in pre-clinical development. 

Stock & Financials


The company’s initial public offering on the NASDAQ consisted of 10 million ordinary shares at $16 per share. Market demand drove the price up 20.3% for a closing price of $19.25 per share. The stock has since taken a hit, in accordance with all psychedelic stock as a result of the greater economic state. There have been no significant events that cast doubt on the ability of GH Research to bring value to its shareholders.

They are in a very strong position financially. Their cash balance was $256.9 million on September 30, 2022– approximately 20 million less than the same time in 2021. Management confident that their current cash will keep them going through 2025. At that time, they may be very close to bringing one of their drugs to market, and as a result, bringing in revenue. 

“We are a biopharmaceutical company that leverages a decentralized platform approach to incubate and accelerate the development of highly effective mental health treatments that address the unmet needs of patients.”

Atai Life Sciences is a clinical-stage biopharmaceutical company that was founded in 2018. Atai has a unique business model they believe will help ethically accelerate their programs to bring treatment to those in need. They have a wide focus with multiple psychedelic compounds in their pipeline targeting various indications. Atai is one of the most well-known psychedelic stocks. They also have about 20% ownership in another top company– Compass Pathways. They have a strong position within the psychedelic industry and show great promise in their ability to successfully bring treatments to market. 


Atai has seven drugs in their pipeline, and one more through Compass Pathways. Compass pathway’s COMP360 is being studied for three different indications (more information in the Compass Pathways summary). Atai’s main candidate is an R-Ketamine drug for treatment-resistant depression. All of Atai’s drug candidates have passed the preclinical stage and moved into phase 1. 

Not all of their drugs are explicitly psychedelic. GRX-917 is deuterated etifoxine– a version of an anti-anxiety drug that is sold in France and 40 other countries. It has the potential as a less-addictive version of benzodiazepines– a highly sedative and addictive anti-anxiety medication that is commonly prescribed. KUR-101 is a derivative of Kratom which offers safer pain treatment than opioids. Atai is also developing DMT, ibogaine, and an MDMA derivative. The depth of this pipeline is unmatched. All programs are moving forward successfully. The biggest concern would be whether the company can successfully push all of them through to market, something that requires an astronomical amount of capital. 

Stock & Financials


The initial public offering consisted of 15 million common shares at $15 per share– offered on the NASDAQ. 

Atai is in a strong position to bring its drugs to market. They finished quarter 3 in 2022 with $304 million in cash. In August they secured non-dilutive financing from Hercules Capital Inc. According to the company, this will take them through 2025.  

“We think differently about mental health so you can too”

Compass Pathways is a well-known company working with psilocybin for multiple indications. Compass– short for compassion– is focused on accelerating access to mental health treatments. It holds a strong position within the industry and shows promise in its ability to be one of the first companies to bring a psychedelic drug to market. The company has also developed a therapist training program to support the integration of psychedelic medicines into the existing treatment systems.


Unlike most other companies, Compass only has one drug in its pipeline– a synthetic version of psilocybin called COMP360. Clinical trials for the use of COMP360 to treat PTSD, treatment-resistant depression, and anorexia nervosa are all underway and past phase 1 trials. 

The phase 2b trial of COMP360 for depression was controversial, though the results were overall positive. Focusing on one drug poses benefits and challenges. If the FDA decided that COMP360 was not safe, then the entire company would crumble. However, this is unlikely. Studies so far have shown that the drug is safe for consumption and has benefits for treating various mental health disorders. With multiple studies on different indications, the drug will be able to reach a wider market than if they were just focusing on one indication. 

A phase 3 trial is set to commence by the end of 2022. This will be the first phase 3 trial done with psilocybin.

Stock & Financials


The initial public offering, in October 2020, priced 8.6 million shares at $17 per share. The stock has since dropped, in line with the greater stock market, but has the second-highest share price in the index. It has one of the highest market caps of all psychedelic companies– beaten only by Atai and GH Research.

At the end of the third quarter, of 2022, the company had a cash position of $173.1 million. This is 100 million less than a prior. They reported a net loss of $60.5 million in the first three quarters of the year– 45.3 million of that was spent on research and development. Cash burn has gone up significantly since the previous year, and they name an increase in personnel as the primary reason for the cash spent. Without bringing in additional funds or changing the cash burn rate, the current cash position will only keep the company going for about two more years. They do, however, show promise in their ability to be one of the first companies to bring a psychedelic treatment to market. 


“Rethinking Brain Health”

This is a clinical-stage biotech company working on psychedelic medicines for the treatment of mental health issues. It would be impossible to talk about Mind Medicine, commonly known as MindMed, without mentioning the dark cloud currently looming over the company. The company had a very strong position in the industry until some recent controversy between current/former management and the Freeman family of Freeman Capital. To keep up with all of the details on this dispute,’s Adam Tubero is offering extensive coverage. It is very difficult to assess the future of MindMed without further information on the claims that are being made by Freeman Capital regarding its intellectual property. If you are interested in investing in MindMed, be sure to stay up to date with how this conflict develops. It should be noted, that the company’s cash position and pipeline are both very strong.


There are three drugs in MindMed’s pipeline– including versions of LSD and MDMA. They are focused on multiple indications including opioid use disorder and autism spectrum disorder. These drugs are progressing through clinical trials, though one of the critiques from the Freemans is that they are not progressing fast enough.

