Analysts' Ideas of the Week - www.researchfrc.com September 20, 2021 - Baystreet.ca
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Analysts' Ideas of the Week
Election Day! Banks, Energy, and the C$ Will Likely Be the Biggest Movers Tomorrow
September 20, 2021
www.researchfrc.com
Page 2
Reddit Discussed Stocks
Our pick last week, Alset EHome International (NASDAQ: AEI), went from US$2.84
on Monday, to a high of US$3.42 on Thursday (up 20.4%). The Electric Vehicle
sector remains the most actively discussed among retail investors, followed by cryptos,
cannabis, and betting. This week, we are observing strong retail sentiment around Lucid
Group Inc. (NASDAQ: LCID). Key parameters used may include – a) total number of
mentions, b) percentage change in the number of mentions, c) stock sentiment, and d)
market capitalization.
Sept 20, 2021
Company Ticker Sector
Lucid Group Inc. LCID Auto Manufacturer
Source: FRC
Historic Weekly Returns (Mar 1, 2021 – Present)
24 out of 29 picks have generated positive returns
Average return = 24%
*Returns were calculated based on the assumption that picks were sold at their peak the same
week.
*Past performance is not indicative of future performance.
Source: FRC
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Click here to view FRC’s complete list of top picks
PLEASE READ THE IMPORTANT DISCLOSURES AT THE BACK OF THIS REPORT
Page 3
FRC Top Picks
The following table shows last week’s top five performers among our Top Picks,
including two junior resource companies, and one each in the cannabis, technology,
and MIC sectors. The top performer, Gran Colombia Gold (TSX: GCM) was up 13.6%,
on strong production numbers in August (discussed later in this report). Our prior
reports can be viewed here.
Top Five Performers Last Week
Source: FRC
Companies in our Top Picks list are up 43.4% on average since we initiated
coverage vs -3.9% for the benchmark (TSXV).
©2021 Fundamental Research Corp. “18+ Years of Bringing Undiscovered Investment Opportunities to the Forefront”
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Page 4
Performance by Sector
Source: FRC
Our complete list of top picks (updated weekly) can be viewed here.
Weekly Mining Commentary
Global equity indices pulled back today amid concerns over a potential spillover of the
debt crunch faced by China Evergrande Group (SEHK: 3333). Results of Canada’s
federal elections are expected this evening. If the Liberals win, we believe financials
and energy stocks will be negatively impacted tomorrow. This will also impact the
C$.
Source: FRC / Various
Despite lower inventory levels, copper and nickel prices dropped WoW.
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Source: FRC / Various
©2021 Fundamental Research Corp. “18+ Years of Bringing Undiscovered Investment Opportunities to the Forefront”
Click here to view FRC’s complete list of top picks
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Page 6
Valuations of gold producers were down 4% WoW; base metal producers were
down 8%.
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Last week, two (unchanged) out of the 15 hardest hit nations experienced higher daily
new COVID-19 cases. Two countries (unchanged) experienced WoW increases in
deaths.
Globally, 42.3% have received at least one dose, up 1.2 ppt WoW vs 1.5 ppt the
same time last week. 75.3% of Canadians have received at least one dose (up 0.8 ppt
vs 0.6 ppt). 69.3% of Canadians are fully vaccinated (0.9 ppt/unchanged) vs 65.1% in
the U.K. (0.6 ppt vs 0.8 ppt), and 53.9% in the U.S. (0.8 ppt/unchanged).
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We are maintaining our price forecasts. The U.S. Fed is meeting this week. We are
expecting the Fed to maintain its dovish stance considering the recent weakness in
China, and lower inflation data in August. Metals and equity markets will be negatively
impacted across the board, if the Fed takes a more hawkish stance.
In the following section, we review companies that announced key developments in the
past week.
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Mining / Exploration
Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Lumina Gold TSXV:LUM $0.60 $1.35
Corp.
PR Title FRC Opinion
Announces $26M private placement Positive – In addition to this equity
financing, LUM was able to upsize its credit
facility with Ross Beaty from $5M to $6M.
