Excursion Health goes to Nasdaq as Wall Street opens to the “psychedelics renaissance”
The excitement about psychedelics grows as the major US exchanges make room for more companies in the industry.
On Friday, Field Trip Health Ltd. (TSX: FTRP) (OTCQX: FTRPF), a company developing a network of clinics for psychedelic therapies, announced the conditional approval of Nasdaq to list its shares on the stock exchange.
In early June, the company bought its Canadian shares from the Canadian Securities Exchange on the Toronto Stock Exchange. Following the completion of the Nasdaq uplisting, the shares listed in Canada will remain on the TSX, while the shares currently listed on the OTC market will be added to the Nasdaq.
The final approval is subject to the condition that the company meets the remaining conditions and regulatory requirements. An uplisting date has not yet been set.
Field Trip Health CEO Joseph del Moral said Field Trip’s anticipated listing on the Nasdaq is an important milestone in the company’s development as a publicly traded company.
“We believe this anticipated listing will improve liquidity by allowing more investors to participate in our growth and, ultimately, increase long-term shareholder value. This is a critical time for us to increase our visibility in the market as we continue our work to build a world class and disruptive company at the forefront of the psychedelics industry, ”added de Moral.
A number of psychedelics companies are listed on Nasdaq this year, including Compass paths (NASDAQ: CMPS), MindMed (NASDAQ: MNMD), Atai life sciences (NASDAQ: ATAI) and GH research (NASDAQ: GHRS). Other companies on the exchange have started or announced to work with psychedelic molecules, such as: Seelos therapeutics (NASDAQ: SEEL) and Enveric life sciences (NASDAQ: ENVB).
On Thursday, Cybin Inc. (NEO: CYBN) (OTCQB: CLXPF), announced similar conditional approval to listing on the NYSE.
Mujeeb Jafferi, COO. by Field Trip said: “Psychedelics are experiencing a unique renaissance, as demonstrated by the industry’s increasing support from scientists, regulators and investors alike.”
Aside from its psychedelic clinics, the company runs a drug development program using a proprietary second-generation psychedelic molecule called FT-104. The research is currently in the preclinical stage. FT-104 is believed to have psychedelic abilities with a shorter duration of action than the natural psilocybin analog.
Image by Tumisu from Pixabay.