The psychedelic biotech market is stepping into 2021 with an early public offering from Canada's NeonMind. It debuted on the Canadian Stock Exchange (CSE) Monday under the symbol NEON.
The move comes after NeonMind, a subsidiary of Better Plant Sciences Inc., closed its IPO on December 30th, bringing in around $3.6 million in funding. That IPO released nearly 50 million units of NeonMind.
NeonMind is working on psilocybin as a weight loss treatment. It's looking at ways the psychedelic substance may help treat eating disorders, including binge-eaters suffering from obesity. It already filed for five provisional patents for the use of psychedelics in treating obesity and eating disorders. It also partnered with the University of British Columbia on preclinical trials for psychedelics in battling food cravings.
The company is also making a foray into another key market: functional mushrooms. These non-psychedelic mushrooms, such as reishi, cordyceps, and lion's mane, have been touted for immune- and energy-boosting benefits.
NeonMind's public offering comes after 2020 saw a record number of psychedelics step into the stock market. As part of the Psychedelic Spotlight trend predictions for 2021, more companies are expected to follow in the coming months.