This is Psychedellux – the weekly recap of the business news in the psychedelics industry.
Cybin Inc. (NEO:CYBN) (OTCQB:CLXPF) released financial and business highlights for its financial year ended March 31, 2021. The company noted that it had a net loss of $32.2 million for the year ended March 31, 2021 of which non-cash expenses totaled $13.1 million and cash-based operating expenses totaled $19,120,000. Cybin also reported that it had cash and cash equivalents of $64 million as of March 31, 2021.
Empower Clinics Inc. (CSE: CBDT)(OTC PINK: EPWCF) released its audited consolidated financial statements in United States dollars. Empower Clinics reported total revenues grew 58% to $3,209,196 for the fiscal year 2020 versus revenues of $2,031,581 for the fiscal year 2021. The company had a net loss of $17,066,311 or $0.09 per share compared to $4,301,663 or $0.04 per share for the fiscal year 2019. the company said this was primarily driven by a non-cash loss on the fair value adjustment related to its warrants outstanding that were impacted by the significant appreciation of the company’s share price (a key input in determining the fair value).
Allied Corp. (OTCQB: ALID) signed a supply and manufacturing agreement with HAVN Life Sciences (CSE:HAVN) to produce and distribute Psilonex RX psilocybin medical products for Allied’s patient cohort. HAVN will produce bottles of PsilonexRX capsules which is a proprietary formulation of psilocybin, cordyceps, lions mane, vitamin B and other ingredients.