Lucy Scientific Discovery Inc. (NASDAQ: LSDI) is an early-stage psychotropics manufacturing company focused on becoming the premier contract research, development and manufacturing organization for the emerging psychotropics-based medicines industry.
The company holds a Controlled Drugs and Substances Dealer’s License granted by Health Canada’s Office of Controlled Substances. This specialized license authorizes LSDI to develop, sell, deliver and manufacture pharmaceutical-grade active pharmaceutical ingredients (APIs) used in controlled substances and their raw material precursors. Lucy Scientific Discovery and its wholly owned subsidiary, LSDI Manufacturing Inc., operate under Part J of the Food and Drug Regulations promulgated under the Food and Drugs Act (Canada).
The company’s mission is to make its products and research services available for the development of medicines and experimental therapies to address certain psychiatric health disorders and other medical needs, including various mental health and addiction disorders. LSDI targets customers that include an increasing number of the leading universities, hospitals and other public, private and government institutions throughout the world that have launched research programs aimed at understanding the therapeutic potential of a range of psychedelic substances.
The company is headquartered in Victoria, British Columbia, Canada.
LSDI produces a variety of high-quality natural, synthetic and biosynthetic products to meet the needs of the rapidly growing psychotropics-based medicines market. The company believes the emerging psychotropics industry will pave the way to a brighter future in mental health and overall wellness. LSDI is dedicated to advancing the frontiers of mind science and facilitating the development of psychotropic and psychedelic treatment therapies.
In Canada, the psychedelic compounds that LSDI is approved to produce under its Dealer’s License are regulated under the Controlled Drugs and Substances Act, or CDSA. Those compounds include:
- Lysergic acid diethylamide, or LSD
- N,N-Dimethyltryptamine, or N,N-DMT
- 3,4-Methylenedioxymethamphetamine, or MDMA
- 4-Bromo-2,5-Dimethoxybenzeneethanamine, or 2C-B
The company also sells its consumer psychotropic products directly online and through retailers. Those products, described as microdose mushroom formulations, include a sleep aid, Twilight, and a mindfulness enhancer, Mindful.
According to a report from Global Market Insights, the psychotropics drug market had an estimated value of $20.2 billion in 2022 and is projected to reach a value of nearly $37.6 billion by 2032. That represents a CAGR of 6.4% for the forecast period. Factors driving market growth include the increasing prevalence of mental disorders, technological advancements in drug development, a rising geriatric population and increasing healthcare expenditures, the report states.
A growing awareness of mental health issues and an effort to reduce the stigma surrounding psychiatric disorders have encouraged more individuals to seek help, which in turn boosts the market. In addition, advancements in neuroscience, pharmacology and drug development have led to the discovery of new and more effective central nervous system therapeutics.
Innovative treatments offering better outcomes with fewer side effects attract patients and healthcare providers, also driving market growth.
LSDI’s executive team brings deep experience in the development and commercialization of products featuring controlled substances, as well as the navigation of regulatory structures applicable to these products.
Richard Nanula is Chairman and CEO of LSDI. He has more than 35 years of leadership experience at several of the largest companies in the world, having been a senior executive at The Walt Disney Company, Amgen, Colony Capital and Starwood Hotels and Resorts. He has also served as a board member for Boeing Corporation and Starwood Capital, where he provided corporate guidance and oversight. He holds an MBA from Harvard Business School.
Assad J. Kazeminy, Ph.D., is Chief Scientific Officer at LSDI. He previously served as CEO of Irvine Pharmaceutical Services Inc. and Avrio Biopharmaceutical LLC, and he has founded several drug development companies. He has over 30 years of research and development experience in the biopharmaceutical industry. He received his Ph.D. in Pharmaceutical Science and Biochemistry from Esfahan University in Iran. He completed a Post Doctorate course of study at the University of Southern California Medical School, Department of Pharmacology.
Brian Zasitko, CPA, CA, is the company’s CFO. He is a Director of Invictus Accounting Group LLP, a professional services firm providing finance, advisory and accounting services. He also serves as CFO of Lobe Sciences Ltd., a company developing psychedelic compounds as therapeutics for the treatment of mild traumatic brain injuries and post-traumatic stress disorder. He has an undergraduate degree from Simon Fraser University and a CPA (CA) from Certified Professional Accountants, British Columbia.
- In July 2023, LSDI launched Twilight, a new sleep aid product.
- The company in July 2023 announced its acquisition of SANA-013 from Wesana Health; SANA-013 is being developed for the treatment of several mental health and central nervous system conditions.
- LSDI in May 2023 launched its new Mindful product line designed to enhance well-being and promote a mindful approach to life.
- Also in May 2023, the company announced a partnership with non-profit TheraPsil to advance medical psilocybin access and research.
- LSDI announced in April 2023 that its board had approved the repurchase of up to 500,000 shares of its Class A common stock.