Business

Psychedelics are creating an alternative form of healthcare, so it is only reasonable that the industry would seek out alternative sources of funding. Nearly all businesses in the psychedelic industry are in the early stages of development, so companies are searching for funding in a less-than-favorable economic environment. While there are traditional investment opportunities available…

On Monday, Cybin released the financial results for its first quarter, ending June 30, 2023. As of June 30, 2023, the company had $9.4 million (Canadian dollars) in cash. It translates to about $6.9 in US Dollars. The press release also included the current cash position, which is $18 million as of August 14, 2023,…

The release of quarterly financial reports over the past few weeks is providing some much-needed insight into the state of the industry. It is becoming apparent which companies are rising to the top and which are struggling to stay afloat. The recent release of Braxia Scientific’s financial statement raises some questions about its ability to…

On Monday, publicly-traded psychedelic company Cybin announced an overnight public offering, and its stock paid the price.  This came as no surprise to anyone following the company’s financial state. On March 31, 2023, Cybin had C$16.6 million cash on hand, with a $13.7 million burn rate for the quarter.  The company cut its burn rate…