Tuesday, February 02, 2021

Fox walking around on frozen water like it owns the place
Antarctic ice reveals Martian mineral that's rarely found on Earth

Researchers from the University of Milan knew that their mile-long ice core sample would reveal astonishing insight into Earth’s past, but their discovery of a Martian mineral could add to the mystery of Mars’ uniquely dry environment and could change how some ice core samples are interpreted.

An article posted in Nature Communications states that researchers have discovered jarosite inside a large ice dome in East Antarctica. The researchers were drilling several hundred metres deep into the Talos Dome to collect ice core samples and told Science magazine that they never expected to find jarosite crystals because it is a mineral that is abundant on Mars but rarely seen on Earth.

An ice core that was 1,620 metres long was extracted from the Talos Dome and is estimated to be approximately 153,000 years old, but the deepest part of the core could potentially contain information that extends back 250,000 years. There is visible volcanic ash and cloudy bands at the 1,439-metre mark on the core and the researchers say that some sediments trapped in the ice are from relatively close volcanoes.

© Provided by The Weather NetworkAn ice core that was extracted at Talos Dome in 2000 shows an ash layer corresponding to the Toba supervolcano eruption in Indonesia about 75,000 years ago. Credit: Dargaud/ Wikimedia Commons. (CC BY-SA 4.0)

The researchers say there are signs that some of the sediments trapped in the ice experienced distinct changes in their geologic structure, likely due to the pressure of all the ice above that part of the core and disturbances in the ice flow. Given all of these factors, the scientists conclude that the dust and ice chemically reacted to form jarosite.

Jarosite forms through a series of chemical reactions in settings where water is present. This mineral has been found on Mars during a variety of space exploration missions and scientists say that the presence of jarosite is evidence that there was once liquid water in this planet’s dry environment. The study says that the sediments experienced a number of chemical and physical changes deep inside of the ice, which could mean that ice contributed to the formation of Mars’ environment.

Given the new knowledge about how jarosite formed in Antarctic glaciers and how certain elements, such as iron, is impacted in deep ice, the study says that this could have implications for how certain minerals and compounds are dated, especially for researchers that are on the “quest for the oldest ice” on Earth.




CURIOSITIES HIDDEN WITHIN THE ICE


Martian minerals add to the list of peculiar discoveries made in giant masses of ice. A lost ‘Viking highway’ and artifacts were also revealed by melting glaciers in Norway. The researchers say that the ice in this region has been melting particularly quickly compared to other regions in Europe and that the increasing volume of archeological discoveries is a bittersweet impact of warming atmospheric temperatures.

While some glacier discoveries shed insight on ancient civilizations, some raise concerns about the potential health hazards they pose. A study that was published in the preprint server bioRxiv in January 2020 found dozens of viruses previously unknown to modern science in glaciers located in Central Asia. These glaciers are 15,000 years old and very little is known about their ability to survive and produce once the ice melts. The study warns that because glaciers around the world are rapidly shrinking, this could release microbes and viruses that have been trapped for tens to hundreds of thousands of years.

Thumbnail credit: The Washington Post. Getty Images.



Antarctica Is Melting in a Way Our Climate Models Never Predicted, Scientists Say

The Antarctic ice sheet is not melting in the linear way our climate models predicted it would. Instead, a more detailed model shows that while the rate of ice loss in the South Pole is rapidly accelerating, there are bumps of snowfall and brief reprieves from melt along the way.

© Holger Leue/The Image Bank/Getty Images

"The ice sheet is not changing with a constant rate – it's more complicated than a linear change," explains Lei Wang, who researches civil, environmental, and geodetic engineering at Ohio State University.

"The change is more dynamic: The velocity of the melt changes depending on the time."

Climate projections are imperfect by nature and subject to constant revision as we learn more, but the ones we have for Antarctica's melting ice sheet are more contested than most.

While the majority of models agree polar ice is on the decline, the extent of melt under different emission scenarios has varied quite a lot.

For many years, in fact, scientists on the Intergovernmental Panel on Climate Change (IPCC) could not come to a consensus on how this melting ice would ultimately contribute to sea level rise. In the end, there was so much debate, the panel simply left out the data.

Today, IPCC models for Antarctic ice have greatly improved, but when it comes to future projections for global sea level rise, scientists say the potential for the South Pole's massive ice sheet to collapse completely still remains the single largest source of uncertainty.