Stock & Financials


MindMed was one of the first psychedelic companies to go public and has gotten a lot of publicity within the meme stock space. The company announced that it would begin trading on the NASDAQ under the ticker symbol MNMD in April 2021. It had been trading on the NEO exchange prior to that. The stock immediately soared. Due to changes in the economy and the troubles going on within the company, the stock has dropped significantly. In 2022, the company took on dilutive financing, shortly after a reverse stock split. That scared many of its retail investors in particular.

“We are a company focused on achieving the most efficient development of products that address significant unmet needs in CNS disorders and in rare diseases”

Seelos Therapeutics is a US-based clinical-stage biopharmaceutical company focusing on neurological disorders and rare diseases. The company is committed to developing drugs that serve an unmet need within the market. Seelos has been a fervent participant in psychedelic events and conferences around the world– showing their dedication to supporting the development of treatment for medical needs that remain largely unmet.


Seelos has five treatments in its pipeline. The company has two ketamine drugs– sublingual and intranasal– that are going through clinical trials for the treatment of complex regional pain syndrome (CRPS) and suicidal ideation in major depressive disorder. While there are multiple companies working on a psychedelic treatment for major depressive disorder and treatment-resistant depression, it is much less common to have clinical trials focused on suicidal ideation. Seelos has a unique advantage in the ability of their drug to act as an emergency treatment for people considering suicide.

The company also has a drug that is in clinical trials for ALS and Spinocerebellar ataxia (SCA) and is developing gene therapy for the treatment of Parkinson’s Disease. All candidates, except for the gene therapy, have progressed to phase II clinical trials. 

If Seelos produces a strong candidate for any of the indications that they are pursuing, it will put the company in a strong position to monopolize a market where few viable treatment options exist. 

Stock & Financials


The initial public offering came in May 2021. Just over 19 million shares were sold at a price of $3.10 per share. The stock has seen a steady drop-off since then– currently priced below $1. 

At the end of 2021, the company had nearly $80 million in cash. At the end of Q3 in 2022, the company had 30.5 million in cash. Based on the current cash burn, more capital is needed to bring their drugs to market. In May 2022, a prospectus supplement was issued for up to 50 million in common shares.

“Biomind Labs is developing the next generation of pharmaceuticals to treat patients suffering from neurological and psychiatric disorders by scientifically harnessing the medicinal power of psychedelic molecules.”

Biomind is an innovative clinical-stage biotechnology company based out of Canada. The company has one of the most diverse pipelines out there and is working vigorously to fast-track the approval of its drugs to help address unmet needs within the pharmaceutical industry. 


Biomind has eight drugs in its pipeline. The company has a wide focus– utilizing DMT, 5-MeO-DMT, and Mescaline to treat a range of indications. They are currently pushing drugs through clinical trials for major depressive disorder, treatment-resistant depression, Alzheimer’s, chronic pain, inflammation, and fibromyalgia. All of these health issues have huge market potential for new drugs with improved efficacy. Multiple candidates have already made it to phase II trials.

An intramuscular DMT formulation gives patients a longer experience than when the compound is inhaled– which only lasts about 10-15 minutes. This may lead to better results than its fast-acting counterparts, though more research is required to confirm this hypothesis. 

In July, the company appointed former FDA Director, Dr. Thomas Laughren, as its medical advisor for clinical trials. This gives Biomind a huge advantage over other companies because of its unique ability to efficiently and effectively push its drugs through FDA approval.

Stock & Financials


The company made its public market debut in July 2021 on the NEO stock exchange. The stock is currently fluctuating around $1.

Biomind recently released its Q3 2022 financial report. The cash burn rate had been reduced by over 50% from the same quarter in 2021 as cash on hand starts to dwindle– an issue that most companies on this report are having. Total cash was at 405,111 on September 30, 2022– down from over 2 million in December of the previous year. 

The company just announced that it has entered into a loan facility with its major shareholder, Union Groups Ventures Limited for up to $3 million. 

“We’re on a mission to revolutionize mental healthcare”

The Canada-based company Cybin has coined itself one of the leading ‘ethical biopharmaceutical companies.’ Cybin is one of the better-known names within the psychedelic industry– with significant publicity since its inception.

The company has strong strategic partnerships that push it to the forefront of psychedelic research and drug development. They utilize Kernal Flow– a wearable headset that measures brain activity– to gain new insights into psychedelic treatment. They are also funding research at the University of Washington to study the benefits of giving psilocybin to front-line healthcare workers.


The pipeline includes two drugs going through clinical trials– a deuterated psilocybin analog and  deuterated DMT. The psilocybin analog– CYB003 is in phase 1 for the treatment of major depressive disorder and pre-clinical for alcohol use disorder. These candidates are progressing through clinical trials, though not as fast as the leaders in psychedelic biotech– the previously mentioned companies all have drugs in phase 2. 

Cybin is focusing on increasing the onset time of their drugs to limit the amount of time that patients require therapist supervision. CYB003 doubles the onset time and halves the duration of the trip. This will help increase access by driving down cost of treatment. 

Stock & Financials


Cybin became the first psychedelic company on the New York Stock Exchange back in August 2021. It had been trading on the Canadian NEO exchange prior to then. The stock has been on a steady decline since it first began trading on the NYSE. 

At the end of quarter 2, 2022 the company had $29.9 million in cash (CAD). Expenses totaled $11.3 million. Cybin had previously announced an ATM equity program that would allow them to sell up to $35 million (US) in common shares– with the quarter 2 financial report, it was announced that they could sell up to an additional $28.9 million. Given the current cash burn, the full utilization of this and the current cash on hand will only last the company about two years. 

