Neural Therapeutics has now pulled together the necessary funding for listing eligibility on the Canadian Securities Exchange. The Toronto-based ethnobotanical drug discovery company closed a Series A financing round valued at C$518,500 on Mar. 7.
Stock will be traded with the symbol NURL after the exchange provides a bulletin with the IPO date shortly.
Neural is primarily focused on developing an extract from the San Pedro cactus — a mescaline-bearing plant native to the Andes Mountains in South America. Although the psychedelic therapeutics industry has seen an increasing level of activity in recent years it is uncommon for companies to have this concentration.
“With a number of clinical trials progressing towards their anticipated endpoints, we have seen a recent capital increase made available to the industry as investors recognize the potentially disruptive nature of psychedelic-based therapies,” chief executive, Ian Campbell, said in May.
Neural received a permit from Peruvian authorities in 2023 to study the cactus, also known as Huachuma, following an extensive application process. This variety of cacti is much more abundant than peyote and is a much more sustainable source of mescaline.
“We are very pleased with the receipt of this crucial permit, which plays an important role in establishing a legally compliant supply chain for the plant material needed to commence our research towards the development of therapies,” Campbell explained at the time.
Like other psychedelics such as DMT, psilocybin and LSD, mescaline has attracted attention for its ability to aid with mental health disorders. In Peru and Ecuador, Indigenous cultures regard it as sacred medicine and gift from the creator used for healing the mind and body.
150° episodio di Illuminismo Psichedelico, il primo con uno "sciamano", ovvero siamo precisi un curandero andino, per l'esattezza un Sacerdote del San Pedro, Marco Mosquera Huatay di Cajamarca, in Perù
🎧 https://t.co/hn1XyBs5sj pic.twitter.com/HPxxTkCakl
— Federico di Vita (@federicod1vita) March 10, 2025
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Neural Therapeutics gets involved with cannabinoids
Aside from San Pedro, the Canadian psychedelics researcher has taken an interest in cannabis derivatives. In its other most recent development, Neural agreed to take a stake in the German cannabinoid product supplier CWE European Holdings.
“CWE’s deep expertise in the natural products and holistic treatment space is a perfect complement to Neural’s focus on ethnobotanical drug development,” Campbell said, “especially in the realm of psychoactive plants.”
Germany’s recent decision to legalize adult-use cannabis possession and loosen its restrictions has made the country a target for many investors. Demand for marijuana goods is currently exceeding supply in the European nation and market researchers expect robust growth.
Neural Therapeutics was founded in 2020. The company is focused on making a mescaline therapeutic, but aims to harness its medicinal benefits by using a low concentration that does not induce psychoactive effects.
Prominent neuropsychopharmacologist Professor David Nutt, of Imperial College London, currently sits on the company’s Board of Directors.
rowan@mugglehead.com
