Horizon ETFs will be launching the first psychedelics exchange-traded fund in the world this week. This comes after the company announced that it had filed its final prospectus to introduce PSYK, its psychedelic stock index ETF. NEO Exchange has conditionally approved units of this stock for listing, with plans to start trading on Jan. 27, 2021. The stocks will be traded under the ticker PSYK. This will give investors a chance to buy stocks in a company that is focused on developing therapeutic solutions through the use of psychedelics.
Extensive clinical research has shown that various psychedelic compounds have the potential to treat various ailments and mental health conditions such as post-traumatic stress disorder, addiction, anxiety and depression. These compounds include ketamine and psilocybin.
Horizon ETFs explained that PSYK would be using the Index North American Psychedelic Stock Index as its market index. The North American Psychedelic Stock Index, or the Index, in short, has been designed to measure the performance of all life science firms that are publicly listed while also providing exposure to the psychedelics industry.
On a general scale, a company is considered eligible for inclusion in the Index if it is a supplier or producer of psychedelic medicines and has been listed on a regulated stock exchange either in the United States or in Canada. This also applies when the company is conducting research on psychedelic medicines or involved in their development.
Earlier in 2017, Horizon ETFs had launched the first marijuana-focused ETF in the world. CEO and president Steven Hawkins stated that he had observed various similarities between the 2017 cannabis industry in its infancy and the current psychedelic industry. He explained that the company anticipated significant growth from the psychedelic industry, based on what he had observed in the last few years in the cannabis industry.
Hawkins explained that after years of restrictions, the recent changes in exemptions and policies in both the United States and Canada had allowed for more research on the therapeutic applications of psychedelic compounds to be conducted. He noted that these changes had made it possible to create a whole new marketplace for drugs that have been developed from psychedelics. Hawkins then added that these treatments would help more than 700 million people across the world who, according to the World Health Organization (WHO), suffer from various eating disorders, mental illnesses and addictions.
This launch comes a few months after the state of Oregon became the first state in the country to legalize the use of psilocybin for therapeutic purposes.
And in nearby Canada, Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) has taken a position as a leader on matters of rapidly developing and commercializing products from functional mushrooms and psychedelics.
NOTE TO INVESTORS: The latest news and updates relating to Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) are available in the company’s newsroom at https://ibn.fm/PULL
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