Funds will be used for infill and step-out
drilling, and pre-feasibility work. We
continue to believe that Cangrejos is an
excellent acquisition target. LUM’s CEO had
joined us in a webinar last week. Subscribe
to our channel to receive an alert when the
webinar is uploaded.
Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Gran Colombia TSX: GCM $4.97 $9.32
Gold Corp
PR Title FRC Opinion
Announces Segovia production for Positive – Produced 17.38 Koz gold in
August 2021 August 2021, bringing the total for the first
eight months to 133.89 Koz, up 4% YoY.
We are maintaining our 2021 forecast of
210 Koz.
Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Skyharbour TSXV: SYH $0.59 $0.77
Resources Ltd.
PR Title FRC Opinion
Intersects high grade uranium Positive – 2.54% U3O8 over 6.0 m,
mineralization at the Maverick East Zone including 6.80% over 2.0 m, is highly
encouraging. Results are pending for seven
more holes. SYH has already commenced
an additional 1,500-2,000 m drill program.
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Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
CopperBank CSE: CBK $0.49 $1.78
Resources Corp.
PR Title FRC Opinion
Closes $5M private placement Positive – The new CEO and the new
Chairman subscribed for $1.2M, reflecting
their conviction in CBK.
Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Lomiko Metals TSXV: LMR $0.10 $0.31
Inc.
PR Title FRC Opinion
Bourier lithium project update Positive – We were pleased to see that 15
high to moderate lithium targets were
identified. Preliminary exploration
discovered five new areas of lithium-rich
pegmatites. As the project is in early stages,
our fair value estimate does not include any
valuation on Bourier.
Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Latin Metals Inc. TSXV: LMS $0.175 $0.37
PR Title FRC Opinion
Discovers additional copper Positive – Promising results, with
mineralization at Lacsha (Peru) mineralization over long intervals (72 m
grading 0.2% copper and 62 ppm
molybdenum, and copper values ranging
between 742 and 6,770 ppm). The project
has potential to hold a large porphyry
system.
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Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Sonoro Gold TSXV: SGO $0.22 $0.32
Corp.
PR Title FRC Opinion
Positive PEA results and updated Neutral – The PEA returned an AT-NPV5%
resource estimate for the Cerro Caliche of US$42M using US$1,750/oz gold. Our
gold project valuation was US$49M using US$1,750/oz
gold. The PEA showed a low initial CAPEX
estimate of US$32M. However, the cash-
cost of US$1,227/oz AuEq was higher than
expected. The market was not pleased with
the results; SGO’s shares are down 27%.
We will publish an update shortly. SGO is
trading at 40% of the PEA’s AT-NPV.
Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Grid Metals TSXV: GRDM $0.14 $0.54
Corp.
PR Title FRC Opinion
High-grade lithium drill intercepts Positive – We were pleased with the results
as they showed continuous high-grade
lithium-bearing dyke over 775 m. A maiden
resource estimate is planned next year.
Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Renforth CSE: RFR $0.08 $0.12
Resources Inc.
PR Title FRC Opinion
Additional gold values at Parbec gold Positive - We were pleased with 9.95 m of
deposit; Exploration commences at 1.75 g/t gold. Awaiting results from six
Surimeau District battery metals project completed holes. We are also expecting
results from the completed drill program at
Surimeau.
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Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Blue Lagoon CSE: BLLG $0.52 $1.07
Resources
PR Title FRC Opinion
Toll mill partner sends out second Positive – Shipments to date are valued at
shipment of gold & silver concentrate $0.82M. BLLG has delivered 4,000 tonnes
of a total of 6,000 tonnes to its partner.
Funds will be used to fund its aggressive
exploration programs.
Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Golden Minerals NYSE: AUMN US$0.45 US$1.03
Corp.
PR Title FRC Opinion
Commences RC drill program at the Positive – We were pleased with 78.7 m
Rodeo gold-silver mine grading 1.06 g/t Au, including 13.9 m
grading 2.88 g/t Au. These results will
potentially help the company to expand
Rodeo’s 2.5 year mine-life. The RC drilling
is expected to be completed this month.
Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Cora Gold AIM: CORA £0.145 £0.18
Limited
PR Title FRC Opinion
Additional results Positive – 103 m @ 2.1 g/t and 37 m @
2.39 g/t gold are promising. In addition, 33
m @ 1.48 g/t came from an area outside the
existing pit-shell, indicating resource
expansion potential.
