Compass is developing psilocybin-based medications to treat mental health illnesses. Compass Pathways, the only psychedelics company to list on the NASDAQ, went public in September and currently has a market value of more than $1.7 billion. Most companies have gone public on Canadian exchanges like the Canadian Securities Exchange (CSE). The company follows in the footsteps of at least a dozen others that have listed publicly in the past few months. Novamind is the latest psychedelics startup looking to list publicly on a Canadian exchange. Read more: See the pitch deck a psychedelics startup just used to raise $18.6 million to develop new treatments derived from the Sonoran Desert toad The company also says it oversees clinical trials of existing compounds and runs psilocybin retreats in Europe and Central America. Novamind currently has clinics in Utah that are set up to administer ketamine-based treatments to patients for mental health conditions. The company is focused on building out an infrastructure that offers a "spectrum of services," Novamind CEO and cofounder Yaron Conforti told Business Insider. Novamind, a Toronto-based company with operations in the US and Europe, is trying to do a little bit everything. Still others are attaining licenses to import and distribute substances while a handful are running "psychedelics retreats" in jurisdictions where such programs are legal. Some are focusing on drug development for regulatory approval, while others are choosing to build out networks of clinics that will be able to deliver those medications to patients. Subscribe to Insider Cannabis, our weekly cannabis industry newsletter, for more stories like this.Īs the psychedelics industry grows, companies are attempting to position themselves as leaders of different verticals within the space.Novamind CEO and cofounder Yaron Conforti told Business Insider that the company is focused on building out an infrastructure that offers a "spectrum of services.".Novamind offers ketamine clinics and psychedelics retreats, and runs clinical trials on existing psychedelic compounds.The company is preparing to go public on the Canadian Securities Exchange (CSE) this month. Psychedelics company Novamind recently announced that it raised 10 million Canadian dollars in a private placement.Account icon An icon in the shape of a person's head and shoulders.
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