We meant to share this with you earlier, but it somehow slipped through the cracks.  Last month, Morgan Stanley, the behemoth investment bank boasting a market cap in excess of $150 billion, initiated coverage on Compass Pathways. If you’re unfamiliar, Compass Pathways is a biotech company developing psilocybin treatments for treatment-resistant depression, post-traumatic stress disorder and anorexia nervosa.  

Morgan Stanley slapped a $30 price target on the stock. It’s currently trading for less than $10 a share.

Morgan Stanley’s $30 price target is based on a discounted cash flow analysis that is attributing value to the Compass Pathways’ treatment for depression with a 65% probability of success. Analysts have also estimated that this particular treatment could achieve more than $1 billion in peak risk-adjusted sales in the US for treatment-resistant depression. Here’s more: https://www.investing.com/news/company-news/morgan-stanley-initiates-coverage-on-compass-pathways-stock-with-buy-93CH-3359045

In Thailand, permission for the use of two Category 5 drugs was announced in a directive of the ministry that was published in the Royal Gazette.The directive took effect on Wednesday, and referred to psilocybin mushrooms as one of the narcotics on the Category 5 list.

As a result, the public health minister invoked Article 24 and Article 58 of the Narcotics Code to allow the use of psilocybin mushrooms for medical treatment and research. Check it out: https://thethaiger.com/news/national/health-ministry-greenlights-medical-opium-and-magic-mushrooms

Next week, Horizons will be hosting its 16th annual conference.  And like the previous 15, it’s going to be a good one. We’re particularly excited about the Psychedelics Business Forum, which is scheduled for May 9th and will include a number of very exciting sessions, including, but not limited to …

• The State of the Psychedelics Industry
• Finding Funding for the Future
• Insurance, reimbursement, and psychedelic-assisted therapy

The entire conference runs from May 9th through May 11th.  And if you’d like to join us, be sure to use this link so you can get 15% off the registration fee: https://r1.events-registration.com/HorizonsNY2024/?source=JLS24&att=6

We’ll also be at the Summit on Breakthrough Therapies for Addiction on May 15th and 16th in Miami, FL, where our own Simeon Schnapper will be speaking at the “Investment Landscape for Breakthrough Therapies for Addiction” panel. That will be held on May 16th at 3:15 pm. We got you a 15% discount on that one, too. Just go to the registration page and use the promo code: RG15. Here’s the link: https://web.cvent.com/event/6bdc2132-2f17-4231-8003-8e7365e695e0/regProcessStep1

Did you know that illegal mushroom shops are now one of Vancouver’s latest tourist attractions?

While psilocybin mushrooms are still federally prohibited in Canada, in Vancouver, they’re somewhat ignored.  
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You see, years ago, when the federal government chose to crack down on illegal cannabis dispensaries, Vancouver law enforcement largely ignored the federal government’s demands noting that such a thing would be a waste of police resources. The same holds true today regarding stores selling psychedelics. Some are actually selling LSD, DMT and coca leaves, too. And as a result, customers are now traveling all across the globe to buy their hallucinogens in Vancouver, without the threat of jail or police intervention. Here’s more: https://www.thrillist.com/travel/nation/vancouver-canada-mushroom-tourism-what-to-know