The Compass Pathways’ announcement that it is filing for a NASDAQ listing has been generating most of the headlines in the psychedelics space in recent days.
Flying under the radar, another private company is also moving to go public.
Mind Cure Health Inc., based out of Vancouver, Canada, just filed its IPO prospectus on
Sedar on August 27, 2020.
Go through the nuts-and-bolts of Mind Cure’s existing operations, and it’s all about “functional mushrooms”. Functional mushrooms are a large-and-growing market in the dynamic nutritional supplements space – already pegged at
$23 billion per year (in 2019) by Mordor Intelligence.
Mind Cure has an existing product line of functional mushroom products (“Moonbeam”), for which it is building both an online and brick-and-mortar distribution network.
However, the Company states its business model in much more general terms.
Mind Cure is a mental health and wellness company with a mission to identify, develop and commercialize products that enhance mental health and wellness, ease suffering and increase productivity.
More than just functional mushrooms.
Mind Cure’s additional plans as a health & wellness company become apparent when it discusses its R&D plans in the prospectus.
As part of its mission to identify, develop, and commercialize products that enhance mental health and wellness, ease suffering and increase productivity, Mind Cure intends to evaluate the potential legal and commercial viability of the use of psychedelic compounds such as psilocybin as part of its product candidates. Mind Cure does not currently have any products under development that utilize or involve psychedelic compounds such as psilocybin.
Mind Cure believes that both the functional and psychedelic mushroom products market is a significant business opportunity and plans to be in position to take part in this emerging sector. [emphasis mine]
Mind Cure, like most of the psychedelics startups, is working toward a Canadian listing on the CSE. It is seeking to raise between CAD$1 million and CAD$2.6 million for its qualifying transaction.
Functional
and psychedelic mushrooms, and other psychedelics R&D as well (per the prospectus).
This is becoming a specific niche within the larger psychedelic drug industry. Why?
We will connect the dots here in an upcoming investor feature.
Compass Pathways may very likely become a core holding in the psychedelic drug sector after it goes public. But as investors look to broaden and diversify their psychedelics portfolio, functional-and-psychedelic mushroom companies like Mind Cure Health offer a new game-plan for investors.
