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TDR’s Top 5 Psychedelic Developments For The Week Of October 31

Welcome to TDR’s review of the Top 5 Psychedelic Developments for the week of October 31. Aside from presenting a synopsis of events, we provide market…

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Welcome to TDR’s review of the Top 5 Psychedelic Developments for the week of October 31. Aside from presenting a synopsis of events, we provide market commentary to summarize the week that was for publicly-listed companies.

5. MindMed Activist Investor Demands Federal Investigation To Probe Serious Allegations Of Misconduct

FCM MM HOLDINGS, LLC notified shareholders that it has formally filed a complaint with the Securities and Exchange Commission (SEC) and will file a referral to the Department of Justice regarding allegations against Mind Medicine Inc. The complaint focuses on the following allegations: self-dealing, lack of material disclosure, false statements/public statement fraud, and if the allegations are true, criminal activities by CEO Robert Barrow under Sarbanes-Oxley.

The complaint presents and analyses the allegations in the lawsuit Freeman v. Burbank et al. that MindMed’s intellectual property was mishandled due to a one-sided deal negotiated by Mr. Stephen Hurst, then MindMed’s CEO, and Mr. Carey Turnbull, CEO of Ceruvia Lifesciences LLC. It also lists Ceruvia executives who concurrently worked for MindMed during Messrs. Hurst and Barrow’s tenure and the implications for MindMed’s IP and trade secrets.

4. 90% Of U.S. Adults Say The Nation Is Experiencing Aa Mental Health Crisis, CNN/KFF Poll Finds

An overwhelming majority of people in the United States think the country is experiencing a mental health crisis, according to a new survey from CNN in partnership with the Kaiser Family Foundation.

Nine out of 10 adults said ​they believed that there’s a mental health crisis in the US today. Asked to rate the severity of six specific mental health concerns, Americans put the opioid epidemic near the top, with more than two-thirds of people identifying it as a crisis rather than merely a problem. More than half identified mental health issues among children and teenagers as a crisis, as well as severe mental illness in adults.

The survey captured the perceptions of a nationally representative sample of about 2,000 adults over the summer – 2½ years into the Covid-19 pandemic and amid ongoing public health threats including racism and gun violence.

___________

Latest Mainstream Poll On Colorado Proposition 122 Shows Increased Support Headed Into The November 8 Midterm Elections

Latest mainstream poll showsColorado Proposition 122oculd go down to the wire—Source: Poll: Legal mushrooms gaining momentum

___________

3. Psychedelic Stocks Decline To A Fresh Weekly All-Time Low

The psychedelic sector declines this past week, as reflected by the Horizon Psychedelic Stock Index (PSYK) ETF (4.94%) which made fresh all-time weekly lows. The ETF finished inline with the Nasdaq Junior Biotechnology Index (↓4.99%) and underperformed the Nasdaq Biotechnology Ishares ETF (↓1.03%). The NASDAQ 100 ↓6.11%and S&P 500 ↓3.46% as the Fed’s 75bp rate hike put a damper on risk asset buying.

Here’s how the Health Care (Biotechnology) sector performed:

In the news…

A clinic in Saskatoon is helping local residents access psychedelic drugs, joining groups across the country touting the therapeutic benefits of these once-prohibited substances.

Apex Labs Ltd. has received Health Canada’s approval to conduct the first North American take-home clinical trial evaluating the safety and efficacy of multiple low doses of self-administered oral synthetic psilocybin compound APEX-52 for the treatment of depression in veterans with PTSD.

Biomind Labs just hit a landmark on a trip that it hopes will take it all the way to market, posting new data that shows its inhaled psychedelic candidate aimed at helping patients with depression is safe and tolerable.

Braxia Scientific announced the voting results from its Annual General and Special Meeting of Shareholders held on Monday, October 31 2022. A total of 16.55% of the issued and outstanding common shares of the company were represented either in person or by proxy at the meeting.

Ceruvia Lifesciences announced the appointment of Stephen Hurst and David Steinberg to its Board of Directors, effective immediately.

Colorado could become 2nd state to decriminalize psychedelic mushrooms when voters go to the polls on November 8.

COMPASS Pathways reported its financial results for the third quarter 2022 and gave an update on recent progress across its business.

Crypto billionaire Brock Pierce joins psychedelic venture fund and says ‘potential reward is immeasurable’.

High Fusion has entered into a definitive arrangement agreement with Neural Therapeutics Inc. with respect to the distribution of a approximately one quarter of High Fusion’s shareholdings in Neural to High Fusion shareholders.

