A number of financial firms and investment banks started the cover of Atai Life Sciences (NASDAQ: ATAI) last week.

The ratings ranged from a sober sector performance rating to RBC Capital Markets with a 12-month price target of $19 at a bullish overweight rating of Cantor Fitzgerald, which gave Atai a 12-month price target of $45.

Atai stock closed at $17.38 during Friday’s trading session.

The other hedge included an outperformance of Swiss credit with a price target of $25; Buy notes from Citigroup and Aegis Capital with price targets of $26 and a buy rating of Berenberg with a price target of $35. Canaccord Genuity also gave Atai a buy rating and Cowen & Co. ranked it as an overperformer.

Cantor expects the biotech to “become a leader in drug development to facilitate a new paradigm for the treatment of high unmet need mental health disorders,” praising the company’s decentralized wallet business model.

RBC sees an opportunity for longer-term success for Atai, but in the near term expects “online commerce as the company executes its early clinical development and licensing strategies until programs mature more and reduce risk more.” emerge.”

Wesana Health to Buy PsyTech in $17M All-Stock Deal

Wesana Health Holdings (CSE: WESA), a life sciences company that champions the development of psychedelics and other drugs for the treatment of traumatic brain injury, announced a definitive agreement to acquire PsyTech Inc. in an all-stock deal for approximately C$21 million ($16.8 million). The purchase will make PsyTech a wholly owned subsidiary of Wesana.

PsyTech will bring “Tovana Solutions, “its clinical software-as-a-service (SaaS) platform, which will be rebranded”WesanaSolutions.“The platform facilitates access to clinical protocols and tracks their effectiveness by collecting provider and patient data, as well as real-time patient monitoring, management and analytics.

PsyTech will also bring its Tovana Clinics, which will be rebranded as “Wesana Clinics”. These two psychiatrist-run mental health clinics located in Chicago focus on providing ketamine therapy, among other treatments. A third clinic has been announced as currently under construction and the company has plans for more clinics in the near future.

Finally, the PsyTech Connect platform will be added to the Wesana ecosystem. It is described as a “psychedelic therapy community” with over 8,000 actively engaged professionals.

The transaction is expected to close in the third quarter of this year, subject to final shareholder approval by PsyTech.

California Psychedelics Bill Rises in Assembly as Activist Presents Ballot Initiative

California’s SB 519, intended to decriminalize the use, possession, and social sharing of several psychedelic substances, has taken another step by winning approval from the Assembly Public Health Committee in an 8-vote vote. against 4.

The bill was voted on in the Senate in early June and now only needs approval from the Assembly Appropriations Committee before being put to a floor vote by the Assembly.

Sponsored by Senator Scott Wiener, the bill would remove criminal penalties for adults 21 and older carrying or using psilocybin mushrooms, DMT, ibogaine, LSD and MDMA.

According to Marijuana Moment, this committee approval came with the inclusion of possession limits for the proposed law, which are: 2 grams of DMT, 15 grams of ibogaine, 0.01 grams of LSD, 4 grams of mescaline , 4 grams of MDMA and 2 grams. of psilocybin (or psilocine) or 4 ounces of a plant or mushroom containing such substances.

Since the social sharing of substances would also be allowed under this law, entertainers would be allowed to possess larger quantities if they can justify that they are intended for use by people attending a ceremony. Personal cultivation would have no limits.

In parallel, Activists have submitted a petition to the state attorney general’s office to include a measure in the 2022 ballot that would legalize the “personal, medical, therapeutic, religious, spiritual, and dietary use of psilocybin mushrooms” for adults age 21 years and older.

Awakn Life Sciences launches research program on ketamine for alcohol and gambling addiction

Awakn Life Sciences (NEO: AWKN) has officially announced the launch of a research program that will investigate the use of ketamine in substance abuse disorders and behavioral addictions.

The new program will consist of a late-stage clinical trial focused on alcohol use disorders and a mechanistic study focused on gambling addiction as well as intellectual property development activities.

In a recent interview with Benzinga, Anthony Tennyson, CEO of the UK-based company, discussed how Awakn’s research into ketamine will enable him to improve treatment protocols at his own clinics.

The research will be led by Professor Celia Morgan from the University of Exeter in the UK.

Creso Pharma acquires Halucenex in step forward for Red Light Holland

Cannabis Company Creso Pharma entered the psychedelic business with the purchase of Halucenex Life Sciences, a Canadian psychedelics company working to obtain FDA and Health Canada clearance to conduct a Phase 2 clinical trial of psilocybin for PTSD.

The news was also announced enthusiastically by Holland red light (Canadian: TRIP) (OTCPINK: TRUFF), which in June signed a definitive agreement to merge with Creso Pharma into a new company to be called The HighBrid Lab.

The merged group plans to increase vertical integration strategies “from growing, harvesting, packaging, branding and distribution to potential brick-and-mortar stores,” including CBD sales , THC, psilocybin and functional mushrooms, where permitted by law.

Cannabis industry veteran Bruce Linton has been proposed as chairman of the new company’s board.

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