“Connect. Heal. Thrive.”

Numinus is an operating company addressing mental health through a unique combination of traditional and cutting-edge approaches. They are pioneering the space of psychedelic-assisted therapy to bring patients new solutions to mental health disorders. They provide crucial infrastructure for the psychedelic industry as the availability of new therapeutic compounds increases. 

New drugs hitting the market mean nothing for patients if there is no therapeutic setting in which they can access them. Numinus is laying the groundwork to give patients secure access to psychedelic treatment and support in their healing journey. 

Services & Clinical Trials

Through clinics in the US and Canada, Numinus is offering therapy, ketamine treatment, and psychedelic integration. Numinus therapists utilize traditional modes of therapy including, but not limited to, cognitive behavioral therapy and EMDR alongside newer modalities such as mindfulness and psychedelic integration. They use a trauma-informed approach to help people overcome depression, PTSD, and other mental health issues. 

Numinus also offers practitioner training programs– another crucial service in the industry. Psychedelic treatment should not be supervised by a therapist who doesn’t understand how the compounds work and how to best support patients in their experience. 

Numinus has partnered with MAPS and Syreon Corporation to conduct clinical trials on the use of MDMA for PTSD and psilocybin to treat substance use disorders. The company continues to expand its toolbox to help bring the most comprehensive care to patients.

Stock & Financials


Numinus stock is available on the TSX venture exchange under the ticker symbol NUMI. The company announced a bought deal public offering in March 2021. 28 million shares at $1.25 per share were sold for a total of $35 million. 

The financial year for Numinus ended on August 31, 2022. Q4 revenue was up 643% from the previous year. The high revenue is in part due to the acquisition of Novamind. As a result of the acquisition, Novamind is no longer trading on the CSE. Revenue during fiscal year 2022 was $6.5 million, compared to $1.5 million in 2021. Gross profit was $1.8 million, which makes the 2022 fiscal year the first year that the company turned a profit. 

Numinus ended the financial year with $33 million in cash– which is a strong position, especially considering the growing profit margin. While many companies will not see revenue for at least another few years, Numinus is positioned so that they can continue to grow sources of revenue. This is only possible because they are working with compounds and treatment methods that are already legal, as opposed to biotech companies which are exclusively attempting to bring new treatments to market.

“A life sciences company focused on the research and development of therapeutics for rare disorders and infectious diseases.”

Revive therapeutics has a unique focus on rare diseases. Although other companies are working on treatments for less than common indications, few are working within such a small market that they can go after Orphan Drug status. This designation means that the disease that the drugs target are so rare that the drug would not be profitable without government assistance.


Revive was not originally started as a psychedelic company. They began working to repurpose an existing drug– Bucillamine– for the treatment of gout and kidney stones. Psilocybin has been a more recent addition to the pipeline.

The company is now working with synthetic psilocybin, cannabidiols, and Bucillamine for the treatment of Covid-19. They have developed multiple novel delivery methods to improve effects. The synthetic psilocybin drug is in phase I/II trials for the treatment of methamphetamine use disorder. Revive is in the process of filing for investigational new drug (IND) status for two formulations of CBD. The Bucillamine drug for Covid-19 is in phase 3 clinical trials. The trial was initially approved by the FDA in late 2020.

Stock & Financials


Revive Therapeutics trades on the Canadian Securities Exchange (CSE). The company began trading on the CSE in 2019. Before that, Revive was trading on TSX Venture Exchange.

Revive ended the third quarter of 2022 with about $1.5 million in cash– less than half of what the company had at the end of Q2. On November 30, they announced an offering of up to $5 million with each unit priced at $0.15. Expenses in Q3 were cut by nearly 25% compared to the same period in 2021.

Everyone deserves the option of better mental health”

Small Pharma is a biotechnology company focused on finding viable treatments for depression. The company is based out of Canada, and is searchig for solutions that address the root cause of depression, rather than simply numbing symptoms. The company was founded in 2015 and initially focused on ketamine until 2019 when it began R&D on other psychedelic compounds. They are partnered with Imperial College London– a significant research institution within the psychedelic space. 


This is a company with a narrow focus. Of the four drugs in their pipeline, three of them are formulations of DMT. The last is a ketamine derivative (SPL801B) developed before the company pivoted to DMT. 

The main candidate, SPL026 (an intravenous DMT formulation) completed its phase IIa clinical trial in December 2022. There are also studies being done to test how the drug interacts with selective serotonin reuptake inhibitors (SSRI)– a common anti-depressant medication. The first patient in that study was dosed in December 2022. Another of Small Pharma’s DMT formulations– SPL028– has been approved for a phase I trial.

Stock & Financials


Small Pharma went public in May 2021 on the TSX Venture Exchange with the sale of 316,800,488 common shares. 

The financial year ends on February 28. As of August 31st, Small Pharma had $27.1 million (CAD) cash on hand. That is enough to last about a year given the current cash burn rate. Only one of the company’s drugs is far enough along in clinical trials it will be able to enter the market in the near(ish) future. 

“a leader in developing next-generation psychedelic medicines to treat neurological and psychiatric disorders.”

Mindset Pharma is a drug discovery and development company with multiple families of novel drugs designed to offer new solutions to psychiatric disorders. It is focused on reaching people with needs unmet by drugs and therapies that are currently available. 


Mindset Pharma has four families of drugs in the pipeline. Two of them are categorized as ‘psilocybin-like.’ One is ‘inspired’ by DMT/ 5-MeO-DMT. The company has not entered into any stage 1 clinical trials. Positive results from pre-clinical studies of the main candidate MSP-1014 in mice and rats were positive. However, human studies are needed to fully judge the efficacy of the drug. 

