This week in psychedelic business news: TripSitter expands; Enveric files a major patent; and Psychedelic Water raises its profile through huge fashion retailer.
This week in psychedelic business news, TripSitter Clinic (CSE: KETA) (FSE: UY0) has joined forces with Reconscious Medical — a psychedelic psychotherapy company offering both in-clinic and virtual care — to expand into 23 states across the United States. Now people living in Arizona, California, Colorado, Florida, Georgia, Illinois, Iowa, Kentucky, Maine, Michigan, Minnesota, Mississippi, Montana, Nebraska, New Hampshire, North Dakota, Oklahoma, Tennessee, Vermont, Washington, West Virginia, Wisconsin, and Wyoming have access to physician-directed treatment plans for safe, legal, evidence-based psychedelic medicine through the platform. “Reconscious' primary focus and service to date has been combining psychedelic treatment with psychotherapy in both high and low doses of ketamine,” says Alexander Somjen, CEO of TripSitter parent company Origin Therapeutic. “This expertise will help TripSitter to continue setting the standard for at-home psychedelic treatment. First with ketamine, and with MDMA and psilocin to follow.”
Enveric Biosciences (NASDAQ: ENVB) has filed a provisional patent application to protect 100 novel individual molecules the company claims to have discovered. If the broadest claims of the patent are allowed, it could protect more than 10,000 possible new drug development candidates, all of which fall under the company's EVM201 second-generation, psychedelic-derived drug development program targeting relief of cancer-related distress. Dr. Peter Facchini, Ph.D., Chief Innovation Officer at Enveric, says, “The majority of these new molecules, all of which are protected by this most recent provisional patent application, have already been synthesized in quantities sufficient to evaluate their safety and pharmacological properties, including receptor-binding profiles and behavioral analyses in animals. Based on our extensive in silico and experimental data, we are hopeful that we can nominate our lead candidates for entry into Enveric's EVM201 preclinical development later this year.”
Psychedelic Water may be on the cusp of becoming a mainstream psychedelic business after partnering with Urban Outfitters to sell the mild mood boosting sparkling water at the clothing retailer popular with young adults. The legal blend of kava root, damiana leaf, and green tea extract will be available in 130 stores and on the company's website in wake of going viral on TikTok. “Partnering with Urban Outfitters is a huge step in our mission for spotlighting and trying to destigmatize the use of Psychedelics to mainstream audiences,” says Psychedelic Water founder Keith Stein.
SABI Mind, Reverie Psychedelics Partner to Expand Psychedelic Research
Alberta-based psychedelic therapy clinic SABI Mind is partnering with with U.S.-based Reverie Psychedelics, a rapidly growing psychedelic clinic and research organization that coordinates clinical trials and associated partnerships between psychedelic companies and clinical sites. Together, they aim to provide academics and psychedelic companies researching psychedelic therapies access to SABI clinics, qualified clinical staff, and Reverie’s expanding suite of clinical trial support services. “This is our first Canadian clinical research partnership and will provide researchers from Canada, the U.S. and around the globe with qualified clinical trial sites and SABI patients with access to emerging psychedelic treatment options,” says Robert Wallace, Founder and CEO of Reverie.
Lastly, we have some psychedelic business news of our own: Psychedelic Spotlight parent company PSYC Corp. (OTCPink: PSYC) has secured $350,000 in equity-based financing from private, accredited investor Trent Sullivan of Jackson, Tennessee. “Our ability to secure equity financing despite these current market conditions is a message to the psychedelics community that we’re here to stay, and we’re just getting started,” says PSYC Corp Chief Financial Officer Craig Schlesinger. “This quarter we’ve seen psychedelic companies with product risk and in ancillary media fold; however, we continue to build an organic, grass roots shareholder movement.”