Irwin Naturals entered into a binding agreement on October 30, 2022, to acquire the assets of Clare Clinic, Inc., which operates three healthcare clinics in Florida.

LOVE Pharma gave an update from its investment in Starton Therapeutics Inc. as the company strengthens its board.

Loop Capital initiates coverage on atai Life Sciences with Buy Rating and $18 per share price target.

Lusaris Therapeutics, a company focused on creating next-generation serotonergic neuroplastogen psychedelic compounds to treat severe neuropsychiatric and neurological conditions, launched with a $60 million Series A financing. 

Meme Of The Week

Mind Medicine will host its earnings call on Thursday, November 10, 2022, at 8:30 a.m. EDT to discuss its financial results for the quarter ended September 30, 2022 and provide a business update.

PharmaTher Holdings announced it has entered into an evaluation and exclusive option agreement with Case Western Reserve University in the development and commercialization for the intellectual property of ketamine in the treatment Rett Syndrome, a rare genetic neurological disorder.

Psyched Wellness announced the successful production and delivery of its pre-orders of Calm in October, 2022. Calm has now shipped to customers in 37 different States throughout America. 

Revitalist Lifestyle & Wellness releases proprietary supplement lines to extend the results of psychedelic medicine outcomes.

Small Pharma has received approval from the U.K. Medicines and Healthcare products Regulatory Authority and the Research Ethics Committee to initiate a Phase I study of SPL028, its proprietary deuterated N, N-dimethyltryptamine (DMT) candidate, with supportive therapy in healthy volunteers. 

2. Congressman Predicts Colorado Psychedelics Legalization Initiative Will Pass Next Week, And The Trend Will ‘Continue’

A congressman says that he expects that Colorado voters will make history again next week by passing a ballot initiative to legalize the possession of certain psychedelics and create psilocybin therapy centers in the state.

Rep. Earl Blumenauer (D-OR) told Marijuana Moment late last month that he “absolutely” sees parallels between the movements to reform laws around psychedelics and marijuana. And in much the same way that Colorado was one of the first states to legalize cannabis for adult use in 2012, he predicts “you’re going to see passage” of Proposition 122 this year.

The congressman is well known for his marijuana reform advocacy on Capitol Hill, serving as a co-chair of the Congressional Cannabis Caucus. But he’s also become one of the most vocal members on psychedelics policy in recent years as his home state of Oregon has led the way in legalizing psilocybin services access and more broadly decriminalizing drug possession.

1. Severe Depression Eased By Single Dose Of Synthetic ‘Magic Mushroom

A single dose of a synthetic version of the mind-altering component of magic mushrooms, psilocybin, improved depression in people with a treatment-resistant form of the disease, a new study found.

The randomized, double-blind clinical trial, which authors called “the largest of its kind,” compared results of a 25-milligram dose to a 10-milligram and 1-milligram dose of a synthetic psilocybin, COMP360, that was administered in the presence of trained therapists.

Results of the study, published Wednesday in The New England Journal of Medicine, found “an immediate, fast, rapid-acting, sustained response to 25 milligrams (of COMP360),” said study coauthor Dr. Guy Goodwin, a professor emeritus of psychiatry at the University of Oxford in the United Kingdom.

The post TDR’s Top 5 Psychedelic Developments For The Week Of October 31 appeared first on The Dales Report.

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Shipping company files surprise Chapter 7 bankruptcy, liquidation

While demand for trucking has increased, so have costs and competition, which have forced a number of players to close.

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The U.S. economy is built on trucks.

As a nation we have relatively limited train assets, and while in recent years planes have played an expanded role in moving goods, trucks still represent the backbone of how everything — food, gasoline, commodities, and pretty much anything else — moves around the country.

Related: Fast-food chain closes more stores after Chapter 11 bankruptcy

"Trucks moved 61.1% of the tonnage and 64.9% of the value of these shipments. The average shipment by truck was 63 miles compared to an average of 640 miles by rail," according to the U.S. Bureau of Transportation Statistics 2023 numbers.

But running a trucking company has been tricky because the largest players have economies of scale that smaller operators don't. That puts any trucking company that's not a massive player very sensitive to increases in gas prices or drops in freight rates.

And that in turn has led a number of trucking companies, including Yellow Freight, the third-largest less-than-truckload operator; J.J. & Sons Logistics, Meadow Lark, and Boateng Logistics, to close while freight brokerage Convoy shut down in October.

Aside from Convoy, none of these brands are household names. but with the demand for trucking increasing, every company that goes out of business puts more pressure on those that remain, which contributes to increased prices.