At this time, the company is selling pharmaceutical-grade psilocybin to licensed clinical researchers through an exclusive partnership with PharmAla.

Stock & Financials


The Canada-based company announced the closing of a bought deal public offering in April 2021. 10 million shares were issued at $.75 per share.

On June 20, 2022, the company had $8.7 million in cash– about two million more than the previous year. There was a net loss of $16.6 million for the year, compared to $11.6 the previous year. A significant portion of that increase came from research and development costs. 

“A revolution in the standardization and responsible use of Legal Premium Magic Truffles has begun”

Red Light Holland, as the name might suggest, is based out of the Netherlands. The company is taking advantage of a loophole in the law that allows them to sell magic mushroom truffles. This is one of the few companies banking on a recreational market– something that they already operate within. This poses some limitations to immediate expansion given that most countries won’t have a legal recreational market within the next decade. They are, however, strongly positioned to take advantage of recreational psychedelic sales once it becomes legal in more countries. 

Unlike most psychedelic companies, Red Light Holland appeals to those in the psychedelic industry that is more interested in the recreational legalization of psychedelics than pharmaceuticals. The company is a reflection of psychedelic culture and has found allies in some big pop-culture icons– including Joe Rogan and Wiz Khalifa.

Products and Services

Red Light Holland offers several different products and services to people over the age of 18 in the Netherlands. In addition to the sale of magic mushroom truffles, the company offers mushroom growing kits, psychedelic clothing and art, and telecounceling which offers advice on microdosing. 

In June, the company announced a partnership with American rapper Wiz Khalifa for his mushroom brand “Mistercap.” Khalifa expressed his interest in expanding sales to the US and Canada in the future when it becomes legal.

Stock & Financials


Red Light Holland trades on the CSE under the best ticker symbol in the industry–TRIP. The company raised over $20 million with a bought deal that closed at the beginning of 2021.

The company ended its first quarter on June 30, 2022, with $23 million in cash. It reported $785K in revenue and $289K in gross profit– both numbers were up significantly from the first quarter in 2021. The company has a very strong cash position and revenue stream. It continues to see exponential growth, which makes it a promising stock for investors.

“We are at the forefront of research into mental health

and brain disorders”

Pasithea is a biotech company developing drugs for central nervous system (CNS) disorders that lack in viable treatments. The market for these disorders is not as big as some of the more popular indications, such as depression and PTSD. However, there is a significant unmet need, and viable treatments could pose a massive breakthrough in the treatment of these diseases. The company was founded in 2020 by a Stanford professor.

In addition to drug research and development, the company is working to provide IV ketamine treatment for depression. This is the only psychedelic in the company’s pipeline. The other drugs in Pasithea’s pipeline are not psychedelic compounds. 

Pipeline and Services

The company is currently focusing ‘on proprietary drug candidates targeting neuroinflammatory central nervous system (CNS) disorders.’ The pipeline addresses four different disorders: ALS, MS, Neurofibromatosis, and schizophrenia. Their first phase I trial is set to begin in 2023.

Pasithea has partnered with US company I.V. Doc to provide Ketamine therapy through mobile clinics. They currently operate in New York City and Los Angles, with plans to expand to 30 US cities. In the UK, Pasithea has partnered with Zen Healthcare, giving them access to three ketamine clinics.

Stock & Financials


The initial public offering closed on September 17, 2021. 4.8 million units were offered at $5 per unit. The aggregate proceeds came to about $24 million. On December 12, 2022, Pasithea announced that it would be purchasing over three million shares from Camac Group at a price of $1 per share in order to end a dispute between the two companies. 

According to the CEO, Dr. Reis Marques, the goal is to fund clinical trials with revenue from the company’s clinics. This is an interesting approach. Many Biotech companies depend on continued financing from investors and financial institutions for years in order to push a drug through clinical trials and start generating revenue. Given the amount of capital that it takes to bring a drug to market, this is a steep goal. 

Pasithea Therapeutics has a strong cash position. On September 30, 2022, the company had nearly $42.4 million in cash. Though it is still operating at a loss, there was just over $200k in revenue in 2022, compared to zero revenue in 2021.

“We exist to grow psychedelic science and medicine as an industry-leading supplier of pharmaceutical-grade natural psilocybin and synthetic psychedelic compounds.”

Optimi is a Canada-based vertically integrated company. In 2022, it executed the largest legal harvest of natural psilocybin mushrooms in Canadian history. The company is leading the industry in the B2B market of psychedelics.


Optimi produces and sells natural psilocybin and synthetic psychedelics for the purpose of treating mental health disorders. The company also produces non-psychedelic mushrooms for health and wellness. They are an end-to-end producer and supplier for the industry, and has multiple agreements in place to supply its products to companies in Canada and internationally. 

The research and development department has created proprietary formulations and extraction methods. They have extensive cultivation and research facilities in Canada. Optimi has partnered with ATMA Journey Centers to conduct clinical trials on natural psilocybin and MDMA.

Stock & Financials


Optimi closed its oversubscribed IPO in February 2021 with over $20 million in gross proceeds. The initial offering consisted of 27.6 million shares priced at $0.75 per unit. Since a drop in the stock price in November 2021, it has fluctuated between around $0.4 and $0.23 per share. In October 2022, the company raised another $1.85 million with a non-brokered private placement offering– increasing ownership in the company for Chip Wilson (the founder of Lululemon).

