Field Trip Psychedelics $8.5 million Series A pitch deck - Business Insider

There's a wave of startups working on developing Food and Drug Administration-approved drugs from compounds like psilocybin, one of the chief active ingredients in "magic mushrooms," and various compounds in ibogaine, a naturally occurring hallucinogen, among others.And as with any new, exciting trend — venture capitalists are racing to cash in.To that end, the Toronto-based Field Trip Psychedelics recently closed an $8.5 million Series A funding round to build out a series of clinics for psychedelic therapies, starting in Toronto, New York, and Los Angeles. Field Trip will also partner with other startups working on FDA approvals for use in its network of clinics."We intentionally crafted our business model to be complementary to just about everybody working in the psychedelic sphere right now," Levy said.They're going to need clinics and trained practitioners to administer the drugs they're working on, which Field Trip will provide once its network is up and running.The Series A round was led by Field Trip's founders and the Singhal Health Foundation, as well as notable investors from the cannabis industry, including Subversive Capital, Silver Spike Capital, and the venture-capital firm Bolt.