Excitement around psychedelics grows as major U.S. exchanges make room for more companies in the sector.
On Friday, Field Trip Health Ltd. FTRP FTRPF, a company developing a network of psychedelics-assisted therapy clinics, announced conditional approval from the Nasdaq to list its stock on the exchange.
In early June, the company uplisted its Canadian stock from the Canadian Securities Exchange to the Toronto Stock Exchange. After the Nasdaq uplisting goes through, shares listed in Canada will remain on the TSX, while shares currently listed on the OTC market will be uplisted into the Nasdaq.
Final approval is still subject to the company fulfilling remaining conditions and regulatory requirements. An uplisting date has not yet been confirmed.
Field Trip Health CEO Joseph del Moral said that the anticipated listing of Field Trip stock on the Nasdaq is a key milestone in the company’s evolution as a publicly traded entity.
“We believe this anticipated listing will improve liquidity by enabling more investors to participate in our growth, and ultimately enhance long-term shareholder value. This is a critical time for us to increase our visibility in the marketplace, as we continue our work building a world-class and disruptive company at the forefront of the psychedelics industry,” de Moral added.
A number of companies in the psychedelics space have listed on the Nasdaq this year, including Compass Pathways CMPS, MindMed MNMD, Atai Life Sciences ATAI and GH Research GHRS. Other companies in the exchange have begun or announced work with psychedelic molecules, such as Seelos Therapeutics SEEL and Enveric Biosciences ENVB.
On Thursday, Cybin Inc. CYBN CLXPF, announced a similar conditional approval to uplist to the NYSE.
Mujeeb Jafferi, Field Trip’s COO said “psychedelics are experiencing a once-in-a-lifetime renaissance, as evidenced by the increasing support the industry is garnering from scientists, regulators and investors alike.”
Aside from its psychedelics clinics, the company is heading a drug development program with a proprietary second-generation psychedelic molecule called FT-104. Research is currently at preclinical stages. FT-104 is believed to have psychedelic capabilities with a shorter duration of effect than that of natural analog psilocybin.
Image by Tumisu on Pixabay.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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