Tress Capital Portfolio Company PsyTech to be Acquired by Wesana, led by Former NHL Blackhawks Player
Jim Dallke, Chicago Biz Journal
Wesana, a Chicago company led by former Blackhawks player Daniel Carcillo that's using psychedelics to treat brain injuries, is acquiring a psychedelic therapy firm based in Toronto.
Wesana announced Tuesday that it's acquiring Psychedelitech, also known as PsyTech, for $21 million CAD ($16.7 million USD) in Wesana stock. Wesana went public in Canada earlier this year.
The deal provides a range of psychedelic therapy services to Wesana, the company said, including PsyTech's clinical software platform, its network of mental health clinics, and "PsyTech Connect," which offers conferences and educational courses around using psychedelics in medicine.
The acquisition further positions Wesana in its quest to use psychedelics, specifically psilocybin, the naturally occurring substance found in magic mushrooms, to treat traumatic brain injuries. The company was born out of Carcillo's experience using psilocybin to treat his own brain injuries after years of head trauma playing in the NHL. He said psilocybin worked better than any other form of treatment.
Founded in 2020, Wesana has been backed by boxing legend Mike Tyson, Ambria Capital, JLS Fund, K2 & Associates and George Steinbrenner IV. Last month Wesana announced it's spending $1.5 million on a new lab at the University of South Carolina to research and treat traumatic brain injuries.
With the acquisition of PsyTech's clinics, which will be rebranded as Wesana Clinics, the company will now have access to psychiatrist-led mental health clinics that deliver psychiatric care. Its network currently includes two flagship clinics, which expects to grow to 12 clinics within the next 12 months, the company said.