- Four life sciences companies have been added to the Horizons Psychedelic Stock Index ETF.
- One company was also removed from the portfolio, bringing the total number of companies in the ETF to 22.
- The new additions welcomed the added market exposure being a part of the ETF would bring their respective companies.
Four emerging life sciences companies have been added to Horizons ETFs Management’s psychedelic exchange-traded fund (ETF). In the first quarterly rebalance of the Horizons Psychedelic Stock Index ETF, four securities were added to index underlying the ETF, which is traded on the NEO Exchange under the ticker PSYK: Algernon Pharmaceuticals (CSE: AGN), BetterLife Pharma (CSE: BETR), Core One Labs (CSE: COOL), and Lobe Sciences (CSE: LOBE). Nova Mentis Life Science (CSE: NOVA) was removed from the index, bringing the portfolio to a total of 22 companies.
Horizons ETFs president and CEO Steve Hawkins said since PSYK was launched in January there had been considerable investor interest in the ETF. “While the industry is still in its infancy, we believe this sector provides a considerable growth opportunity, particularly as more therapeutic uses for psychedelics are approved by health regulators and usage grows,” Hawkins said. “The new additions to PSYK’s index this quarter reinforces our view that we will see continued growth of new entrants in the sector over the next year.”
Market Exposure Welcomed by New Additions
Algernon Pharmaceuticals CEO Christopher J. Moreau said in a press release: “being added to the PSYK is a reflection of the important work Algernon has undertaken with its DMT stroke research program and will help bring a further level of awareness to the company among a wide range of investors.”
BetterLife Pharma CEO Ahmad Doroudian added that the ETF would bring the company additional exposure to potential new investors and generate value for existing shareholders. “We are honoured to be included,” Doroudian said in a statement.
Lobe Sciences CEO and director Philip Young also said the company was looking forward to the added market exposure being in the ETF would bring. “Lobe continues to pursue its objectives for the development of psychedelics to improve mental health and wellness,” he said in a statement.