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Shell Summary for Feb. 5, 2021

2021-02-05 20:46 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange rose 24 points to 1,022 Friday. This is the index's first time above 1,000 since 2014, when oil prices crashed. (The blockchain frenzy pushed it up to 940 in 2018.) Back in 2007, the index went as high as 3,370. In the shell world, Michael Franks and Sa'ad Shah's GHP Noetic Science-Psychedelic Pharma Inc. (PSYF: halted) plans to acquire an aspiring psychedelic drug developer called Diamond Therapeutics Inc. for the shell's qualifying transaction. The shell will roll back 1 for 2.2727, leaving it with 4.4 million shares issued, then issue 88.96 million shares to its target's shareholders.

Diamond is talking up potential psilocybin (magic mushroom) drugs for treating unspecified mental illnesses. Last month, it hired a McGill University professor to conduct research on the potential of low-dose LSD (lysergic acid diethylamide) to treat mental disorders such as autism and social anxiety. (Psychedelic substances such as LSD and psilocybin are illegal almost everywhere. Exceptions include the Netherlands, where psilocybin truffles are allowed, but other psilocybin products are not.) Diamond did not say how much money the professor will be receiving. According to documents filed with the B.C. Securities Commission, Diamond raised $300,000 at 40 cents last year. It raised another $5.42-million at $2 last month. In connection with the QT, there will be a $2-million financing, but the terms are not yet available.

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