For the most part, this week was a red sea for the psychedelics industry. Most companies were down within the teens, while Ehave (EHVVF) was a noticeable outlier at -47.04%. It’s not completely unexpected to see profit-taking with the continuous weeks of green and unprecedented volatility we’ve had recently.

Meanwhile, in the lands of stonks, the SEC has recently suspended trading in 15 companies due to market volatility and social media attempts to artificially inflate the share prices. While not included in the list of suspended companies, it seems the GME fiasco, again not completely unexpected, could foster regulations or repercussions surrounding the discussion of stocks on social media. I’m already excited for The Big Short 2.

Here’s a summary of this week’s news:

Revive Therapeutics Provides Update on FDA Phase 3 Clinical Trial for Bucillamine in COVID-19 with Planned Completion and Emergency Use Authorization Request

Revive Therapeutics plans to aggressively expand from 14 clinical sites to up to 50 clinical sites to meet the next enrollment goals for the Study in Q2-2021. The company also aims to approach the FDA to obtain agreement on filing an Emergency Use Authorization for Bucillamine to treat mild to moderate COVID-19.

Field Trip Health Announces Upsize to Previously Announced Bought Deal Public Offering

Due to strong demand, Field Trip Health announced upsize to the previously announced bought deal public offering, it has increased the size of its bought deal public offering from C$50M to C$82M at a price of C$6.50 per common share.

PsyBio Therapeutics Corp. Begins Trading on the TSX Venture Exchange

At the opening of the market on 25 February, 2021 PsyBio Therapeutics Corp’s subordinate voting shares commenced trading on the TSX Venture Exchange under the ticker symbol “PSYB”.

PharmaTher Announces Research Collaboration with Terasaki Institute for Novel Microneedle Delivery of Psychedelic Pharmaceuticals

PharmaTher has entered into a sponsored research agreement with the Terasaki Institute to develop a novel microneedle patch that aims to deliver psychedelic pharmaceuticals such as psilocybin, MDMA, LSD & DMT through microdosing for unmet medical needs.

Optimi Health Corp. Completes Oversubscribed $20.7 Million Initial Public Offering, and Announces Listing on the CSE

The common shares of Optimi Health Corp. and the common share purchase warrants issued pursuant to the Offering commenced trading on February 25, 2021 on the Canadian Securities Exchange under the symbol “OPTI” & “OPTI.WT”.

Each Wednesday and Saturday, we will send you a review of the latest price movements, financial analysis, and original insights on the emerging financial landscape of the psychedelic industry.