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Canadian psychotropics company Lucy Scientific Discovery removes warrants ahead of $10 million US IPO

November 14, 2022

Lucy Scientific Discovery, an early-stage psychotropics contract manufacturing company, filed an amendment on Monday with the SEC, disclosing that it now plans to offer shares of common stock in its $10 million initial public offering. The company originally filed in January 2022 and planned to offer units containing one share of common stock and one warrant.

The British Columbia-based company, which began as a medicinal cannabis firm known as Hollyweed North Cannabis, has since obtained a Controlled Substances Dealer’s License from Health Canada to produce and conduct research using psilocybin, psilocin, MDMA, and LSD. The firm is early stage but has since commenced operations and aims to achieve production-scale manufacturing capabilities and cGMP certification by January 2023.

The Victoria, Canada-based company was founded in 2017 and plans to list on the Nasdaq under the symbol LSDI. Lucy Scientific Discovery filed confidentially on September 28, 2021. WestPark Capital is the sole bookrunner on the deal. No pricing terms were disclosed.