Field Trip Health (CSE: FTRP) announced today that it is actively identifying potential locations to open Health Centers in Oregon to provide psilocybin therapies.
This news is quickly following up on the passage of Measure 109 in Oregon on November 3, 2020 allowing the Oregon Health Authority to license and regulate a program for the cultivation of psilocybin and the provision of supervised psilocybin therapy. (We recently covered the news here and what it means for investors & businesses here.)
The company also announced it is now actively seeking licensing for the cultivation of psilocybin-producing mushrooms in the state of Oregon. Field Trip has already been cultivating twenty-five strains of mushrooms at its research facility in Jamaica, so if approved Field Trip should have an advantage over other companies looking to cultivate in the state.
Based on its geography and climate, Oregon is an ideal place for cultivation of psilocybin-producing mushrooms.Field Trip’s Director of Research, Marshall Tyler
While the rest of the market is flat, Field Trip shares are up more than 7% today on the news.
The company recently went public on October 6, 2020. Since its listing on the Canadian Securities Exchange (CSE), share prices have already gained more than 12%.
As we have recently covered, Field Trip Health has an aggressive rollout strategy with plans to open five clinics in a year and 75 clinics by 2023. If Field Trip finds a successful location for a therapy center, it would bring them to five centers opened so far (New York, Los Angeles, Chicago, Toronto, and Oregon).
If Field Trip is able to find a location for cultivation and therapy in Oregon as well as receive a license from the Oregon Health Authority, it will be a game changer for Field Trip’s business model.
Executive Chairman of Field Trip, Ronan Levy, stated, “the success of Measure 109… positions us to be the clear leader in the emerging psychedelics industry. With Field Trip Health centers rolling out across North America delivering best-in-class psychedelic therapies, and our research on cultivation of psilocybe, we are extremely well-positioned to help Oregonians access best-in-class psilocybin therapies.”
Although Field Trip will have first mover advantage in Oregon, we can be sure competitors are watching what happens and are ready to move if Field Trip is successful.
For investors, Measure 109 is already proving to be a boon for the psychedelic market.