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PsyIndex Weekly Update: 6/29 – 7/2

Ryan Allway

July 6th, 2020

Psychedelics

The PsyIndex rose 9.2% last week after a turbulent week prior. At least three privately-held psychedelic companies—Entheon Biomedical, Mindset Pharma and Cybin—announced reverse merger transactions to become publicly-traded.

Market Performance

PsyIndex Weekly Performance: $97.39 (+9.2%)

Top Gainers

  • Revive Therapeutics Ltd.
    +59.39%
    (CSE: RVV) (OTC: RVVTF)
     
  • Empower Clinics Inc.
    +24.21%
    (CSE: CBDT) (OTC: EPWCF)
     
  • Numinus Wellness Inc.
    23.88%
    (TSX-V: NUMI)
 Top Decliners

  • New Wave Holdings Inc.
    – 11.23%
    (CSE: SPOR) (OTC: TRMNF)
     
  • Yield Growth Corp.
    -3.48%
    (CSE: BOSS) (OTC: BOSQF)
     
  • Mydecine Innovations Inc.
    -2.98%
    (CSE: MYCO) (OTC: MYCOF

Corporate Developments

  • Cybin Corp. announced a reverse-takeover transaction with Clarmin Explorations Inc. (TSX.V: CX) and a concurrent private placement of up to $21 million. To date, Cybin has raised approximately $10,400,000 through an initial financing round and its series A financing round.
     
  • Entheon Biomedical Corp. announced a definitive agreement for a reverse-takeover with MPV Exploration Inc. (CSE: MPV) and a concurrent financing of at least C$2 million.
     
  • Mindset Pharma Inc. announced a reverse-takeover transaction with North Sur Resources (CSE: H) along with a private placement to raise up to $1 million.
     
  • Field Trip Psychedelics Inc. launched a program called Field Trip Basecamp that will focus on serving individuals suffering from debilitating mental health issues as a result of high-pressure occupations.
     
  • MindMed Inc. has officially launched Project Lucy, a commercial drug development program for the treatment of anxiety disorders.

Industry Developments

  • The Oregon Psilocybin Therapy Initiative announced last week that it has received the necessary amount of signatures for the measure to appear on the ballot—marking another step toward legalization in November. via The Hill

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

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