Psychedelic mushroom grower First Person discloses terms for proposed $8M IPO

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Therapeutic and psychedelic mushroom producer First Person (FP) has filed to raise approximately $8M through an initial public offering.

The Canadian company said in a filing that it was considering offering 1.1M shares priced between $6.75 and $7.75 per share, which would raise around $8M if priced at the midpoint. Underwriters would be granted a 45-day option to buy up to 166K additional shares at the public price to cover any over-allotments.

First Person intends to list its shares on Nasdaq under the symbol FP. EF Hutton is serving as lead bookrunner.

Formerly known as LEIIO Wellness, First Person has developed a line of cognitive nutraceutical supplements. The company also operates a functional mushroom facility in Olympia, Wash., and plans to begin growing and distributing mushrooms at scale for nutritional and wellness purposes. First Person also plans to cultivate and research psychedelic mushrooms in Jamaica, where they are legal, and hopes to eventually obtain government clearance to enter the US psychedelics market.

First Person has been operating in the red. For the six months ended June 30, 2020, the company reported a net loss of $3M on revenue of $1M.

First Person isn't the only Canadian psychedelics company seeking 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 $9M IPO and uplisting to Nasdaq.