TDR’s Psychedelic Developments For The Week Of June 20

While Numinus’ Utah clinics, operating under the Cedar Psychiatry brand, have secured insurance coverage from select insurance companies for direct billing of ketamine for treatment-resistant depression, access remains a challenge for many patients. To bridge this gap, Cedar Psychiatry and Utah-based HempLucid have been piloting Corporate KAP since 2019 to ensure that its employees with a mental health diagnosis can access the care they need. Per the arrangement, HempLucid covers the cost of ketamine infusions while leveraging its existing healthcare insurance plan to support the therapy component of KAP.

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Alex Grey, Part Of A MAPS Benefit NFT Launch, Seen In New York’s Times Square

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3. Psychedelic Stocks Rise Amid Big Biotech Rebound

The biggest psychedelic stocks were mostly higher, as risk assets were bought along the curve. The Horizon Psychedelic Stock Index ETF (PSYK) rose ↑2.67%, however underperformed biopharmaceutical peers Nasdaq Junior Biotechnology Index (↑11.69%) and the Nasdaq Biotechnology Ishares ETF (↑9.56%). The NASDAQ 100 ↑7.40% and S&P 500 ↑6.50% rebounded strongly, paving the way for the biggest rally in biotech stocks in 2022.

Here’s how the Health Care (Biotechnology) sector performed:

In the news…

BetterLife Pharma announced that an abstract submitted on the anti-depressant activity of its lead compound 2-bromo-LSD (“BETR-001”) was accepted for poster presentation at the upcoming FENS Forum, being held July 9-13 in Paris, France.

Cybin: Canaccord analyst Sumant Kulkarni believes Cybin is significantly undervalued relative to addressable market.

Cybin reported audited financial results…