Business Trip News: Trouble in the psychedelics startup world
Oregon practitioner training company goes bankrupt
The Netherlands-based Synthesis Institute, which offered psychedelic retreats and practitioner training, has filed for bankruptcy, leaving almost 300 students enrolled in its psilocybin facilitator training course in Oregon with an uncertain future.
The company started expanding to the US in 2021, and Synthesis planned to establish a psilocybin service center and facilitator training program. It secured $7.25m in Series A funding in September 2021, with an unusual company structure in the form of a Steward-Ownership organization.
Psychedelics company hires a doctor who studies the effects of DMT on brain injuries
Algernon Pharmaceuticals has announced that it has appointed Dr. David L Brody as a consultant for its clinical research program for the treatment of traumatic brain injury (TBI) with AP-188 (“N,N-Dimethyltryptamine or DMT”).
Texas Dems work to pass three pro-psychedelic bills
A number of American states are considering or have enacted legislation to decriminalize certain psychedelics. However, Texas is the only state to have actually legalized the medicinal use of psychedelics. Last year, the state legalized the use of psilocybin, MDMA, and ketamine for veterans suffering from PTSD.