Ice sheet dynamics are complex and climate variability is unpredictable. Many of our current models, on the other hand, are simple and inflexible, displaying ice loss from the Antarctic ice sheet at a constant rate.

This ignores variability in regions, years, and seasons, leading to large uncertainties in global projections of sea level rise, the researchers argue.

"I'm not saying Antarctica's ice melt is not an acute problem – it is still very acute," says Wang.

"All of Antarctica is losing mass, very rapidly. It's just a time scale problem and a rate problem, and our models that predict sea-level change should reflect that."

Today, many climate projections do not take Antarctica's fluctuating weather into account, and this could lead scientists to underestimate the ice sheet's overall impact on sea level rise or the speed at which that will happen.

By factoring in rates of change in Antarctica using data from NASA satellites, this new and more dynamic model relies on much greater detail than standard regression models.

In the end, its findings reveal that every sector of the Antarctic ice sheet shows "highly variable" seasonal and inter-annual changes in ice loss. What's more, these factors appear to play a dynamic role in the ice sheet's overall mass, not a linear one as previous models suggested.

While the West Antarctic ice sheet shows a multi-decadal trend in ice melt, for instance, the East Antarctic ice sheet shows quicker fluctuations.

In the short term, the authors found extreme snowfall events in the East Antarctic can somewhat supplement the continuous loss of ice in the West Antarctic ice sheet. Yet in the long term, those temporary regional dustings have little overall effect on the overall mass of Antarctic ice.

In 2016, for instance, a snowfall anomaly in West Antarctica, unprecedented in the past 60 years, helped offset the net mass loss of Antarctic ice over a period of four years. In a normal year of snowfall, however, West Antarctica loses five times more ice than what East Antarctica gains.

"Despite their historic magnitudes, these extreme snowfall episodes still cannot fully offset contemporary mass loss from the [West Antarctic ice sheet] and the [Antarctic Peninsula ice sheet]," the authors conclude.

"Although models predict increasing accumulation through the 21st century in response to a warmer and wetter atmosphere, it is unlikely they would be able to negate the predicted dynamic loss from the [West Antarctic ice sheet]."

In recent years, ice melt in the southern hemisphere has begun to speed up at an alarming rate, on track with our worst-case scenarios. Since 2012, recent research reveals the rate of ice loss in Antarctica has tripled compared to the two decades before.

As this vast land of ice grows ever more unstable, experts worry the rate of melt will accelerate even more due to positive feedback events. Over half the ice shelves holding up the Antarctic ice sheet are already nearing collapse.

If the world warms by 3 degrees Celsius, some models suggest melting ice in Antarctica could lift the oceans by 6.5 metres, displacing millions of people and sinking numerous coastal cities.

Further monitoring and research is needed, especially in the East Antarctic ice sheet, which has been historically overlooked, and which the authors say represents "a major source of uncertainty in the projection".

Climate models will always have a certain level of uncertainty, but the better our predictions, the greater our understanding of the actual threat will be – giving us the best chance to actually do something about it before it's too late.

The study was published in the Geophysical Research Letters.
GREEN CAPITALI$M
Dumping Coal Can Be Good for Insurance Company Stock
Tim Quinson 

As far as climate groups like the Sunrise Project are concerned, getting insurers out of the coal underwriting business is the most important thing they can do. No more insurance, no more coal.

It’s something Sunrise has been pushing for years. But while it’s happening in Europe, it hasn’t caught on in America.

Analysts at Societe Generale SA published a report about European insurers and reinsurers that, for the first time, includes a specific ESG input for stock valuations. It primarily reflects each insurer’s stance on coal, the dirtiest of atmosphere-wrecking fossil fuels. The analysts determined that an insurer’s position on coal underwriting and investments can have an effect on its valuation ranging from -3% to +9%.

In other words, insurers that do more to exit coal can gain points in their stock valuation while those who have done the least will lose.

SocGen’s scoring metric is most heavily weighted toward environmental issues, as opposed to social and governance factors. Using this system, the bank’s analysts raised their target price for Axa SA shares by 6%, their target price for Swiss Re AG, Zurich Insurance Group AG, Assicurazioni Generali SpA, Allianz SE and Munich Re by 5%, and their target price for Scor SE by 4%.

