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☆ Inside Startupland's 'Shroom Boom'
  + stars: | 2024-03-13 | by ( Samantha Stokes | ) www.businessinsider.com   time to read: +11 min
This story is available exclusively to Business Insider subscribers. Frohman is part of a small but growing community within the startups industry that is experimenting with small doses of psilocybin to improve focus and productivity. Business Insider spoke with multiple founders and investors who microdosed, but wished to be anonymous. The person declined to share their name for publication, but their identity is known by Business Insider. Vancouver-based Filament Health is working to expand access to natural psychedelics through an extraction and drug-discovery process, while brick-and-mortar shops Shroomyz and Fun Guyz are further fueling the Canadian "'Shroom Boom".
Persons: Scott Frohman, Frohman, hasn't, Microdosing, James Fadiman —, Koel Robinson, Robinson, Richard Laver, Steve Jobs, Peter Grinspon, Grinspon, Peggy Van de Plassche, Van de Plassche, She's, Justin Zhu, I'm, microdosing, they're, It's Organizations: Business, Rocket Beverage Group, Erewhon, Foods, Massachusetts General Hospital, Harvard Medical School, BMO, PsyMed Ventures, Noetic Fund Locations: Florida, San Francisco, Denver, Minneapolis, In Oregon, California , Iowa, Washington State, Vermont, Massachusetts, Vancouver, Palo Santo
☆ VC Ford Smith used psychedelics and biohacking to pull himself out of a deep depression. Here's why he's backing more startups in the space.
  + stars: | 2023-09-07 | by ( Samantha Stokes | ) www.businessinsider.com   time to read: +7 min
His experience inspired him to focus his investment firm on backing psychedelic startups. But VCs, including Smith, are still betting big on startups in the space that seem especially promising. It wasn't until he tried psychedelics — including Ayahuasca, a plant-derived hallucinogenic drink, and iboga, an African root bark — that his mental health finally improved. Energized by his own experience, Smith reworked his cannabis-focused VC firm Ultranative into a one-stop-shop for psychedelic startups. Smith and Ultranative are far from the only investors pumping money into psychedelic startups.
Persons: Ford Smith, wean, South America —, Ayahuasca, Ultranative, Smith, didn't, Lyme, psychedelics, Rick Doblin, he's Organizations: innovating, Venture, Anonymous, Multidisciplinary Association for Psychedelic Studies, pharma, FDA, PsyMed Ventures, Lionheart Ventures, Iter Investments, Neo Kuma Ventures, Therapeutics Locations: Austin, South America, U.S, Oregon, Colorado, psychedelics, Texas, Los Angeles, Massachusetts
☆ How a 34-year-old investor moved from Wall Street to psychedelics and raised $10.5 million for a new depression treatment
  + stars: | 2022-09-16 | by ( Yeji Jesse Lee | ) www.businessinsider.com   time to read: +6 min
Freedom Biosciences is a new startup focused on a ketamine treatment for depression. In 2021, Burkitbayeva founded a psychedelics company, Freedom Biosciences, with Dr. John Krystal, the chair of the Department of Psychiatry at Yale University. Freedom Biosciences, which focuses on ketamine and psychedelics as treatments for depression and other mental illnesses, announced on Tuesday that it had raised a $10.5 million seed round from investors. Burkitbayeva spoke with Insider about how she moved from Wall Street to psychedelics and went from angel investor to company CEO. Burkitbayeva used her background as an investor to help Freedom Biosciences raise its seed roundWith her background as both an investor and a founder, Burkitbayeva spearheaded the fundraising efforts for Freedom Biosciences.
☆ Top psychedelics VCs share the key challenges that are keeping them on the sidelines of the first legal magic-mushroom market in the US
  + stars: | 2022-05-23 | by ( Yeji Jesse Lee | ) www.businessinsider.com   time to read: +5 min
While some companies are laying the groundwork to enter the market, leaders at four venture-capital firms focused on psychedelics told Insider they're skeptical about investing in the state. Palo SantoOne of Palo Santo's portfolio companies, Fluence, is preparing for the Oregon market. Two big reasons that psychedelics clinics could struggle to make money in OregonSchlidt laid out two reasons he thinks that psychedelics clinics in Oregon will struggle to be profitable. Plus, psilocybin clinics would face higher taxes. Burkitbayeva said that the companies she's seeing enter the Oregon market don't seem to have those attributes.
☆ An obscure law could jeopardize profits for startups racing to get in on the first legal magic-mushroom market in the US
  + stars: | 2022-05-20 | by ( Yeji Jesse Lee | ) www.businessinsider.com   time to read: +5 min
A tax rule will make it difficult for psychedelics companies to generate profits in Oregon. Because cannabis and psilocybin are federally illegal, 280E affects businesses even in areas where the substances are locally legal. According to Harris Bricken, an international law firm, psilocybin businesses in Oregon could face challenges like those that cannabis companies faced. "There's still a pretty big cloud around how to successfully manage a 280E tax liability," he said. Getty ImagesIt's still unclear which companies in Oregon 280E would directly affect.
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