Clinical-stage psychedelic biotech, Tryp Therapeutics, Inc., has announced that its previously announced plan to merge with Exopharm Limited has received approval from Exopharm’s shareholders. The arrangement, which is expected to close on or about May 1, has satisfied all conditions precedent, with the exception of the conditional approval from the Australian Securities Exchange, according to a news release. The combined entity will be called “Tryptamine Therapeutics Limited,” and will trade on the ASX under the ticker symbol “TYP” around May 15. Tryp voluntarily requested a trading halt for ..read more

Hypha Labs Inc. (OTC: DIGP), formerly known as Digipath, announced that it is transitioning from the cannabis lab business to focus on psilocybin and other functional mushrooms. “We decided to get out of the cannabis lab business when someone offered us, you know, an amount of money that we thought was the right number to sell essentially all of our assets,” CEO Stone Douglass told Green Market Report. Douglass believes microdosing psychedelics will be the next big trend, similar to the cannabis industry boom. The company developed a patent-pending bioreactor machine that allows users to grow ..read more

A long-running showdown between a doctor and the U.S. Drug Enforcement Administration that could affect the legal status of psychedelics is heating up. The agency last week urged the Ninth Circuit Court of Appeal to block the physician’s efforts to use psilocybin to treat depression in terminally ill cancer patients, Law360 reported. The case centers on the scope and application of federal and state “Right-to-Try” laws, which allows the use of unapproved, investigational drugs for therapeutic purposes. Dr. Sunil Aggarwal, co-founder of Seattle-based psychedelics research and treatment clinic ..read more

Canada-based psychedelic firm PharmAla Biotech Holdings (CSE: MDMA) (OTC: MDXXF) raised $750,000 through the issuance of roughly 4.1 million new shares of stock. The funds will be used by PharmAla – which produces synthetic MDMA-like psychedelic goods for clinical trials – to continue securing “global patent rights” for its intellectual property, manufacturing products for sale, additional clinical trials for PharmAla medical products, and other general corporate purposes, the company said in a news release on Monday. In addition, 600,000 of the shares were used to settle a $108,000 outstandi ..read more

Maine’s legislature this week passed a bill that would create a commission to study the potential regulation of psychedelics for therapeutic use. The bill now awaits Gov. Janet Mills’ signature, with the deadline to decide right around the corner. According to state law, the governor has 10 days to sign the bill, veto it, or allow it to become law without her signature. The measure was significantly amended from its original version, which sought to legalize psilocybin and allow adults to access it at licensed facilities. Instead, it now calls for the establishment of a 13-member panel to ex ..read more

Clearmind Medicine Inc. (Nasdaq: CMND) announced an exclusive licensing agreement with Yissum Research Development Company of the Hebrew University of Jerusalem. Clearmind said it will get exclusive worldwide rights to develop, research, manufacture, market, and commercialize products derived from a patent-pending synthesis of psychedelic compounds. This company said in a statement that the partnership marks a significant step in harnessing generation 3.0 psychedelic compounds, methods of their preparation, and uses in the treatment of addiction and mental disorders. It will also increase the ..read more

A California Senate committee this week moved a bill that would legalize psychedelic service centers, allowing adults 21 and older to access a clique of psychedelic substances under supervised settings. SB 1012, carried by democratic state senator Scott Wiener, passed the Senate Business, Professions and Economic Development Committee with a 7-4 vote on Monday, Marijuana Moment first reported. The bill, known as the “Regulated Therapeutic Access to Psychedelics Act,” is a response to Governor Gavin Newsom’s veto of a broader psychedelics legalization proposal last year, according to Weiner ..read more

After markets closed on Friday, April 12,  Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF) announced its financial results for the second quarter ending February 29, 2024. Revenues declined sequentially by 15.4% from the prior quarter to $5 million in the quarter and dropped from $5.3 million for the same period in 2022. Numinus attributed the decline to the company’s further optimization of operations to focus on profitability and seasonality effects. The net loss for the quarter was trimmed to $5.9 million versus last year’s net loss of $7.3 million in the same period. Numinus stated ..read more

Although Colorado voters approved a groundbreaking psychedelics legalization ballot measure in 2022, it’s still being implemented by lawmakers, who introduced yet another bill introduced at the state capitol to set the stage for a medical psilocybin industry. However, the legislative session will adjourn in a month, which doesn’t leave much time for discussion. Lawmakers approved a bill last year to create the Natural Medicine Division (NMD) to implement Proposition 122, the psychedelic legalization ballot measure from 2022, but they left unfinished a lot of specifics which the new bill aims ..read more

Canadian psychedelics company Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN) inked a deal to supply a New Zealand research institute with psilocybin, giving the company a boost to its international dealings. Although Optimi already has a psychedelic footprint in neighboring Australia, the new supply deal – with the Mātai Medical Research Institute on behalf of the Tū Wairua Project – is the first such agreement for Optimi with any entity in New Zealand. Optimi’s British Columbia-made psilocybin extracts will be utilized by a clinical study focused on native Maori tribal members dea ..read more