Compass Pathways, the U.K.-based, Peter Thiel-backed medical psilocybin company soared in its NASDAQ IPO inaugurating psychedelics as the next big psychoactive business opportunity. 

  • After opening Wednesday at $17 per share the stock closed the day at $36.75 and the week at $43.17.
  • Compass’ first backer, a German biotech entrepreneur named Christian Angermayer saw his 22% stake in the company climb to more than $300M.
  • Other companies to watch include Mind Medicine and Champignon Brands both of which trade for less than a buck in Canada.
  • Like cannabis, psilocybin and MDMA are schedule 1 drugs, but for reasons that aren’t entirely clear, the FDA seems much more interested in advancing therapies derived from those drugs.
  • Just like with cannabis, the industry is promoting its own euphemisms. So instead of “hallucinogens,” executives call them “functional mushrooms.”
  • The Washington Post asks who benefits from the mainstreaming of psychedelic medicine.
  • The FDA, however, is showing a new openness to MED research.
    Cannabis Wire

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