MindCure Health Halts Operations

Among the first casualties of the psychedelic revolution is MindCure Health (MCURF), which was focused on mental health and wellness. The company’s CEO, Philip Tapley announced they were shutting down operations due to a lack of funding and decided to immediately eliminate all expenditures outside those required to preserve the value of the Company's assets. They will immediately cut all of its C-suite executives and employees, except for its CFO, vice president of engineering and certain administrative staff required to wind-down the its operations. After a review process, the company’s board decided that MindCure’s business plan required more capital that it could gather under current market conditions, thus shutting down operations was considered the best move to preserve its cash position of $8.33 million. The Company will also stop all non-committed expenditures related to the development and marketing work of its iSTRYM product, R&D related to its synthetic ibogaine program and R&D related to its Desire Project.

           Mind Cure's stock stopped trading when the news was announced but did resume after a few hours and then fell by 38% and is currently trading at $0.05 per share. Far from an isolated event, MindCure’s demise can be viewed as ground zero in an upcoming trend towards consolidation that could clear out many of the worst capitalized companies in the space. With reduced access to capital impacting the entire market, analysts expect a number of public companies in psychedelics to follow MindCure’s path, in a survival of the fittest-type showdown.