Psyched: MindCure Shuts Down Operations, Novamind And MindMed Partner For Study

The psychedelics space was shaken up on the news that MindCure Health MCURF was shutting down operations.

After a review process, the company’s board decided that MindCure’s business plan required more capital that it could gather under current market conditions, thus shutting down operations was considered the best move to preserve its cash position of CA$10.57 million ($8.33 million).

Far from an isolated event, MindCure’s demise can be viewed as ground zero in an upcoming trend towards consolidation that could clear out many of the worst capitalized companies in the space. With reduced access to capital impacting the entire market, analysts expect a number of public companies in psychedelics to follow MindCure’s path, in a survival of the fittest-type showdown.

The trend, part of psychedelics’ natural “growing pains” could become a theme for the sector in 2022, further cementing the dominating position of the best-capitalized companies in the space.

Mind Cure Health Is Shutting Down All Operations, Citing Lack Of Funds To Move Forward

Mind Cure Health Inc. MCURF, a mental health and wellness company working in the psychedelics sector, announced that a special committee its board of directors concluded a review process and has determined that the capital required to continue the Company's business plan is unlikely to be found under the current and foreseeable market conditions. Read the full story…

Wesana Health One Step Closer To Clinical Trials Of Psilocybin And CBD Based Treatment Of Brain Injury Related MDD

Wesana Health Holdings Inc. WSNAF have received a full written response from the Food and Drug Administration regarding their pre-investigational new drug meeting for the novel therapy and proprietary protocol of SANA-013 for the treatment of traumatic brain injury-related major depressive disorder. Read the full story…

Washington State Legislature Proposes $200K To Fund Psilocybin Research

A new budget bill with a proposal to earmark $200,000 for researching the possibility of legalizing psilocybin services in Washington State was filed by the State legislature on Thursday. The bill also proposes relying on current cannabis regulatory systems to track psychedelic mushrooms, reported Marijuana Moment. Read the full story…

Novamind To Host MindMed Phase IIb Trial For LSD Based Drug For Anxiety Treatment

Novamind Inc. NVMDF has been selected by Mind Medicine, Inc. MNMD to host a Phase IIb randomized clinical trial investigating lysergic acid diethylamide (LSD) for generalized anxiety disorder in adults. Read the full story…

Allied Corp. Files Full Psilocybin Patent For Psilonex To Treat Central Nervous System Disorders

Allied Corp. ALID has successfully filed for a full patent regarding “Dosing regimes of pharmaceutical and nutraceutical mushroom and cannabis compositions and their use to treat CNS disorders and improve mental health." Read the full story…

Klee Irwin Of Irwin Naturals At The Forefront Of 'Psychedelics Renaissance': Meet Our Keynote Speakers

Meet the person behind Irwin Naturals Inc. IWINF, an herbal supplement formulator and leader in the nutrition industry at the forefront of the "psychedelics renaissance." Klee Irwin serves as CEO and chairman of Irwin Naturals and director of Quantum Gravity Research, a non-profit research institute he founded in 2009. Read the full story…

'Psychedelics Companies Are Onto Something Extraordinary,' Says Kevin O'Leary: Meet Our Keynote Speakers

Whether you're into finances or just a fan of Shark Tank, chances are you know who Kevin O’Leary is. AKA Mr. Wonderful, the Canadian investor of Irish heritage is well known in the finance space and as a TV personality. But, who is the real Kevin O'Leary? Read the full story…

To hear more about the important and fascinating scientific advances and meet face-to-face with some of this nascent industry’s professionals & market leaders, join us at the Benzinga Psychedelics Capital Conference on April 19, 2022 at the Fontainebleau Miami Beach where we are bringing together leaders of the largest publicly-traded Psychedelics companies with investors from across North America.
Tickets for this first-of-its-kind gathering are still available here.

Market News and Data brought to you by Benzinga APIs
Posted In: CannabisPenny StocksPsychedelicsSmall CapMarkets
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

The Top Cannabis Event In New Jersey

Join the Benzinga Cannabis Market Spotlight in New Jersey on June 17th! Grow your business, raise money and capitalize on the booming NJ recreational market. Don’t miss this must-attend event in New Brunswick. Secure your tickets now. Very few spots are left. Use the code "JAVIER20" for 20% off!