Field Trip Health & Wellness Ltd. (TSXV: FTHW) (the "Company"
or “Field Trip”), a global leader in the development and delivery
of psychedelic therapies, today released the following letter to
shareholders from the Company’s Chairman & Chief Executive
Officer, Ronan Levy, and President, Mujeeb Jafferi.
Dear Shareholders:
We would like to take this opportunity to
provide an update on the direction of our business, as we recognize
that the rate of change with the psychedelics industry and with
Field Trip is exciting and rapid and often hard to keep pace
with.
History
Let us begin by reviewing the path that led to
Field Trip Health & Wellness Ltd. (FTHW) becoming a stand-alone
entity on the TSX Venture Exchange (TSX-V).
This journey began in April, 2019 when the first
company known as Field Trip was incorporated. In October 2020,
Field Trip Health Ltd. (FTRP), which was a predecessor to FTHW,
listed on the Canadian Securities Exchange by means of a
reverse-takeover. Over the next two years, FTRP uplisted to the
Toronto Stock Exchange (TSX) and ultimately to the NASDAQ Global
Select Tier in July 2021.
FTRP was born with two operating divisions: (1)
Field Trip Discovery, which operated its drug development efforts
advancing the molecule now known as RE-104, Isoprocin Gluturate;
and (2) Field Trip Health, which operated its world-class clinical
infrastructure and digital technologies business.
In August, FTRP completed a spinout by plan of
arrangement, whereby FTRP shares were exchanged for shares in two
entities: (1) FTHW, which acquired the globally-recognized Field
Trip brand, the 12 Field Trip Health locations and the digital
technologies business with Mujeeb and I taking over day-to-day
executive management of FTHW; and (2) Reunion Neuroscience (REUN),
which continued the drug development efforts with Isoprocin
Gluturate and the other pipeline projects. Joseph del Moral stepped
in as CEO of REUN, which has since brought on Greg Mayes into the
role of CEO while Joseph became Chairman.
The ratio for the share exchange was 1 REUN
share and approximately 0.86 FTHW shares for each FTRP share held.
As the last step in the arrangement, REUN shares were consolidated
on a 5:1 basis.
Your Shareholdings
Translating the above into what you will see in
your brokerage accounts, this means that if you were holding, for
example, 1,000 FTRP shares, you would be eligible to receive 1,000
REUN shares and 860 FTHW shares. However, because REUN also
completed a 5:1 share consolidation, if you held 1,000 FTRP shares,
your holdings post-spinout would be 200 REUN shares and 860 FTHW
shares.
If you are a registered Field Trip shareholder
who holds shares directly in your name with Field Trip’s transfer
agent, we encourage you to complete and return the letter of
transmittal (“LOT”) that you received in the mail to Computershare
Investor Services Inc., acting as the depositary, in order to
exchange your FTRP shares for FTHW and REUN shares. The LOT
contains other procedural information related to the spin out, and
should be reviewed carefully. For security reasons, we cannot
process the LOT for you or send it on to Computershare. You may
contact Computershare Canada with any questions (or to open a
shareholder account) at 1.800.564.6253 (Shareholders Only).
FTHW’s Bright Future
Since the completion of the spinout, we have
been working diligently to chart an even more extraordinary course
for the company.
On the first day of trading, the assets of FTHW
included a globally-recognized brand, 12 leading centres for
psychedelic therapies, one of the most seasoned and experienced
clinical teams in psychedelics, a digital platform that has
organically grown to over 80,000 installs in just about two years
and a state-of-the-art research and cultivation facility for
psilocybin-production at the University of West Indies.
Up to this point, our mission was to prove that
psychedelics could be safely, effectively and efficiently delivered
and that the world was ready to re-embrace the potential of
psychedelics.
Now, our focus is scale.
The interest in psychedelics is growing at an
undeniable clip. Last year, 7.1 million Americans alone used
psychedelics in some capacity. Psychedelics have been described as
“the worst kept secret in corporate America”. Everywhere you turn,
psychedelics are in the news, on TV or being discussed.
The momentum feels palpable, and, in our
opinion, no company is better positioned to tap into and fuel that
momentum than Field Trip.
Since we started in 2019, 0ver a million people
have turned to us for psychedelic therapies or tools and
information on psychedelics.
Field Trip owns a disproportionately large share
of voice (a metric that measures brand reach) in the industry –
approximately 40% of media mentions on psychedelics are about or
include Field Trip.
We believe that trend will only continue to
accelerate.
