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Canadian psychotropics company Lucy Scientific Discovery sets terms for $8 million US IPO

December 15, 2022

Lucy Scientific Discovery, an early-stage psychotropics contract manufacturing company, announced terms for its IPO on Thursday.

The Victoria, Canada-based company plans to raise $8 million by offering 2 million shares at $4. At the proposed price, Lucy Scientific Discovery would command a fully diluted market value of $63 million.

From its beginnings as a medicinal cannabis firm known as Hollyweed North Cannabis, Lucy Scientific Discovery has since obtained a Controlled Substances Dealer’s License from Health Canada to produce and conduct research using psilocybin, psilocin, MDMA, and LSD. The company is early stage but has commenced operations, and it aims to achieve production-scale manufacturing capabilities and cGMP certification by June 2023.

Lucy Scientific Discovery was founded in 2017 and plans to list on the Nasdaq under the symbol LSDI. WestPark Capital is the sole bookrunner on the deal.