The psychedelics industry is quickly becoming the latest playground for celebrity investors and influencers in the financial sphere.
Kevin Harrington, one of the original “sharks” in ABC's “Shark Tank” is joining a psychedelics company as an investor and strategic advisor.
The company, Psycheceutical, Inc., is a wholly-owned subsidiary of Psycheceutical Bioscience, Inc. BWVI - a biotech currently developing patented delivery technologies designed to increase the safety and efficacy of psychedelic compounds.
“We need a different approach to treatment, and psychedelic medicines have shown incredible promise where conventional medicines have failed. It seems clear to me that psychedelics are the future of mental health treatment, but they need to be delivered safely like pharmaceutical medicines, which is why I’m so excited about Psycheceutical,” Harrington said.
Another Shark Dives Into The Psychedelics Tank
Harrington’s announcement adds weight to the growing presence of Shark Tank judges in the psychedelics space. In 2020 Kevin O’Leary, who shared two seasons of the show with Harrington, entered the space with an initial investment in MindMed MNMD, taking further positions in Compass Pathways CMPS.
O’Leary shared his vision for investing in the psychedelics space during a live keynote last month at Benzinga’s Psychedelics Capital Conference.
Other famed investors involved in psychedelics-related investing include Peter Thiel and Cathie Wood.
“The world is undergoing an unprecedented mental health crisis – we all know someone who is suffering from depression, anxiety, or addiction. What we’ve been doing isn’t working,” Harrington said.
He said he’s been watching the emerging psychedelic medicine industry and that he chose to invest in and join Psycheceutical “because of their patented next-gen delivery technologies, designed to increase the safety and efficacy of psychedelic compounds without the hallucinogenic side effects.
“As an entrepreneur who is trying to help people and make a positive impact with my investments, these kinds of opportunities don’t come up that often: real solutions to help alleviate real suffering for millions of people,” Harrington concluded.
Photo by Milad Fakurian on Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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