Demand for trucking has continued to increase.

Image source: Shutterstock

Another freight company closes and plans to liquidate

Not every bankruptcy filing explains why a company has gone out of business. In the trucking industry, multiple recent Chapter 7 bankruptcies have been tied to lawsuits that pushed otherwise successful companies into insolvency.

In the case of TBL Logistics, a Virginia-based national freight company, its Feb. 29 bankruptcy filing in U.S. Bankruptcy Court for the Western District of Virginia appears to be death by too much debt.

"In its filing, TBL Logistics listed its assets and liabilities as between $1 million and $10 million. The company stated that it has up to 49 creditors and maintains that no funds will be available for unsecured creditors once it pays administrative fees," Freightwaves reported.

The company's owners, Christopher and Melinda Bradner, did not respond to the website's request for comment.

Before it closed, TBL Logistics specialized in refrigerated and oversized loads. The company described its business on its website.

"TBL Logistics is a non-asset-based third-party logistics freight broker company providing reliable and efficient transportation solutions, management, and storage for businesses of all sizes. With our extensive network of carriers and industry expertise, we streamline the shipping process, ensuring your goods reach their destination safely and on time."

The world has a truck-driver shortage

The covid pandemic forced companies to consider their supply chain in ways they never had to before. Increased demand showed the weakness in the trucking industry and drew attention to how difficult life for truck drivers can be.

That was an issue HBO's John Oliver highlighted on his "Last Week Tonight" show in October 2022. In the episode, the host suggested that the U.S. would basically start to starve if the trucking industry shut down for three days.

"Sorry, three days, every produce department in America would go from a fully stocked market to an all-you-can-eat raccoon buffet," he said. "So it’s no wonder trucking’s a huge industry, with more than 3.5 million people in America working as drivers, from port truckers who bring goods off ships to railyards and warehouses, to long-haul truckers who move them across the country, to 'last-mile' drivers, who take care of local delivery." 

The show highlighted how many truck drivers face low pay, difficult working conditions and, in many cases, crushing debt.

"Hundreds of thousands of people become truck drivers every year. But hundreds of thousands also quit. Job turnover for truckers averages over 100%, and at some companies it’s as high as 300%, meaning they’re hiring three people for a single job over the course of a year. And when a field this important has a level of job satisfaction that low, it sure seems like there’s a huge problem," Oliver shared.

The truck-driver shortage is not just a U.S. problem; it's a global issue, according to IRU.org.

"IRU’s 2023 driver shortage report has found that over three million truck driver jobs are unfilled, or 7% of total positions, in 36 countries studied," the global transportation trade association reported. 

"With the huge gap between young and old drivers growing, it will get much worse over the next five years without significant action."

Related: Veteran fund manager picks favorite stocks for 2024

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Wendy’s has a new deal for daylight savings time haters

The Daylight Savings Time promotion slashes prices on breakfast.

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Daylight Savings Time, or the practice of advancing clocks an hour in the spring to maximize natural daylight, is a controversial practice because of the way it leaves many feeling off-sync and tired on the second Sunday in March when the change is made and one has one less hour to sleep in.

Despite annual "Abolish Daylight Savings Time" think pieces and online arguments that crop up with unwavering regularity, Daylight Savings in North America begins on March 10 this year.

Related: Coca-Cola has a new soda for Diet Coke fans

Tapping into some people's very vocal dislike of Daylight Savings Time, fast-food chain Wendy's  (WEN)  is launching a daylight savings promotion that is jokingly designed to make losing an hour of sleep less painful and encourage fans to order breakfast anyway.

Wendy's has recently made a big push to expand its breakfast menu.

Image source: Wendy's.

Promotion wants you to compensate for lost sleep with cheaper breakfast

As it is also meant to drive traffic to the Wendy's app, the promotion allows anyone who makes a purchase of $3 or more through the platform to get a free hot coffee, cold coffee or Frosty Cream Cold Brew.

More Food + Dining:

Available during the Wendy's breakfast hours of 6 a.m. and 10:30 a.m. (which, naturally, will feel even earlier due to Daylight Savings), the deal also allows customers to buy any of its breakfast sandwiches for $3. Items like the Sausage, Egg and Cheese Biscuit, Breakfast Baconator and Maple Bacon Chicken Croissant normally range in price between $4.50 and $7.

The choice of the latter is quite wide since, in the years following the pandemic, Wendy's has made a concerted effort to expand its breakfast menu with a range of new sandwiches with egg in them and sweet items such as the French Toast Sticks. The goal was both to stand out from competitors with a wider breakfast menu and increase traffic to its stores during early-morning hours.