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Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Cornerstone TSXV: CGP $3.65 $7.44
Capital
Resources Inc.
PR Title FRC Opinion
Three more holes intersect mineralized Positive - CGP has a 12.5% carried interest
porphyry in the project. We were pleased with the
following values – 185.3 m of 0.64 g/t
AuEq, and 170.65 m of 0.70 g/t, including
69.6m of 0.97g/t. As the project is in early
stages, our fair value estimate does not
account for any upside from this project. A
maiden resource estimate is expected in
early 2022.
Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Eskay Mining TSXV: ESK $2.12 NA
Corp.
PR Title FRC Opinion
Discovers two new large VMS systems at Positive – As VMS deposits occur
its consolidated Eskay project in clusters, we believe the company will
likely find additional targets. 19,000 m (86
holes) of a 30,000 planned drilled program
has been completed.
Company Ticker Current Share FRC Fair Value Estimate:
Name: Symbol Price:
Hannan Metals TSXV: HAN $0.26 $0.57
Ltd.
PR Title FRC Opinion
Channel samples 1.6m @ 5.3% copper Positive - 2.8 m @ 3.0% copper, including
and 83 g/t silver at Tabalosos East, Peru 1.6m @ 5.3% Cu, and 2.0m @ 1.1 % Cu
are encouraging results. The project area
remains largely untested.
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Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Southern Silver TSXV: SSV $0.32 $1.06
Exploration Corp
PR Title FRC Opinion
Completes final payment to acquire 100% Positive – No change in valuation as we
interest in the Cerro Las Minitas silver were expecting this transaction to be
project completed.
Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Vertical TSXV: VERT $0.145 $0.32
Exploration Inc.
PR Title FRC Opinion
Receives St-Onge wollastonite quarry Positive – This is a major milestone for the
permit approval from the Government of company. St. Onge has a high-grade
Quebec wollastonite resource. The project can be
put back into production relatively quickly
and at a low CAPEX, as it can be operated
as a simple quarry and crushing operation.
Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Wealth Minerals TSXV: WML $0.37 N/A
Ltd
PR Title FRC Opinion
New option for Kootenay nickel-cobalt- Positive – Both projects are in early stages,
copper project with potential for nickel-cobalt-copper-zinc-
gold. We are pleased to see management
expanding and diversifying their portfolio.
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Financials, Technology, Energy, and Special Situations
Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Microsoft Corp. NASDAQ: US$293.58 US$281.78
MSFT
PR Title FRC Opinion
Announces quarterly dividend increase, Positive – Quarterly dividends increased by
and new share repurchase program US$0.06 (11%) to US$0.62, implying a
dividend yield of 0.85%. The US$60B share
repurchase program reflects management’s
positive outlook. MSFT was sitting on
US$130B in cash and investments at the
end of Q2.
Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Voyager Digital TSX: VOYG $14.11 $32.08
Ltd.
PR Title FRC Opinion
Commences trading on the Toronto Stock Positive – Since we initiated coverage in
Exchange and grows AUM to over July, AUM has grown to US$5B, up 51%.
US$5B. Verified users increased 25% to
approximately $2M. Q4/FY2021 results are
expected next month.
Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Oculus Vision TSXV: OVT $0.52 $1.23
Tech Inc.
PR Title FRC Opinion
Announces new "Forget-Me-Yes®" Positive – The improved version of FMY
software release allows potential customers to connect to
multiple databases with a single query. FMY
offers a solution for companies to comply
with global data privacy laws. Management
expects to begin generating meaningful
revenue by year-end.
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Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
KWESST Micro TSXV: KWE $2.10 $4.28
Systems Inc.
PR Title FRC Opinion
Closed a $1.5M private placement Positive – As KWESST ramps up
marketing and other expenses for launching
its Low Energy Cartridge (LEC) non-lethal
weapon, we believe the company will have
to pursue additional financings in the next
12 months. LEC will be launched at the
SHOT Show in Las Vegas in January 2022.
Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Kontrol NEO: KNR $2.18 $4.11
Technologies
Corp.