Optimi’s Financial year ends on September 30. They ended the 2022 financial year with just under $2 million (Canadian) in cash– over six million less than the same date in 2021. The company had 80k in Revenue during the financial year compared to zero the previous year. Expenses were up about a million from 2021. 

“Allied Corp is dedicated to helping people.”

Allied Corp is a plant-based research and development and production company. They are focused on low-cost, high-quality production to allow for scalability in growing markets. They work with cannabis and psilocybin and are preparing to take advantage of emerging markets.

The company is primarily focused on the cannabis market, which gives them significant revenue opportunity now, while many companies working with psychedelics can’t expect revenue for at least a few more years.

Pipeline & Products

Allied is focused on treating three specific indications– depression, anxiety, and PTSD. The company works on research and development, as well as the cultivation and processing of cannabis. They have two drugs in the pipeline– both are derived from cannabis and are in phase I of clinical trials. They do not plan to market the drugs themselves, but rather sell them to a big pharma partner. Although the company is primarily focused on cannabinoids, it does also manufacture psilocybin products, as part of the goal to treat depression and PTSD.

The company grows cannabis for recreation, research, and industrial wholesale. Its growing operations are based in Columbia. Allied is the first company to legally export cannabis from Columbia. This end-to-end business model allows Allied to provide extensive resources and products in the plant medicine space.

Stock & Financials


Allied Corp uplisted to the OTCQB Venture exchange in 2019– 84.8 million common shares were offered at $0.50 per share in the first private placement and $0.75 in the second. Over four million dollars were raised. 

The company reported less than 100k in cash on August 31, 2022. Operating expenses for the year were nearly $15 million, which is up about 8 million from the previous year. 

“Committed to creating innovative therapeutic solutions for underserved mental health conditions”

Reunion Neuroscience is a clinical-stage biotech company creating new treatments for mental health issues. It is developing novel psychedelic compounds for the treatment of depression and other indications.


The program is focused on fast-acting, short-duration drugs to help improve access to psychedelic treatments. The research has a particular focus on the serotonin system, similar to the most common type of antidepressant– selective serotonin reuptake inhibitors (SSRIs). They operate on the same theory that led to the development of SSRIs while trying to overcome some of the shortcomings of this type of drug such as side effects, poor efficacy, and continuous dosing. 

The lead candidate in Reunion’s pipeline is RE104. It is a fast-acting psychedelic drug that has shown similar benefits to psilocybin with a shorter duration of the psychoactive experience. Data from phase I of clinical trials of RE104 are will be released during the first quarter of 2023. The company also has another family of proprietary psychedelic drugs, RE200, that is still in the pre-clinical stage. All of the drugs in this pipeline have a focus on Seratonin 2a (5HT2A) receptors to create long-lasting antidepressant effects. Reunion Neuroscience, unlike many of the other psychedelic biotech companies that are working on drugs for depression, has a specific focus on postpartum depression. This is the lead indication that they are going after, though they plan to market to other indications as well. 

Stock & Financials


Reunion was a part of Feild Trip Health under the name Field Trip Discovery but became its own independent, publicly traded company in August 2022. At the time of reorganization, there was a 5:1 consolidation of shares in order to maintain the NASDAQ minimum bid price. The stock is currently at an all-time low (as many public psychedelic companies are), and is trading at $1.08.

As of September 30, 2022, the company had $28 million (CAD) in cash. Going forward, Reunion will have far less revenue than before the spit, because Field Trip Health has multiple streams of revenue. 

“New approaches to neuroscience create bright minds”

Bright minds is creating novel compounds that address mental health needs without the side effects of common treatments. The company is focused on treating populations that do not have easy access to the treatments currently available– potentially tapping into a large market with few strong competitors.


Like Reunion Neuroscience, Bright Minds is focused on fixing ‘chemical imbalances’ in the brain by targeting the serotonin system. The company has three drugs in the pre-clinical stage, and is planning to target 7 different indications. The indications are opioid use disorder, binge eating, epilepsy, depression, PTSD, Alzheimer, and chronic pain disorder.  The drugs target the 5HT2c receptors to help treat various indications without creating dependence and/or side effects. 

Stock & Financials


Bright Minds began trading on the Canadian Stock Exchange under the ticker symbol DRUG in February 2021. Shortly after, it uplisted to the NASDAQ stock and has remained relatively stable since a steep drop at the end of 2021. It is currently being traded for around a dollar per share.

The company closed a private placement in December 2022, raising just over two million dollars which will be used to fund clinical trials. The fiscal year runs from October to September. At the end of the 2022 fiscal year, Bright Minds had $11 million in cash– $8 million less than at the end of the 2021 fiscal year. 

“Leading the plant-based revolution with functional products backed by applied science”

Creso Pharma is an Australia-based company with five plant-based brands. Most of the brands are focused on cannabis and CBD research and commercialization. One of the operations, Halucenex Life Sciences, is a clinical-stage psychedelic research and development operation.

Halucenex operates in a 6,000-square-foot facility, in Canada built with a research lab and six treatment rooms designed for psychedelic-assisted therapy. The company is currently in phase 2 of clinical trials testing synthetic psilocybin for the treatment of depression.


Creso Pharma offers a variety of products through its various brands, including Cannabis, beauty products, and CBD topicals for athletes. They also do research on CBD and psychedelics.

Halcunex Life Sciences is currently in phase 2 of clinical trials testing synthetic psilocybin for the treatment of depression. The R&D team is working with psilocin, DMT, mescaline, and other compounds. The company has a Health Canada license to possess, produce, and distribute said controlled substances.