Prudential Plc ranked lowest of the 10 companies in the SocGen report, getting just a 1% boost in its target price from its coal policies.

© Photographer: Bloomberg/Bloomberg Biggest Private Coal Miner Goes Bust As Trump Rescue Fails

Putting a stop to coal underwriting is particularly significant because, without insurance, coal projects are simply not viable, the SocGen analysts wrote in their 74-page report. “Therefore, the insurance industry can, almost single-handedly, exert pressure on coal energy producers, which other industries are less well placed to do,” they wrote.

Climate Analytics, a climate science institute, said coal is the most carbon-intensive fossil fuel, and getting rid of it is a key step to achieve the emissions reductions needed to limit global warming to 1.5°C. The institute said its research shows that coal needs to be phased out globally by 2040 to meet commitments in the Paris Agreement.

Nevertheless, little has been done to curb the growth of coal, the SocGen analysts wrote. As recently as July, new coal projects with a combined capacity of 737 gigawatts were still in the pipeline or under construction. Given this potentially disastrous trend, insurance companies deciding to get out of the business could have an outsized influence on curbing coal.

The SocGen report cites analysis from Insure Our Future, which said Axa and Swiss Re scored the highest for their underwriting policies. Both companies said they have stopped insuring new and existing coal projects. Scor, Munich Re, Allianz and Zurich Insurance have “somewhat less comprehensive” efforts to sideline coal, since they still provide insurance for some existing coal operations, according to the report.
© Photographer: Craig Warga/Bloomberg AIG SOCIAL

European insurers are at the forefront of dumping their coal investments, too. Scor, Axa, Swiss Re, Zurich Insurance and Allianz are leading the way, the analysts said.

The same can’t be said for U.S. insurers, such as American International Group Inc. and Travelers Cos., said Ross Hammond, senior strategist at the Sunrise Project. These companies are providing a lifeline to the coal industry by continuing underwriting support, he said.

AIG and Travelers are among the companies that have yet to take any steps to restrict support for the fossil-fuel industry, according to a report published in December by Insure Our Future.

The Sunrise Project is among the nonprofits behind “BlackRock’s Big Problem” campaign, which is pushing the world’s largest money manager to use its heft to press companies to align practices with a low-carbon world. For the past four years, Sunrise Project has worked through Insure Our Future to pressure the global insurance industry to stop underwriting and investing in coal.

“Ending insurance for coal and other fossil fuels is most important thing for insurers to do to fight climate change,” said Peter Bosshard, the Sunrise Project's finance program director. “It’s in the public interest.”

Sustainable Finance in Brief
© Photographer: Kristian Helgesen/Bloomberg Seafarers-4How cargo ships turned on a dime, going from engines of commerce to floating prisons almost overnight. The climate policies of the world’s biggest economies fall short of the goals set forth in the Paris Agreement. The Norway wealth fund dumped oil stocks amid a $10 billion loss on fossil fuel holdings in 2020. Keeping interest rates low in an effort to boost a weak U.S. economy may exacerbate wealth inequality between White and Black households. General Motors made a green commitment that shakes up the auto industry and might be a key moment for electric vehicle adoption.

Bloomberg Green publishes the Good Business newsletter every week, providing unique insights on climate-conscious investing and the frontiers of sustainability.

For more articles like this, please visit us at bloomberg.com

©2021 Bloomberg L.P.
UCP NO CONSULTATIONS NO TRANSPARENCY

Second Alberta town asks for coal consultations, pause on exploration

A second southern Alberta town is asking the provincial government to order a stop to coal exploration work until public consultations on the issue can be held.
© Provided by The Canadian Press

The town council of Turner Valley approved last night a letter making the request to several United Conservative government ministers.

The town of High River approved a similar letter on Monday.

The town of Canmore, about 100 kilometres west of Calgary, has also passed a resolution asking the province to restore environmental protections to land now being explored for open-pit coal mines.

At least seven communities in southern Alberta have expressed concerns about the government's plans to dramatically expand the industry.

Those communities run from a large city to hamlets of a few hundred people.

Coal opponents fear contamination of river headwaters as well as the destruction of one of the province's most treasured landscapes.

The issue arose after the government revoked a policy last spring without warning that had protected those landscapes for more than 40 years.

