"The expectation is when MDMA is legalized, when psilocybin is a legal prescription, we will have the infrastructure to bring those treatments online, but until we can operate in legal jurisdictions with those compounds, we'll provide the spectrum of services and keep waiting," he continued. In other words, while Novamind is focused on positioning itself for more widely available psychedelic medications down the line, it is also taking steps to ensure that its business model makes sense today, that its current patients have access to the treatments that are available today. Pointing to different offerings Novamind provides - from its clinics to retreats to trials - Conforti added that "treating people today is different than proposing to establish infrastructure for the future." Read more: Investors are pouring millions into startups that are developing magic mushrooms as medications for conditions like depression and PTSD Reid Robison, Novamind's chief medical officer, said that the company is setting up the groundwork for when psychedelic medications will be regulated and more widely available.
In total, the company says it's raised around C$15 million. Novamind recently raised 10 million Canadian dollars ($7.8 million) in a private placement in preparation to go public. The CEO told us how he raised the mega-round and why it's a sign psychedelics are going mainstream.Ĭonforti said the expansion of Novamind's clinics will be focused on North America first and added that the company is in "active discussions" in Oregon as well as a few other states. Read more: A major psychedelics company just landed a record sum of cash from VCs. Yaron Conforti, cofounder & CEO at Novamind Oregon recently became the first state to legalize a regulated psilocybin program, but Novamind's CEO Yaron Conforti told Business Insider that the company is currently focused on first expanding its operations in Utah, where it already has clinics and research operations. Read more: Oregon made history by becoming the first state to legalize a therapeutic psilocybin program, but psychedelics companies like ATAI and MindMed say they don't plan to jump in anytime soon 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.
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