Stock & Financials


Creso began trading publicly on the Australian Securities Exchange (ASX) in mid-2022 with an offering of 25 million shares. The company raised $5 million (AUD). It has raised capital through additional offerings since the company began trading publicly.

At the end of the third quarter (Ending June 30, 2022) Creso had about $3 million in cash. The company does sources of revenue, with $1.5 million total group revenue for the quarter.

“Working to build a BetterLife, with innovative medicine”

The Canada-based company aims to treat mental health conditions and neurological disorders with non-hallucinogenic medicines. This is one of the companies betting that psychedelic derivatives that do not have psychoactive effects could still provide the mental health benefits of psychedelic medicines.


BetterLife’s research and development is focused on four indications: Major Depressive Disorder (MDD), Anxiety Disorder (AD), Neuropathic Pain, and Benzodiazepine dependency. Benzodiazepine dependency is one indication that has not been a primary focus among psychedelic biotechnology companies, however, it goes hand in hand with a condition that has been popular among clinical trials– anxiety. Benzodiazepines are often prescribed for anxiety and cause a strong physical and psychological dependence. If anxiety disorder patients are able to find improvement in their condition through psychedelic treatment, they may still struggle with physical dependency if they had been taking benzodiazepines. BetterLife’s clinical trials will provide more insight into whether or not psychedelics can help with this. 

The lead candidate, BETR-001, is a non-hallucinogenic LSD analog. The company is preparing to test this candidate on three of the four indications in upcoming clinical trials. IND application has been filed for MDD and anxiety disorder trials. There is one more candidate in the pipeline that is still in the pre-clinical.  

Stock & Financials


BetterLife consolidated its shares and began trading on the Canadian Securities Exchange on June 25, 2020. Shortly after that, there was a breig halt in trading due to a merger with Altum. The stock is currently trading at around $0.15 per share.

In the financial report for the quarter ending October 31, 2022, the company reported only $41k in cash. Consulting fees for the quarter were nearly $4 million, compared to only 230k in the same period in the previous year. Net loss for the 9-month period ending on this date was nearly the same compared to the previous year. 

“To see safe, natural psychedelics in the hands of everyone who needs them, as soon as possible.”

Filament Health is a Canadian drug discovery and extraction company with an interest in natural medicines. The company is developing novel botanical extraction methods to be utilized on psychedelic plants. They believe that the psychedelic medicines with the highest potential will be found in nature, not created in a lab.


Filament has developed three compounds that are extracted from magic mushrooms– one psilocybin and two psilocin. The company has two ongoing clinical trials with UCSF. They also provide the drugs to other companies for their own clinical trial. Cybin and Psyence are two major companies utilizing Filament’s formulations. All trials are in phase I or II.

They provide the drug PEX010 to research institutions and low or no cost. Currently, four universities are utilizing the drug. The company has also created an ‘ayahuasca pill.’ Most biotech companies are staying clear of the traditional South American plant medicine, even though many people have found it to be incredibly healing, because can be unpredictable and difficult to work with in a clinical setting.

Stock & Financials


Filament Health was listed on the NEO exchange in mid-2021. A few months later, it started trading on OTC.

On September 30, 2022, Filament had $3.5 million (CAD) in cash. The cash burn for the first three quarters of 2022 was $4.5 million– about $2 million less than the previous year.

“The future of wellness is in our earth.”

Psych is a Canadian Wellness company making products derived from the Amanita Muscaria mushroom. The focus is to ‘harness the healing power of mushrooms.’ The company is taping into the nutritional mushroom market with a unique supplement that is already on the market.


Amanita Muscaria is a psychedelic mushroom that is less commonly known than the traditional magic mushrooms which contain psilocybin. Psyched has created extracts to help with stress, muscle tension, and sleep called “Calm.” This is the only extract of the mushroom that is approved for sale in the US. Currently, this is the only product that Psyched is selling. In addition to the company’s online store, these products are being sold to wholesalers. They signed a purchase agreement for 60,000 units with Choice Wholesale in November 2022.

Stock & Financials


There are 135.5 million shares of Psyched Wellness trading on the Canadian Securities Exchange. The company began trading publicly on the CSE on October 22, 2020, under the ticker symbol PSYC.

As of August 31, 2022, Psyched had $3.5 million (CAD) in cash– $2 million less than on November 30, 2021. 2022 was the first year with any revenue from the company’s products. The revenue reported at the end of the second quarter was low, but it is expected to be higher in the end-of-year financial report.

“We’re delivering the promise of healthier lives.”

Cure Pharmaceutical is a vertically integrated drug company that has created a novel delivery system for medicines and supplements. The company is focused on improving the delivery of drugs to improve their effectiveness and the patient experience. Though Cure Pharmaceutical is not working exclusively with psychedelics, delivering hallucinogenic compounds for the purpose of treating mental health conditions is one of its goals.


The primary product to come out of Cure Pharmaceutical is CureForm– a patented novel delivery system for drugs. There are four different products that have been developed within CureForm– a strip, pod, topical, and drops. The delivery method aims to increase the bioavailability of drugs and control the time release profile.

CureForm is currently in the formulation and clinical development stage for the use of CureFilm for psychedelic compounds and THC/CBD.

Stock & Financials


Cure Pharmaceuticals went public in 2018– earlier than most of the companies in this report because Cure is not exclusively focused on psychedelics. It began developing the CureForm technology before psychedelic drug development reentered the mainstream. The initial public offering was for two million common shares priced at a range between $5 and $7.

