There were more than 30 different companies in the psychedelic space present at the inaugural Benzinga Psychedelics Capital Conference on Tuesday. But, Enveric is one of the only ones that offer investors exposure to both the psychedelic and cannabis space. Enveric Biosciences Inc (NASDAQ:ENVB) is a biotech company headquartered in Naples, Florida.
Dr. Joseph Tucker, CEO of Enveric, spoke at the conference about the company’s unique approach to drug discovery and development.
Last October, Enveric announced its “psybrary,” a library of psychedelic molecules that have the potential to treat a number of different diagnoses, including cancer-related illnesses.
“Because we have so many of these molecules, it would take us too much time to go through all of them,” Tucker said. “We’ve had to bring in AI.”
Its PsyAI technology combs through millions of molecules to find the ones that have the most potential.
In addition to Enveric’s psychedelic compounds, the company has developed its own CBD molecule that targets the effects of chemotherapy. Phase 1 trials are set to begin for the CBD molecule in 2022.