This report by The Canadian Press was first published Feb. 2, 2021.
TransAlta completes first of three coal-to-gas conversions; company aims to be off coal entirely by 2022

TransAlta Corp. has completed the first of three planned coal-to-gas plant conversions, a major milestone for the Calgary-based company that says it is on track to be off coal entirely by Jan. 1, 2022. 

“This is the first step toward phasing out coal in Alberta by 2023, well ahead of the 2030 timeline that Alberta had put forward,” 

© Provided by Calgary Herald TransAlta's Sundance generating station is pictured in Parkland County.

The company announced Monday that it has completed the full conversion of Sundance Unit 5, the first of three planned boiler conversions from thermal coal to natural gas at its Sundance and Keephills power generation facilities near Wabamun.


In 2021, TransAlta will complete its second and third coal-to-gas conversions, with Keephills Unit 2 by mid-June followed by Keephills Unit 3 by mid-December. In addition, TransAlta is repowering its Sundance 5 unit into a highly efficient combined-cycle gas-powered facility, which is expected to come online at the end of 2023.

By the end of this year, TransAlta will end operations at its Highvale thermal coal mine west of Edmonton and will be exclusively generating with natural gas.

In total, TransAlta is investing approximately $1 billion to reduce greenhouse gas emissions from its Alberta fleet, CEO Dawn Farrell said in an interview. She said the company is on track to reduce its emissions by more than 70 per cent from 2005 levels by the end of 2022.


“The greenhouse gas emissions that you generate on gas is about half of what you generate on coal,” Farrell said. “If we were a country, we would have the No. 1 performance globally on our emissions reduction performance.”

In 2014, 55 per cent of Alberta’s electricity was produced from coal. The Alberta government announced in 2015, under Rachel Notley’s NDP, that it would eliminate emissions from coal power generation by 2030.


The province is now on track to meet that goal much sooner, thanks to accelerated phase-out plans by electricity producers. Edmonton-based Capital Power has said it will transition its two coal-fired units at its Genesee generating station to natural gas and will shift completely off of coal by 2023. ATCO Ltd. announced three years ago that it would convert to gas by the end of 2020.

Farrell said for TransAlta, the ambitious conversion time frame was driven largely by provincial and federal carbon policy that makes coal a liability. She said the company — which was able to finance the project with the help of a $750-million investment from Brookfield Renewable Partners — is now positioned to be a highly competitive provider of low carbon electricity for the market and its customers.

“A lot of investors are looking for companies that have strong environmental, social and governance (ESG) goals,” Farrell said. “On the environment side, investors see us reducing our greenhouse gas emissions, frankly, very quickly and very deliberately.”

Dawn Farrell, CEO of TransAlta Corp.

Binnu Jeyakumar, an analyst with clean energy think-tank the Pembina Institute, called TransAlta’s completion of the Sundance Unit 5 conversion a “big deal.”

“This is the first step toward phasing out coal in Alberta by 2023, well ahead of the 2030 timeline that Alberta had put forward,” she said.


Jeyakumar said the rapid phase-out of coal is the fastest way to reduce greenhouse gas emissions from the electricity sector, and it also makes economic sense for companies.

“Forty-two per cent of coal plants across the world are running at a loss. Projections say that new wind and new solar will be cheaper than most existing coal plants by 2030,” she said.

While other jurisdictions have moved faster than Alberta to phase out coal — Ontario entirely eliminated coal-fired electricity generation in 2014, for example — Jeyakumar said Alberta’s rapid progress deserves praise because its electricity mix was so coal-heavy for so long.

“Coal was generating almost 50 per cent of our power for a very long time. So for a sector that was that dependent on coal to phase it out this quickly, I would say makes us among the front-runners,” Jeyakumar said.

astephenson@postmedia.com

Twitter: @AmandaMsteph


Coastal First Nations ahead of the curve in cultivating seaweed industry

Larry Johnson takes the responsibility of his traditional name — Anii-tsa-chist, or Keeper of the Sea — bestowed to him three decades ago by a much-respected uncle very seriously.

“I’m very proud of the name,” said Johnson, the president of Nuu-chah-nulth (NCN) Seafood, and a fisherman descended from generations of fishermen.


“It is an honour to hold it and to try to live up to that name, and that's what I try to do every day,” he said.