At the end of quarter 3, on September 30, 2022, Cure had $4.5 million in cash. That is $11.5 million less than nine months prior. Revenue for the quarter was nearly $1.8 million– a strong number for an emerging drug company with a strong product that is yet to reach its market potential. Revenue was down almost a million for the nine months ending September 30, compared to the same period in 2021. However, revenue was higher in the third quarter of 2022 than in 2021.

“Braxia is a company of tomorrow, focused on ketamine treatment and psychedelic medicine for advanced mental health treatments.”

Braxia Scientific, formerly known as Champignon Brands, is a vertically integrated company bringing psychedelic treatment to those struggling with depression, suicidality, and other mental health conditions. The company launched in 2018 and has developed a range of services to help people gain access to innovative mental health treatment.

Pipeline & Services

The company is doing research and development, as well as running a network of five ketamine clinics throughout Canada. The clinics utilize intravenous and sublingual ketamine to treat mood disorders. They have gained special approval from Health Canada to provide psilocybin treatment for depression. 

Braxia acquired KetaMD in August 2022– a telehealth program that allows patients to gain access to medically supervised ketamine treatment from home. This program is expanding and launched in Florida in September 2022.

Braxia institute is a training program that the company launched in 2022. It is a no-cost psilocybin-assisted therapy training program. Up to 20 qualified therapists were selected to participate in the first class. They are expected to cover any personal costs (travel, hotel, transportation, etc.), but there is no cost for the program itself. Braxia is not the only psychedelic clinic/ biotech company to create a therapist training program. The supply of therapists who are qualified to work with psychedelics is much lower than the growing demand, and several companies have implemented programs to help bridge the gap. 

Lastly is the company’s research and development. They are in phase II of clinical trials testing psilocybin-assisted therapy for treatment-resistant depression. Preliminary results were announced in June and showed positive findings.

Stock & Financials


Braxia Scientific began trading on the Canadian Securities Exchange in February 2020. It has raised a total of $18 million (CAD) over two rounds– the most recent being a private placement in January 2022.

The company had just over $5 million in cash at the end of the third quarter of 2022. They are bringing in some revenue, but not enough to significantly offset the expenses. Loss for the quarter was up about 600k compared to quarter three of 2021.

“Focused on merging traditional therapeutics with psychedelic research.”

Silo Pharma, founded in 2010, is a development-stage biopharmaceutical company working on novel treatments for several central nervous system disorders. All of the indications that Silo Pharma is targeting have significant market potential. Millions of people suffer from these diseases, yet there are no good treatment options.


Silo is developing drugs for multiple indications, including Alzheimer’s, multiple sclerosis (MS), rheumatoid arthritis (RA), and stress-induced psychiatric disorders. All of these drugs are in the pre-clinical stage. Not all of the drugs in Silo’s pipeline are psychedelic, however several of the candidates are analogs of ketamine or psilocybin. One of the drugs, SPU-21, utilizes a unique delivery system to treat RA.

Through a partnership with the University of California San Francisco, Silo is conducting a clinical trial to test the effects of psilocybin on inflammation in the blood. This study is in phase I. The results from this trial will be significant in improving scientific knowledge of how psychedelics affect the body.

Stock & Financials


On September 29 2022 Silo closed an offering of one million shares at $5 per share and began trading on the NASDAQ. Earlier in the month, the company announced a 1:50 reverse split in order to fulfill NASDAQ requirements. The company was formerly known as Uppercut Brands Inc. but changed its name to Silo Pharma in 2020, just a month before it began trading on OTCQB.

The company reported $12.2 million in cash as of September 30, 2022, which is about two million more than what it had on December 31, 2021. Silo is not bringing in significant revenue yet, as all of its drugs are in the very early stages of clinical trials.

“Leading the next wave of psychedelic drug development.”

This clinical-stage biotechnology company is taking part in developing novel psychedelic drugs. Tryp is focused exclusively on the psychoactive compounds found in magic mushrooms. Though the compounds in its pipeline are narrow, the focus on various indications is wide and has the potential to tap into multiple significant markets.


There are two drugs in the pipeline that are each being tested for the treatment of multiple indications. The two drugs are synthetic psilocybin and synthetic psilocin. These are the two psychoactive compounds found in magic mushrooms. The company is focusing its efforts on four indications: binge eating disorder, fibromyalgia, fantom limb pain, and one other that is yet to be announced. All of these markets are significant, especially fibromyalgia which is a 4.8 billion dollar industry. They recently announced the intent to study psilocybin-assisted therapy for the treatment of irritable bowel syndrome (IBS). 

The preliminary results from the phase 2a trial testing TRP-8802 (the psilocybin drug) for binge eating disorder were announced on January 5, 2023. Initial data was positive. All of the other drugs in Tryp Therapeutic’s pipeline are currently in pre-clinical development. 

Stock & Financials


Tryp began trading on the Canadian Securities Exchange on December 19, 2020. The initial offering was 20 million shares priced at $0.25 per share. The company raised $5 million. 

The company ended its fiscal year on August 31, 2022, with $1.8 million (CAD) in cash. Net loss for the year was just under $7.5 million. The company will need to come up with more capital to support the continued progress of its clinical trials. No announcements of additional funds being secured have been made in the past six months.

“Revolutionary Psychedelics for Treating Addiction & Mental Health.”