Wendy's deal comes after controversy over 'dynamic pricing'

But last month, the chain known for the square shape of its burger patties ignited controversy after saying that it wanted to introduce "dynamic pricing" in which the cost of many of the items on its menu will vary depending on the time of day. In an earnings call, chief executive Kirk Tanner said that electronic billboards would allow restaurants to display various deals and promotions during slower times in the early morning and late at night.

Outcry was swift and Wendy's ended up walking back its plans with words that they were "misconstrued" as an intent to surge prices during its most popular periods.

While the company issued a statement saying that any changes were meant as "discounts and value offers" during quiet periods rather than raised prices during busy ones, the reputational damage was already done since many saw the clarification as another way to obfuscate its pricing model.

"We said these menuboards would give us more flexibility to change the display of featured items," Wendy's said in its statement. "This was misconstrued in some media reports as an intent to raise prices when demand is highest at our restaurants."

The Daylight Savings Time promotion, in turn, is also a way to demonstrate the kinds of deals Wendy's wants to promote in its stores without putting up full-sized advertising or posters for what is only relevant for a few days.

Related: Veteran fund manager picks favorite stocks for 2024

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Comments on February Employment Report

The headline jobs number in the February employment report was above expectations; however, December and January payrolls were revised down by 167,000 combined.   The participation rate was unchanged, the employment population ratio decreased, and the …

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The headline jobs number in the February employment report was above expectations; however, December and January payrolls were revised down by 167,000 combined.   The participation rate was unchanged, the employment population ratio decreased, and the unemployment rate was increased to 3.9%.

Leisure and hospitality gained 58 thousand jobs in February.  At the beginning of the pandemic, in March and April of 2020, leisure and hospitality lost 8.2 million jobs, and are now down 17 thousand jobs since February 2020.  So, leisure and hospitality has now essentially added back all of the jobs lost in March and April 2020. 

Construction employment increased 23 thousand and is now 547 thousand above the pre-pandemic level. 

Manufacturing employment decreased 4 thousand jobs and is now 184 thousand above the pre-pandemic level.


Prime (25 to 54 Years Old) Participation

Since the overall participation rate is impacted by both cyclical (recession) and demographic (aging population, younger people staying in school) reasons, here is the employment-population ratio for the key working age group: 25 to 54 years old.

The 25 to 54 years old participation rate increased in February to 83.5% from 83.3% in January, and the 25 to 54 employment population ratio increased to 80.7% from 80.6% the previous month.

Both are above pre-pandemic levels.

Average Hourly Wages

WagesThe graph shows the nominal year-over-year change in "Average Hourly Earnings" for all private employees from the Current Employment Statistics (CES).  

There was a huge increase at the beginning of the pandemic as lower paid employees were let go, and then the pandemic related spike reversed a year later.

Wage growth has trended down after peaking at 5.9% YoY in March 2022 and was at 4.3% YoY in February.   

Part Time for Economic Reasons

Part Time WorkersFrom the BLS report:
"The number of people employed part time for economic reasons, at 4.4 million, changed little in February. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs."
The number of persons working part time for economic reasons decreased in February to 4.36 million from 4.42 million in February. This is slightly above pre-pandemic levels.

These workers are included in the alternate measure of labor underutilization (U-6) that increased to 7.3% from 7.2% in the previous month. This is down from the record high in April 2020 of 23.0% and up from the lowest level on record (seasonally adjusted) in December 2022 (6.5%). (This series started in 1994). This measure is above the 7.0% level in February 2020 (pre-pandemic).

Unemployed over 26 Weeks

Unemployed Over 26 WeeksThis graph shows the number of workers unemployed for 27 weeks or more.

According to the BLS, there are 1.203 million workers who have been unemployed for more than 26 weeks and still want a job, down from 1.277 million the previous month.

This is down from post-pandemic high of 4.174 million, and up from the recent low of 1.050 million.

This is close to pre-pandemic levels.

Job Streak

Through February 2024, the employment report indicated positive job growth for 38 consecutive months, putting the current streak in 5th place of the longest job streaks in US history (since 1939).

Headline Jobs, Top 10 Streaks
Year EndedStreak, Months
12019100
2199048
3200746
4197945
52024138
6 tie194333
6 tie198633
6 tie200033
9196729
10199525
1Currrent Streak

Summary:

The headline monthly jobs number was above consensus expectations; however, December and January payrolls were revised down by 167,000 combined.  The participation rate was unchanged, the employment population ratio decreased, and the unemployment rate was increased to 3.9%.  Another solid report.

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