Technology is becoming an increasingly large sector of the psychedelic industry, and our parent company, Global Trac Solutions (PSYC), announced a deeper dive into that arm of the business Thursday, with an agreement to acquire up to an additional 5% of psychedelic app PsycheDev.
The agreement between the companies comes as progress with the development of PsycheDev’s digital mental health application continues to move forward, keeping them on course for an intended minimum viable product launch by the fourth quarter of this year. This follows an initial 15% equity stake acquisition this past January, when the two companies reached a deal through an executed Joint Venture Partnership Agreement and investment into PsycheDev.
The two companies will work closely to develop and implement a forthcoming go-to-market strategy for the guided trip app, which aims to provide the psychedelic community with a tool to more deeply explore their inner world during their experiences on psychoactive substances. PsycheDev guides users through intention setting, meditation, learning, contemplation and questioning, serving as a virtual facilitator and integration coach.
And if you think that sounds cool, the Canada-based tech company is looking for volunteers to try the app out.
“We’re looking forward to this continued collaboration and to the exciting launch ahead. We are also constantly recruiting test users and would like to take this opportunity to welcome anyone interested in early testing to contact us or Psychedelic Spotlight,” said PsycheDev Inc. Founder and CEO, Justin Roy.
“We are incredibly pleased with the progress of the PsycheDev app and for the opportunity to expand our equity stake in their company,” said Global Trac Solutions, Inc. CEO, David Flores. “Since our first introduction to the PsycheDev company in late 2020, we have believed in the value potential of their company which is why we were proud to become early investors in their concept.”
“The digital mental health sector, in my opinion, only continues to expand as more and more fascinating digital tools hit the market,” Flores continued. “Justin has demonstrated, in my opinion, incredible leadership and dedication over the past several months in helping to move the app through the different phases of development, assembling an impressive team of experienced mental health professionals, and with securing the additional financing necessary to bring his concept to fruition.”
Global Trac Solutions is positioning itself at the forefront of the psychedelic revolution, in conjunction with the FDA’s more open-minded approach to psychedelic medicines, and as major U.S. cities continue to approve the decriminalization of psilocybin. Global Trac aims to inform the public and normalize the psychedelic boom, that many investors believe could be bigger than that of cannabis, through Psychedelic Spotlight — your source for current investment related news specific to psychedelic medicines and cutting-edge research improving overall health.
