The company has previously opened or announced the intention to open six locations worldwide (Toronto, New York, Los Angeles, Chicago, Oregon, and Amsterdam).
On November 30, in the company’s Second Fiscal Quarter 2021 Financial Results, the company also announced its intention to open locations in Houston, TX, and Atlanta, GA. The company plans to begin accepting patients at both locations by January.
Where the Company Will Be Opening Clinics Next
Using job board listings and public filings, Psychedelic Invest has discovered Field Trip’s intention to open locations soon in San Diego, CA, and Washington, DC.
The company has job listings publicly available for a Licensed Psychotherapist in San Diego. The company is also hiring for a Psychiatric Nurse Practitioner and a Licensed Psychotherapist in Washington, DC.
Washington DC would make sense for Field Trip due to the nation’s capital recent decriminalization of substances such as psilocybin.
Field Trip Health’s Continued Growth
So far, Field Trip seems to be ahead of schedule in its plans to open psychedelic therapy locations, but it still has a long way to go to reach 75 locations by 2023. Continuing growth will be very dependent on two factors:
- The revenue generated by its current locations
As reported in Field Trip’s Second Fiscal Quarter 2021 Financial Results, the company reported patient services revenues of $94,532 from its Toronto and New York Field Trip Health centers, which began continuous operations in June and August, respectively.
Investors should note that this revenue was generated in the middle of the coronavirus pandemic when Field Trip’s Toronto location was closed from March to May.
Although it is an encouraging sign that Field Trip is generating revenue at its early locations, the revenue won’t be enough to make up for the company’s expansion plans in the short term.
Field Trip currently forecasts that each of its locations will take anywhere from 9 to 12 months to reach breakeven. On a recent earnings call, the company also reported that Toronto, its first location, is busier than ever. They have needed to extend hours into the evening and weekend to keep up with demand.
The company will need to continue going to the public or private markets to raise money to fund growth. The recent $11M in private placements highlights this point.
- The continued acceptance (and legalization) of psychedelic therapies in new locations
In many of Field Trip’s current psychedelic therapy locations, the company is limited to ketamine treatments due to restraints on the use of other psychedelic therapies such as psilocybin.
Field Trip isn’t afraid of moving quickly when needed, though, as shown by their recent announcement to open a therapy location and intention to cultivate psilocybin producing mushrooms in Oregon following the state’s passage of Measure 109.
It is safe to assume Field Trip will continue to ride the decriminalization wave and/or legalization when opening new facilities in North America and abroad.
Why Amsterdam is Important
Existing or potential investors in Field Trip Health should keep a close eye on its Amsterdam location.
The Amsterdam clinic, which Field Trip plans to open by March 2021, can be seen as a proxy for the potential of psychedelic treatment beyond ketamine. Due to the legal nature of psychedelic-assisted therapy in North America, Field Trip will be unable to test substances such as psilocybin (and specifically FT 104) in therapy.
If the company’s Amsterdam location shows success, investors should expect a similar rollout to the proposed Oregon location.