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

Biopharmaceutical company Synaptogenix, Inc. (Nasdaq: SNPX) has increased its stake in the psilocybin drug discovery company PsygaBio through its previously announced partnership with Cannasoul Analytics. Synaptogenix had taken a 25% stake in Cannasoul in November of 2023 to support research and development for psilocybin mushroom and cannabinoid-based therapeutics. The company did not disclose what it spent to increase its position in PsygaBio. Synaptogenix Chairman Josh Silverman and Director Bruce Bernstein will join PsygaBio’s board of directors. “In addition to the continu ..read more

Filament Health Corp. (OTCQB: FLHLF) (NEO: FH) (FSE: 7QS) posted its fourth quarter and full year financials ending Dec. 31, 2023, with the clinical-stage natural psychedelic drug developer showing some decent revenue gains alongside lower losses. Filament reported $1.8 million in cash and cash equivalents, $1.1 million in working capital, and used $4.2 million in operating activities during the year. The company generated $2.1 million in total revenues for the year, versus $364,500 in 2022. However, net loss came out to $5.3 million, though a 103% improvement from 2022’s $16.5 million net lo ..read more

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