In this January 2024 episode of the Psychedelic Spotlight podcast, host Matthew interviews Psycorp CEO David Flores for a candid state-of-the-company address amid mounting uncertainty about the publicly traded psychedelic media company's future. Flores apologized to shareholders for months of silence while acknowledging the company stands at a crossroads, struggling to secure investment capital needed for growth despite building Psychedelic Spotlight into a top-3 global media platform for the psychedelic sector within 2.5 years. The most significant news revealed was that MAPS submitted its MDMA-assisted therapy for PTSD to the FDA last month, with industry insiders believing 2024 approval is likely—a milestone that would establish the first regulatory pathway for psychedelic medicines and validate the broader market thesis. Flores detailed how Psycorp survived where numerous competitors with $30+ million in funding failed, crediting strategic planning, a talented team, and diversification into cannabis media (Technical420) and microcap stock coverage (StockDay Media) to generate interim revenue while the psychedelic industry matured. He outlined current monetization strategies targeting hundreds of legal ketamine clinics through a September partnership with Target Media, positioning the company to become the Weedmaps or Leafly of psychedelic therapy marketing. Despite progress including completed financial audits, maintained OTC filings, and established revenue streams, Flores stressed the company desperately needs capital infusion to execute growth strategies and capitalize on its market position before competitors overtake it. He made direct appeals to shareholders, acknowledging the 3.5-year journey of building legitimacy as a publicly traded company while expressing commitment to the long-term vision of a multi-billion dollar psychedelic industry he believes will revolutionize mental healthcare over the next decade.
Flores revealed that MAPS submitted its MDMA-assisted therapy for PTSD to the FDA for approval last month, with industry insiders believing approval is likely in 2024. This would mark the first FDA-approved psychedelic therapy and establish a regulatory pathway for other psychedelic drugs like psilocybin and LSD currently in clinical trials.
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