HAVN Life Sciences is a biotech company pursuing a multi-pronged approach: developing psychedelic compound APIs, natural health products, and therapies to support central nervous system health. HAVN Labs is its research division, developing an end-to-end supply chain of naturally-derived psychedelic compounds for research
In December 2021, Havn entered into an agreement to acquire Spore Life Sciences,a wellness brand focused on functional mushroom formulations.
Spore Life Sciences has quickly built a significant U.S. consumer base of “more than 110,000 Spore customers, nearly 40,000 subscribers, resulting in year to date revenues as of the end of November 2021 of nearly CAD$8 million, and current sales of more than $1 million USD per month”. Impressive for a company just out of the gates.
HAVN Life CEO Tim Moore and Spore Life CEO Michael Zavet joined Microdose’s Patrick Moher for a discussion on the acquisition and other industry topics.
Tim Moore, Havn Life Sciences:
“We’ve been talking about entering the US for a long time, saying we’re going to do it when cash flow permit it, because it’s an expensive proposition to enter the US market. Because we were able to do an all-stock deal with Spore, it allowed us to accelerate that rather dramatically.
“And instead of spending millions of dollars, we issued more shares and leapfrogged ourselves two years, getting into the US now with a business that last quarter did over $5 million in sales….So it really just accelerated our plans significantly.”
For an industry that’s generally years away from making money, this kind of revenue can relieve a lot of financial pressure from a new firm.
The panel then turned to the personal, with both executives sharing their personal connection to psychedelics, mushrooms in particular.
“One of my sons was an opioid addict, so I take a look at the promise that psychedelics offer for these things, and I look back at what I did with medicating my kids for their issues…I think the reality is that too many people who are suffering from anxiety, depression and PTSD find some combination of treatment that makes them numb enough to get through the day rather than making them better”
“And I think that that numbness too often leads to suicide. We’ve had more soldiers commit suicide than died in Afghanistan. 1000 veterans committed suicide in British Columbia. Last year we had more opioid overdose deaths than Covid deaths.
“I really look forward to the day when we’re helping many, many more people. I think we’re in the industry of hope. I’m excited to be able to be part of it”
Well said.
For more on what HAVN is working on, visit their website here
. Click here for full recordings of the Psychedelic Capital conference.