So we recently announced that our app, formerly
known as Trip, was being rebranded as Field Trip and will play a
much more central role in our growth strategy with an accelerated
development timeline. We also added a number of new features, music
and meditations.
In the coming weeks and months, we plan to
announce a number of new initiatives, programs and tools that it
expects will greatly expand access to, and education around the use
of, legal psychedelic compounds and non-ordinary states of
consciousness, meaning that more people will be able to access our
clinicians and our tools for their mental health and well
being.
Further, the regulatory landscape continues to
shift positively. In the coming weeks, it is expected that voters
in Colorado will approve The Natural Medicines Health Act that
will, once implemented, enable state-legal access to a variety of
psychedelic therapies. The State of Oregon will begin implementing
its psilocybin services in early 2023. Recently, the Province of
Alberta announced intentions to make psychedelic therapies using
most of the classic psychedelics such as psilocybin, LSD, MDMA, DMT
and Mescaline available to Albertans. And recently, reports
indicate that the White House has commissioned a Task Force to help
implement the forthcoming FDA approval for MDMA and other
psychedelic-assisted therapies.
We believe we are truly just at the beginning of
this psychedelic renaissance and we are building Field Trip to not
only participate in the coming wave of interest, but to thrive.
Thank you for your continued support. We are
excited to have you along for the journey.
Ronan Levy, CEO & Chairman and Mujeeb
Jafferi, President
About Field Trip Health & Wellness
Ltd.
With a large global community of
psychedelic-interested people, proprietary psychedelic therapies
generating transformative results for people in the treatment of
mental health conditions and a brand and share of voice that is
reaching millions of people, Field Trip is a center of gravity for
the psychedelic renaissance.
Learn more at https://www.meetfieldtrip.com,
https://www.fieldtriphealth.com and
https://www.fieldtriphealth.nl.
Follow us on Twitter and Instagram:
@fieldtriphealth.To receive company updates about Field Trip and to
be added to the email distribution list please sign up here.
Download Field Trip’s app here.
Cautionary Note Regarding
Forward-Looking Information
This release includes forward-looking
information (within the meaning of Canadian securities laws and
within the meaning of the United States Private Securities
Litigation Reform Act of 1995) regarding the Company and its
business. Often but not always, forward-looking information can be
identified by the use of words such as "expect", "intends",
"anticipated", "believes" or variations (including negative
variations) of such words and phrases, or state that certain
actions, events or results "may", "could", "would" or "will" be
taken, occur or be achieved. Such statements are based on the
current expectations and views of future events of the management
of the Company and are based on assumptions and subject to risks
and uncertainties. Although the management believes that the
assumptions underlying these statements are reasonable, they may
prove to be incorrect. The forward-looking events and circumstances
discussed in this release may not occur and could differ materially
as a result of known and unknown risk factors and uncertainties
affecting the companies, including ability of Field Trip to realize
its business plan, grow its clients base or app user base, uptake
in existing or new programs by clinicians or patients, if any,
results or ability to commercialize its research and cultivation
business or uptake in any products developed thereby, acceptance of
psychedelic treatments by clinicians, patients, and regulators,
ability or effect of any clinical restructuring, and/or future
changes in regulatory regimes which govern Field Trip’s business.
Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results to
differ from those anticipated, estimated or intended, including
those risk factors contained in the Company's public filings at
www.sedar.com. Accordingly, readers should not place undue reliance
on any forward-looking statements or information. No
forward-looking statement can be guaranteed. Except as required by
applicable securities laws, forward-looking statements speak only
as of the date on which they are made and the Company does not
undertake any obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise. Additional information relating to the
Company, can be located on the SEDAR website at www.sedar.com.
Neither TSX Venture Exchange, or its Regulation
Services Provider, have approved the contents of this release or
accept responsibility for the adequacy or accuracy of this
release.
CONTACTS:
Field Trip Health &
Wellness:Ronan LevyChairman & CEO (416)
505-0929ronan@fieldtriphealth.com
Investor contacts:Phil Carlson
/ Sophia Bashford KCSA Strategic Communications(646) 573-0776
/ (929) 246-7307fieldtripIR@kcsa.com
SOURCE Field Trip Health & Wellness Ltd.
Field Trip Health and We... (TSXV:FTHW)
Historical Stock Chart
From Mar 2024 to Apr 2024
Field Trip Health and We... (TSXV:FTHW)
Historical Stock Chart
From Apr 2023 to Apr 2024