Psychedelic Mushroom Grower First Person Announces Terms of Proposed $8 Million IPO (TSXV:FP:CA)

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Therapeutic and psychedelic mushroom maker First Person (FP) has applied to raise approximately $8 million through an IPO.

The Canadian company said in a filing that it was considering offering 1.1 million shares at a price of between $6.75 and $7.75 per share would fetch around $8 million if the price came to the median. Underwriters would have a 45-day option to purchase up to 166,000 additional shares at the public price to cover any over-allotments.

First Person intends to list its shares on the Nasdaq under the symbol FP. EF Hutton is acting as Lead Bookrunner.

First Person, formerly known as LEIIO Wellness, has developed a line of cognitive health supplements. The Company also operates an operational mushroom factory in Olympia, Washington and plans to begin cultivating and distributing mushrooms at scale for nutrition and wellness purposes. First Person also plans to cultivate and research psychedelic mushrooms in Jamaica, where they are legal, and hopes to eventually receive government approval to enter the US psychedelics market.

The first person has written red numbers. For the six months ended June 30, 2020, the Company reported a net loss of $3 million on revenue of $1 million.

First Person isn’t the only Canadian psychedelics company trying to raise money through the US markets. Earlier this month, psychedelic drug developer Clearmind (OTCPK:CMNDD) (OTC:CMND) (CMND:CA) updated terms for a proposed $9 million IPO and listing on the Nasdaq.