Mydecine Innovations Group

Headquartered in Colorado, Mydecine Innovations Group (formerly called NewLeaf Brands) is a biopharmaceutical and life sciences company working on the research and development of psychedelic and natural substances for medicinal use. The company operates in three business segments through its integrated subsidiaries: 

1) Natural Health Products (via NeuroPharm) which develops pharmaceutical and natural health products from psychedelic and functional ingredients to treat post-traumatic stress disorder (PTSD) in veterans and first responders, among others 

2) Research and Development (via Mydecine Health Sciences) for new functional and psychedelic compounds to treat mental disorders, and 

3) Digital Health (via Mindleap Health) which helps people connect with mental health specialists to provide psychedelic aftercare. 

In December 2020, Mydecine completed its first natural commercial harvest of psilocybin mushrooms at its research and cultivation facility in Jamaica. The company plans on exporting the harvest to its Canadian facility which has a Dealer’s License approved by Health Canada to import. In June 2021, the company launched an artificial intelligence (AI) drug discovery program in collaboration with the University of Alberta to leverage AI and machine learning technologies to screen molecules. 

Funding and financials

In August 2022, the company entered into a subscription agreement with a third-party investor, OpenSky Opportunities Fund Ltd, to issue and sell common shares worth USD 10 million in tranches over a period of time. First issuance of the offering for USD 1 million worth of shares was made in September 2022, second issuance of the offering for USD 0.5 million worth of shares was made in October 2022 and the third issuance for USD 4.5 million, consisting of 8.5 million common shares priced at USD 0.53 per share was made in November 2022. The new funds were allocated towards advancing its intellectual property portfolio, clinical trials, research partnerships, advancing its drug pipeline, and working capital purposes.

For FY2022 the company reported a net loss of USD 11.56 million compared to USD 28.89 million in December 2021. For the six months ended June 2023, net losses increased by 29.8% YoY to USD 3.18 million. As of end-June 2023, the cash balance stood at USD 40.5 million, compared to USD 11.0 million in end-December 2022.