Clearmind is a psychedelic drug company working to help treat alcohol use disorder and binge drinking. They believe that novel psychedelic compounds could be the solution to a range of mental health conditions and are part of the group of biotech companies working to discover that solution.


Clearmind is targeting addiction, specifically alcohol use disorder. The main candidate is an MEAI-based molecule called CMND-100. The drug blocks neural pathways associated with impulse behavior to help disrupt harmful behaviors. Studies have shown that the compound has low toxicity levels and can be consumed with alcohol without harmful effects. No side effects have been found when taking a low oral dose of the medication. The first-in-human trials will begin in 2023.

The company has received multiple patents worldwide for MEAI as an alcohol substitute and binge behavior regulator. It has seven drug families in total, most of which are still in the development stage.

Stock & Financials


The Israel-based company began trading on the CSE in May 2021 and then uplisted to the NASDAQ in November 2022.

The company had only half a million in cash on July 31, 2022. However, they have since raised additional capital with the uplisting to the NASDAQ. Revenue is still a few years off, as the company has not begun any in-human clinical trials yet. 

“Unlock your ability to heal.”

Field Trip Health is a wellness company developing the structure to scale psychedelic treatment on a global scale. The company is capitalizing on the legal ketamine market and preparing to offer treatment with other psychedelic compounds once they become legal. This is one of the biggest names in psychedelic clinics. 


There are nine clinics throughout the US and Canada offering a unique program that utilizes ketamine therapy to treat depression, PTSD, anxiety, and addiction. They have expressed interest in capitalizing on the new psilocybin market in Oregon and plan to expand once it becomes legal in other states. 

Field Trip is dedicated to increasing access to their life-changing treatment. They offer monthly payment methods and different levels of service to help make it more affordable. The program utilized telehealth communications to keep costs down. Preparation and integration sessions are done virtually. They also recently launched a year-long program that gives people suffering from mental health conditions in-home ketamine therapy along with holistic healing modalities such as meditation and nutrition counseling.

Stock & Financials


Field Trip Health became one of the first psychedelic companies to list on the Canadian stock exchange in October 2020. It later began trading on the TSX Venture Exchange on August 17, 2022. The company launched in 2019 and has made huge strides since then. 

The company’s original goal to open 75 clinics by 2023 was more than a bit over-ambitious. Despite their failure to reach that goal, the company is doing very well. They have a strong cash position, with over $13 million in cash as of September 30, 2022. Revenue was $1.8 million for that quarter and $3.6 million for the six-month period. They have a ways to go before breaking even– operating expenses were around $15 million for the quarter. But, the company is making positive strides toward turning a profit. 

“We are commercializing ketamine.”

Pharmather specializes in ketamine pharmaceuticals. It is a research and development company working towards the goal of increasing the commercialization of ketamine. Pharmather is planning to capitalize on a range of indications including ones that ketamine already has accepted medical use for and ones that is does not.


This company has a strong pipeline with three different delivery methods of its formulation of ketamine, KetaRX, and six indications that they are going after. The delivery methods are IV, a microneedle patch, and a wearable pump. All six targeted indications have made positive progress in the clinical trial process. The pump for the treatment of mental health issues is the furthest behind– they are still preparing for phase 1/2 trials. 

The ketamine IV for anesthesia and sedation has moved through the clinical trial process and is awaiting FDA approval. There is another clinical trial for the IV that is currently in phase III. The trial testing ketamine IV for the treatment of Parkinsons is awaiting FDA approval to being its phase III trial. All in all, Pharmather’s pipeline is very strong and much further along than any of the other companies on this list. It should be noted, however, that the pharmaceutical company is primarily going after indications in which prior research is more extensive than many of the indications that other ketamine-focused biotech companies are pursuing.

Stock & Financials


The initial public offering closed on October 9, 2020. It debuted with a market cap of 13 million but is currently down to 9 million.

Pharmather has a decent cash position with $7.7 million on hand as of August 31, 2022. That is only about $1.4 million less than the company had three months prior. Expenses were only a million for the quarter, which is very low considering the number of clinical trials that it has going on. With an anticipated FDA approval, the company should be bringing in revenue in the near future.

“Better healthcare for a better future”

Wellbeing digital sciences is “creating clinical infrastructure to support the development and implementation of innovative clinical solutions.” They are working to bring innovative mental health treatments to market through a network of clinics throughout North America.

Products & Services

There are six WellBeing clinics and one research facility in North America. Three more clinics will be opening soon in California and Nevada. MindScape (a subsidiary of WellBeing) offers ketamine therapy utilizing virtual reality technology. It is through programs like MindScape that more people are able to gain access to ketamine therapy, which is not yet a widespread treatment method for mental health conditions such as depression and PTSD. In November, the company announced that it had treated over 1000 patients.

WellBeing subsidiary KGK science gives the company an advantage in clinical trials. The company is made up of researchers, consultants, and regulatory specialists that help health companies with every step of bringing psychedelic treatments to market. KGK has partnered with other companies including Nova Mentis.

Stock & Financials


The Canadian company, previously known as KetamineOne Captial Limited, was founded in 2017. The stock is currently at an all-time low at $0.005 and a market cap of $816K.

For the year ending July 31, 2021, WellBeing had $1.1 million (CAD) in revenue and almost 800k in gross profit. The same time period ending in 2020 had no revenue. This shows that the company has growth potential. They ended the year with over $3 million in cash– nearly a million more than the previous year. 

For the year ending July 31, 2022, revenue was nearly six times what it had been the previous year. However, gross profit was down. Cash was down to about 300k. 

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