Denver-based Mydecine Innovations Group (NEO: MYCO) (Pink: MYCOF) released its 2020 yearly financial results this week, ending the year with $2.2 million in cash.
The company reported having raised over $30 million more since the beginning of 2021.
Mydecine is a biotech company focused on the development and commercialization of mushrooms and natural medicines for psychedelic therapy and wellness purposes.
As the company builds the infrastructure for the medium-term development of a legal psychedelics industry, it reported a $26.9- million net loss for the year.
Mydecine's Clinical Studies, R&D: As the psychedelics industry moves forward, the key to success lies in preparation. Companies in the space are gearing up to start heavy operations once psychedelics are made legal for medicinal purposes.
This process is slow but has reached several successful milestones in recent years, with several U.S. jurisdictions removing penalties for the use and possession of psychedelic substances.
Important progress …