Psychedelic research firm Lucy Scientific Discovery misses IPO target

Lucy Scientific Discovery Inc. (Nasdaq:LSDI), a Canadian firm that focuses on developing and manufacturing psychotropics-based medicines, had its initial public offering (IPO) today. The company had priced 1,875,000 common shares at a public offering price of $4.00 per share.

On its first day of trading, however, the stock dropped by 25.25%, reaching a closing price of $2.99, a decline of 25.25%.

While the company had hoped to raise approximately $7.5 million before accounting for expenses related to the offering, it ultimately generated $5.6 million.

A different type of psychedelic company

Lucy Scientific Discovery differs from other psychedelic companies in that it is a licensed manufacturer of controlled substances. It aims to bolster its presence in the growing psychotropics-based medicines industry with growing contract research, development and manufacturing offerings.

The company has permission to manufacture psilocybin, psilocin, N,N-DMT, …

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