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Shell Summary for June 19, 2020

2020-06-19 20:32 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained 8.93 points to close at 567.20 Friday, ending the week up 12.29 points. Michael Franks and Sa'ad Shah have filed a preliminary prospectus to list their first capital pool shell, GHP Noetic Science-Psychedelic Pharma Inc. It plans to sell a $500,000 to $1-million initial public offering at 20 cents through Echelon Wealth Partners Inc. As the shell's name suggests, it intends to seek a deal involving psychedelics for its qualifying transaction.

Psychedelics are hallucinogens such as ketamine (an anesthetic), psilocybin (a compound found in "magic mushrooms"), MDMA (methylenedioxymethamphetamine or "ecstasy") and LSD (lysergic acid diethylamide). These are said to be potentially helpful in treating depression, anxiety, posttraumatic stress disorder, obsessive-compulsive disorder, migraines or addictions, but there have not been enough clinical trials done to prove such claims. Ketamine is a legal anesthetic in many countries. It is also sometimes prescribed by doctors for treating depression, but this is an off-label use. Psilocybin truffles are legal in the Netherlands. Psilocybin is legal in all forms in Jamaica, the British Virgin Islands, Brazil and Samoa. MDMA and LSD are illegal everywhere, but there are clinical trials involving both in the United States.

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