PR Title FRC Opinion
Increases revenue order book to $160M Positive – This is an encouraging
development for KNR. Timelines of the
order book were undisclosed; however, we
note that these orders are 4.4x our 2021
revenue estimate of $36M. The company
had recently announced higher than
expected revenue in August.
Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Clean Seed TSXV: CSX $0.50 $1.14
Capital Group
Ltd.
PR Title FRC Opinion
Deerland Equipment takes on SMART Positive – We are pleased to see additional
Seeder™ MAX distribution. distribution. We are expecting the company
to start reporting sales shortly.
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Cannabis
Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Ayurcann CSE: AYUR $0.19 $0.71
Holdings Corp.
PR Titles FRC Opinion
Enters Saskatchewan with National Positive – Pleased to see AYUR enhance
Cannabis Distribution (NCD) its distribution network. We are anticipating
strong Q4 (quarter ended June 30, 2021)
results, which should be published in the
coming weeks.
Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Delta 9 TSX: DN $0.39 $1.13
Cannabis Inc.
PR Titles FRC Opinion
Delta 9 to open sixteenth cannabis retail Positive – Pleased to see DN continue to
store expand its retail presence. Since our
previous report in August, DN has opened
four new retail stores (two in MB, and two in
AB). We are expecting four more stores this
year.
Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Pure Extracts CSE: PULL $0.33 $0.90
Technologies
Corp.
PR Titles FRC Opinion
Ships initial order of edible gummies to Positive – The company continues to
Alberta. expand its product offerings. We are
expecting PULL to report meaningful
revenue in its upcoming Q4 financials.
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Company Ticker Current Share FRC Fair Value
Name: Symbol Price: Estimate:
Halo Collective NEO: HALO $0.04 $0.12
Inc.
PR Title FRC Opinion
Announces launch of two premium Positive – Pleased to see a distribution
cannabis strains in Oregon with DNA agreement with a provider of medical
Genetics. cannabis in Europe. The European
cannabis market is the second-largest
Bophelo Bioscience & Wellness signs market after North America, and is projected
distribution agreement with Cantourage to grow to US$3.8B by 2025, according to
GmbH for rapidly growing European Prohibition Partners.
market.
Weekly Cannabis Commentary
Cannabis Industry Performance
September 20, 2021
U.S. Companies YTD 1-Week 1-Year
Curaleaf Holdings Inc. -13% 1% 57%
Trulieve Cannabis Corp. -24% 2% 39%
Green Thumb Industries Inc. 3% -2% 107%
Cresco Labs Inc. -21% 0% 39%
Canadian Companies YTD 1-Week 1-Year
Aurora Cannabis Inc. -37% -7% 14%
Canopy Growth Corp. -48% -8% -8%
Cronos Group Inc. -25% -5% 7%
Tilray Inc. -26% -8% -27%
HEXO Corp. -53% -11% -30%
Organigram Holdings Inc. 50% -6% 105%
Canadian Average -23% -7% 10%
U.S. Average -14% 0% 61%
Indices
Canadian YTD 1-Week 1-Year
HMMJ -5% -4% 34%
MCAN -4% -4% 32%
XCAN -19% -7% 17%
U.S. YTD 1-Week 1-Year
MSOS -21% -1% 39%
Source: FRC
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Last week, U.S. cannabis stocks outperformed their Canadian peers. Aside from a
warning issued by the FDA and CDC, the cannabis sector in the U.S. had favorable
developments:
➢ The FDA and CDC issued an alert to consumers about Delta-8 THC, and the
potential for cannabis products to be mislabeled. More than 100 people have been
hospitalized in the U.S. this year after consuming products with Delta-8 THC. Delta-8
can be synthetically produced, and has similar psychoactive effects as Delta-9 THC,
the naturally occurring psychoactive cannabinoid in cannabis plants.
➢ Ohio increased allowable cultivation capacity for medical growers by 200% to 75,000
sq. ft.
➢ Michigan’s recreational cannabis sales grew 112% YoY to $126M in August.
Valuation
As of September 20, 2021, the Canadian big four LPs were trading at a 69% premium
(down from 83% in the previous week) over their U.S. peers. A report released last
week by New Frontier Data indicated that 86% of legal global cannabis sales came from
the U.S. in 2020. The report also stated that the U.S. will be a primary driver of global
sales going forward.
