Psychedelic Business Spotlight – May 20

Emotional Intelligence Ventures and Mycotopia Enter Definitive Merger Agreement

This week in psychedelic business news, we're witnessing another merger of psychedelic companies. Emotional Intelligence Ventures has executed a definitive agreement with Mycotopia, bringing the two entities together under PSLY.com, which will be the parent entity owning all the assets of Ei and Mycotopia, with a market value of approximately $383 million. “The combination of Ei and Mycotopia is a perfect combination of synergies,” says current Mycotopia CEO Ben Kaplan. “We are in markets where psilocybin is already legal. And Ei has been at the forefront of psychedelic thought, formulation, and implementation since the early days. Combining forces makes sense for the shareholders of both companies, as well as the millions of people that could potentially benefit from our combined product pipeline.” The companies anticipate closing the transaction on July 30. PSLY.com will expand in physical markets as well as in the digital realm, building on Ei’s recent purchase of hundreds of acres in the Metaverse, with the mission to help over one billion people with natural, non-synthetic remedies derived from nature.

Clearmind Medicine One Step Closer to MEAI Treatment for Alcohol Abuse

Clearmind Medicine (CSE: CMND, OTC Pink: CMNDF, FSE: CWY0) announced positive safety results of its proprietary molecule, MEAI, to treat alcohol abuse. In preclinical trials, which set the stage to conduct FDA-regulated clinical trials with humans later this year, researchers found a significant reduction in alcohol consumption in mice receiving the treatment. “We are tremendously pleased with the success of our preclinical trials to date, which have now demonstrated both safety and efficacy in reducing alcohol consumption,” says CEO Dr. Adi Zuloff-Shani. “We believe that our novel, psychedelic-based treatment has the potential to help millions around the world suffering from alcohol abuse, along with a range of other mental health challenges. We look forward to our continued progress.”

Optimi Health Acquires Genetics Catalogue of Psychedelic and Functional Mushrooms

Optimi Health (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN) has acquired 24 psychedelic and nine functional strains of mushroom species, giving the Canadian-based psilocybin cultivation company one of the largest genetic banks in the sector. As Psychedelic Spotlight previously reported, Optimi opened a 20,000 square foot, EU-GMP compliant facility in Princeton, British Columbia. Formulated psychedelic strains will be made available to licensed researchers, Canada’s Special Access Program (SAP), as well as being utilized for on-site research in Optimi’s recently expanded analytical laboratory, while the functional strains will be optimized for natural supplement brand Optimi Life. CEO Bill Ciprick explains, “This acquisition is intended to position Optimi as the leading supplier of naturally-sourced psilocybin to the burgeoning psychedelic industry.”

Health Canada Approves Numinus' First Psilocybin-Assisted Therapy Treatment Outside of Clinical Trials

Speaking of SAP, the recently revised program has approved the first Numinus Wellness (TSX: NUMI, OTC: NUMIF) application to give a treatment-resistant depression client psychedelic-assisted therapy, marking the company's first use of psilocybin therapy outside of clinical trials. Dr. Andrew Bui-Nguyen, Numinus' Québec regional medical director, believes “this is the first Health Canada SAP approval for psilocybin-assisted therapy for someone suffering from treatment resistant depression in Québec.” Numinus CEO Payton Nyquvest adds, “We hope that our first psilocybin-assisted therapy treatment is the beginning for more opportunities for Canadian patients to obtain safe access to treatment and care in the mental health sector through psychedelic medicine.”