This week in psychedelic business news: Cybin scores another patent; another huge psychedelics conference heads to Miami; and Core One Labs widens its pipeline with NMT.
This week in psychedelic business news, Irwin Naturals Inc. (CSE: IWIN) announced it had begun executing its ketamine clinic rollup strategy with the goal of becoming the world’s largest chain of psychedelic mental health clinics. Step one involved acquiring Midwest Ketafusion in Iowa City, Iowa. The wholly owned Irwin subsidiary Irwin Naturals Emergence entered into a definitive agreement with the target company’s shareholders to acquire all issued and outstanding securities. “We see ourselves as gaining the national brand first mover advantage and will be leveraging our brand equity and status as a cult brand to expand rapidly as society embraces the psychedelic mental health revolution,” Irwin’s CEO Klee Irwin said.
Biopharmaceutical company Cybin Inc. (NYSE American:CYBN) announced Wednesday that the U.S. Patent and Trademark Office had granted the company a patent for CYB004, its investigational deuterated dimethyltryptamine (DMT) compound. The allowed claims include a range of deuterated forms of DMT and 5-MeO-DMT while the patent, expected to expire in 2041, covers composition of matter and protects the substance as an assumed new chemical entity. In preclinical studies, CYB004 demonstrated potential efficacy at lower doses while increasing the duration of drug effect, therefore providing a therapeutic profile which could alleviate common negative experiences associated with classical DMT. “This patent is both rewarding and timely as we prepare to initiate a pilot study for CYB004 in the third quarter of 2022 and work tirelessly to develop an important and alternative treatment option for the millions of people suffering from anxiety disorders,” said Cybin CEO Doug Drysdale.
Less than a year after the psychedelic business swarmed Miami for the Wonderland conference, financial news and data company Benzinga will host a first-of-its-kind convention for psychedelic investors. The Benzinga Psychedelics Capital Conference, a spinoff of Benzinga’s successful Cannabis Capital Conferences, will be held at the Fontainebleau Miami Beach on April 19 in Miami. Kevin O'Leary, Chairman of O'Shares Investment Advisers and a host of ABC's Shark Tank, and Klee Irwin, CEO of Irwin Internationals, will serve as keynote speakers at the conference. Other speakers and panelists will include industry leaders, investors, and experts, like MindMed CEO Robert Barrow and Enveric Biosciences CEO Dr. Joseph Tucker.
Life science biotechnology company Psyence Group Inc. (CSE: PSYG) announced Wednesday its common shares are now eligible for electronic clearing and settlement in the United States through the Depository Trust Company, a subsidiary of the Depository Trust & Clearing Corp., which manages the electronic clearing and settlement of publicly traded companies. “This eligibility will simplify the electronic settlement for U.S. based investors, and it will enhance the ability of these investors to participate in the company’s growth. This should also help increase the liquidity of our stock and expand our presence in the US capital markets,” said Psyence CFO Warwick Corden-Lloyd.
On Thursday, Core One Labs Inc. (CSE: COOL) (OTC: CLABF) announced scientists at subsidiary Vocan Biotechnologies Inc. had received positive results and would soon be able to use its proprietary recombinant production system — currently being utilized for psilocybin production — to produce API-Grade N-methyltryptamine (NMT). NMT, also known as monomethyl tryptamine (MMT), has been identified as a precursor to DMT, which Core One Labs looks to produce to widen its psychedelic products pipeline.
Finally in this week’s psychedelic business news, Psychedelic Spotlight‘s parent company, Global Trac Solutions, Inc. (OTCPink: PSYC), announced this growing media platform reached new heights this past January, with page views exceeding 650K and impressions topping the 1 million mark for the first time. The company attributed Psychedelic Spotlight’s steady growth and success within the sector to resonant original content, utilization of industry experts, and the world’s blossoming interest in all things psychedelic. “In addition to the fact that the psychedelic drug market is expected to reach over $10B by 2027, its potential to completely disrupt our society’s approach to mental health treatments is another big reason why we are thrilled to have positioned Psychedelic Spotlight as a premiere media hub for this industry,” said PSYC CEO David Flores.