Sept 13, 2021 Sept 20, 2021
Canadian Companies Ticker TEV/Revenue TEV/EBITDA TEV/Revenue TEV/EBITDA
Aurora Cannabis Inc. TSX: ACB 6.3 NM 6.3 NM
Canopy Growth Corp. TSX: WEED 12.7 NM 12.4 NM
Cronos Group Inc. TSX: CRON 21.3 NM 20 NM
Tilray Inc. NASDAQ: TLRY 11.8 NM 11.5 NM
HEXO Corp. NYSE: HEXO 6.6 NM 6.3 NM
Organigram Holdings Inc. TSX: OGI 9.9 NM 9.7 NM
AVERAGE 11.4 NM 11.0 NM
MEDIAN 12.7 NM 12.4 NM
MINIMUM 5.0 NM 5.0 NM
MAXIMUM 21.3 NM 20.0 NM
U.S. Companies Ticker TEV/Revenue TEV/EBITDA TEV/Revenue TEV/EBITDA
Curaleaf Holdings Inc. OTC: CURLF 8.2 30.6 8.5 31.6
Trulieve Cannabis Corp. OTC TCNNF 4.6 10.1 4.8 10.5
Green Thumb Industries Inc. OTC: GTBIF 7.7 21.1 8.1 22.0
Cresco Labs Inc. OTC: CRLBF 4.5 13.9 4.7 14.5
AVERAGE 6.3 18.9 6.5 19.7
MEDIAN 6.2 17.5 6.5 18.3
MINIMUM 4.5 10.1 4.7 10.5
MAXIMUM 8.2 30.6 8.5 31.6
Implied Premium (Canada vs U.S.) (Average) 83% 69%
Source: S&P Capital IQ, FRC
The following chart shows the average EV/R of the companies we track in both
countries:
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Average EV/R
Source: S&P Capital IQ, FRC
Canadian Retail Cannabis Pricing
Province (As of 2021/09/20) Average Price per Gram Average Price per Gram THC Average Price per Gram CBD # of Products Min. Price Max. Price
B.C. $ 9.49 $ 9.56 $ 8.45 237 $ 3.93 $ 15.71
Ontario $ 9.22 $ 9.36 $ 7.88 382 $ 3.57 $ 19.99
Quebec $ 9.16 $ 9.17 $ 9.05 275 $ 3.60 $ 21.68
Alberta $ 10.57 $ 10.56 $ 10.61 441 $ 3.14 $ 22.00
N.B. $ 9.37 $ 9.48 $ 7.91 224 $ 3.57 $ 15.99
P.E.I. $ 9.64 $ 9.65 $ 9.34 194 $ 4.40 $ 23.30
Newfoundland $ 9.94 $ 9.88 $ 10.24 185 $ 4.08 $ 15.40
Yukon $ 16.33 $ 15.13 $ 13.95 4 $ 13.68 $ 22.28
N.S. $ 9.94 $ 9.98 $ 9.50 205 $ 4.64 $ 42.85
Nunavut $ 13.15 $ 13.35 $ 16.41 32 $ 9.43 $ 17.91
Northwest Territories $ 14.53 $ 12.64 4 $ 12.08 $ 17.28
Manitoba $ 11.30 $ 11.21 $ 11.55 376 $ 4.87 $ 23.57
Saskatchewan $ 11.76 $ 11.74 $ 12.07 278 $ 4.40 $ 38.50
CANADA $ 11.11 $ 10.90
Province (As of 2021/09/13) Average Price per Gram Average Price per Gram THC Average Price per Gram CBD # of Products Min. Price Max. Price Max. Price
B.C. $ 9.53 $ 9.60 $ 8.45 241 $ 3.93 $ 15.71 $ 15.71
Ontario $ 9.23 $ 9.37 $ 7.88 382 $ 3.57 $ 19.99 $ 22.66
Quebec $ 9.17 $ 9.19 $ 9.05 279 $ 3.60 $ 21.68 $ 21.68
Alberta $ 10.59 $ 10.58 $ 10.61 441 $ 3.14 $ 22.00 $ 22.00
N.B. $ 9.35 $ 9.49 $ 7.64 221 $ 3.57 $ 15.99 $ 16.28
P.E.I. $ 9.65 $ 9.67 $ 9.34 192 $ 4.40 $ 23.30 $ 23.30
Newfoundland $ 9.93 $ 9.88 $ 10.24 183 $ 4.08 $ 15.40 $ 15.40
Yukon $ 16.33 $ 15.13 $ 13.95 4 $ 13.68 $ 22.28 $ 22.28
N.S. $ 9.95 $ 9.99 $ 9.50 204 $ 4.64 $ 42.85 $ 42.85
