So far this year, we have noticed a significant increase in the amount of interest in the psychedelic therapy market and this is a trend that we are closely following. Following the completion of a few successful reverse takeovers, we have started to see a spike in the number of pre-IPO companies that are focused on the psychedelic vertical.
Due to the increase in interest, we have made the psychedelic therapy market a large focus for our team. We have been committed to analyzing these companies and believe that we have identified several attractive early stage companies.
Field Trip represents a more advanced play on the psychedelic therapy market and is taking an integrated approach to using ketamine-enhanced psychotherapies to improve mental health. Through a personalized approach to mental wellness that blends legal psychedelic medicine, mindfulness and self-care with psychotherapy, in a comfortable environment that is designed to promote healing.
Field Trip is in the process of building out a network of clinics to initially provide ketamine-enhanced psychotherapies to treat depression. Over the long-term, the company plans to expand into new therapeutics as they are approved and has plans to open 50 to 60 clinics across Canada and the US by 2023.
For decades, ketamine has been used safely in anesthesia and we are favorable on the strategy that Field Trip has in place. The ketamine-enhanced studies that are being performed by Field Trip are conducted at lower doses than what is used in anesthesia and in a safe setting alongside psychotherapy. The lower doses can promote better mental health by disrupting thought patterns or loops and we will monitor how the story continues to evolve.
One of the reasons we are excited about Field Trip is due to the structure of the business. The company is investing in strategic verticals of the psychedelic value chain through its various divisions. We are favorable on the amount of value that can be unlocked between Field Trip’s divisions and have highlighted them below:
- Field Trip Health Centers: Has flagship clinics in Toronto and New York (under construction) and plans to open clinics in Los Angeles, San Francisco, Chicago, Washington.
- Field Trip Health Virtual Therapy: The types of offerings include virtual psychedelic therapy, COVID coping therapy, and integration
- Trip App: The app is in development for iOS and Android and is expected to launch in July. Th app will be the first ever app to support psychedelic experiences.
- Field Trip Discovery: FT-101 is first molecule in development and is currently in pre-clinical trials. FT-101 expects to start a Phase 1 clinical trial in the fourth quarter of 2020.
- Field Trip Blue: A psilocybin cultivation and research facility that was developed in partnership with the University of West Indies in Jamaica (a geography where psychedelics are legal). The facility is being constructed to meet GMP standards and is expected to be completed in in the second quarter of 2020.
Another reason we are excited about Field Trip is due to the track record of the management team. The team previously founded CanvasRx, a leading cannabis clinic company that was acquired by Aurora Cannabis (ACB.TO) (ACB) in 2016. The team also founded Canadian Cannabis Clinics, which has 29 clinics and sees approx. 10,000 patients per month.
Earlier this year, Field Trip completed an over-subscribed Series A private placement and raised more than $8 million. The company plans to use the proceeds to build out the clinic network and we will monitor how the management team is able to drive the story forward. We are bullish on the growth prospects that are associated with the three divisions and believe that Field Trip is an opportunity to be aware of.