Nunavut $ 13.15 $ 13.35 $ 15.41 32 $ 9.43 $ 17.91 $ 17.91
Northwest Territories $ 14.53 $ 12.64 4 $ 12.08 $ 17.28 $ 17.28
Manitoba $ 11.31 $ 11.23 $ 11.55 380 $ 4.87 $ 23.57 $ 23.57
Saskatchewan $ 11.78 $ 11.77 $ 12.07 280 $ 4.40 $ 38.50 $ 38.50
CANADA $ 11.12 $ 10.91
Source: Online Provincial Cannabis Stores, FRC
The average retail price per gram fell week-over-week from $11.12 to $11.11. The
chart below shows the Canadian retail dried cannabis flower pricing trend:
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Canadian Retail Dried Cannabis Flower Pricing
Source: Online Provincial Cannabis Stores, FRC
Canadian Retail Cannabis Stores
As of September 20, 2021, there are 2,557 retail cannabis stores, a week-over-week
increase of 33 stores across Canada, including 25 in Ontario, seven in Alberta, and one
in B.C.
Nationwide Store Count
Source: Provincial Websites, FRC
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Aug-9-2021 Aug-16-2021 Aug-23-2021 Aug-30-2021 Sept-7-2021 Sept-13-2021 Sept-20-2021
Geographic Region Store Count Store Count Store Count Store Count Store Count Store Count Store Count Population Population / Store
Alberta 667 670 671 673 677 677 684 4,428,247 6,474
B.C. 366 369 368 369 373 373 374 5,120,184 13,690
Manitoba 106 107 107 107 107 108 108 1,379,121 12,770
N.B. 20 20 20 20 20 20 20 780,890 39,045
N.S. 25 25 25 25 25 25 25 978,274 39,131
Newfoundland 30 30 30 30 30 30 30 520,437 17,348
Northwest Territories 6 6 6 6 6 6 6 44,982 7,497
Nunavut 39,486
Ontario 974 1,025 1,028 1,053 1,077 1,087 1,112 14,745,040 13,260
P.E.I. 4 4 4 4 4 4 4 158,717 39,679
Quebec 78 77 77 77 77 77 77 8,552,362 111,070
Saskatchewan 97 110 110 110 112 112 112 1,181,987 10,553
Yukon 5 5 5 5 5 5 5 41,293 8,259
CANADA 2,378 2,448 2,451 2,479 2,513 2,524 2,557 37,971,020 14,850
Source: Provincial Websites, FRC
Weekly Psychedelic Commentary
Psychedelic Industry Performance
September 20, 2021
Company YTD 1-Week 1-Year
COMPASS Pathways plc -28% -6% -27%
Atai Life Sciences N.V. -20% 1% -20%
Numinus Wellness Inc. -36% -14% 153%
Mind Medicine Inc. -20% -1% 216%
Braxia Scientific Corp. -78% 0% -78%
Cybin Inc. 45% -18% 191%
Levitee Labs Inc. -15% -6% -35%
Seelos Therapeutics Inc. 31% -6% 183%
AVERAGE -15% -6% 73%
MIN -78% -18% -78%
MAX 45% 1% 216%
Indices YTD 1-Week 1-Year
PSYK -27% -9% -27%
Source: TMX Money,
PSIL -5%FRC -6% -4%
Last week, the first U.S. listed ETF covering the psychedelic sector was launched - the
AdvisorShares Psychedelics ETF (NYSE: PSIL). We will start reporting its performance
going forward.
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