It’s why Johnson is so excited by the prospects of seaweed aquaculture, one of the newest ventures NCN Seafood has undertaken in partnership with Cascadia Seaweed.

The First Nation owned enterprise had already been exploring opportunities around the commercial cultivation of seaweed though research projects with North Island College (NIC) when the newly formed aquaculture company, Cascadia, reached out, Johnson said.

Shared goals of providing economic diversification, employment opportunities and skills training for coastal First Nations communities make for a good partnership, he added. The two companies' operations on the west coast of Vancouver Island are expected to yield approximately 80 tonnes of seaweed this spring.

However, true to his name, Johnson thinks seaweed farming is ideal because it’s rooted in First Nations tradition and commitment to the sustainable use of resources.

“We knew exactly where we belonged and our role within this environment,” he said.

“It was to maintain a balance of nature and resources, so that the resources and Mother Earth would be there for seven generations.”

Cultivating seaweed, a nutritional plant-based food, requires no land, freshwater or fertilizer. It absorbs its nutrients from water alone and provides variety of ecosystem services such as carbon capture and marine habitat regeneration, noted Johnson.

“It ticks off a lot of the boxes,” Johnson said, adding he believes seaweed farming is going to be a growth industry in B.C.

“It’s a sector perfectly suited to First Nations up and down the coast.”

The Klahoose First Nation, based on Cortes Island northeast of Vancouver Island, is another coastal community ahead of the curve when it comes to cultivating seaweed.

Qathen Xwegus Management Corporation (QXMC), the Klahoose economic development arm, is working with Cascadia to cultivate seaweed in conjunction with the nation’s existing shellfish sites, said Paul Muskee, operations manger of Klahoose Shellfish.

“We're so excited about it,” said Muskee, adding kelp has been seeded adjacent to the Klahoose’s geoduck nursery in Squirrel Cove and alongside a mussel operation in Gorge Harbour.

Beyond the fact the seaweed might protect shellfish from increasingly acidic ocean due to warming waters, the fast-growing algae provides income and harvest opportunities while waiting for longer growing shellfish to mature, he said.

Kelp typically has about a six-month winter growing season while geoducks take seven years to grow to maturity.

“Geoducks are a longer-term game, so it would be just amazing to be able to grow kelp overtop of (them),” Muskee said.

If the initial seaweed cultivation projects perform well, the Klahoose hope to apply to the province to add seaweed licences to three other deep-water geoduck tenures, he said.

However the regulatory process is unwieldy and time-consuming, even with an existing shellfish tenure in place, Muskee said.

“It took eight months just to get kelp added as an accepted species,” he said.

Other First Nations applying from scratch for aquaculture tenure as well would likely face a much longer timeline, he added.

“I believe the biggest challenge for this industry is going to be getting enough tenures permitted in the next year,” Muskee said.

“We feel like (the regulatory process) is probably understaffed.”

But if they can get all their kelp licences online, the Klahoose hope to become a centre of regional production with the attendant sustainable jobs, Muskee said.

“We want to produce enough so we could become a hub and, maybe in the future, attract Cascadia to set up a nursery here or a processing facility,” Muskee said.

The small Kwiakah First Nation is taking a curious but cautious approach to the possibilities of seaweed cultivation, said Frank Voelker, Kwiakah band manager and economic development officer.

The Kwiakah Nation’s first priority is exploring kelp cultivation as a means to support its conservation goal of regenerating seaweed forests that have diminished in its traditional waters in the Phillips and Frederick Arm region on B.C.’s isolated central coast, Voelker said.

“The principle of seaweed farming is intriguing,” Voelker said, adding the sustainable and regenerative aspects of the sector are appealing.

But it’s early days in the industry, and the Kwiakah want to ensure cultivating seaweed on a widespread commercial basis won’t have unintended consequences or pose environmental risks typically associated with industrial farming, he added.

“If it really is as benign as it looks like right now, that would be fantastic,” Voelker said.

However, there are also logistical and economic factors that play into cultivating seaweed, he added.

Seaweed farming might not make sense for every coastal First Nation, he said.

Remote coastal First Nations may not be close enough to processing facilities to make the transport of a fragile, perishable product economically viable, he added, noting Kwiakah traditional territories are 70 kilometres away by water from the nearest port of Campbell River.

But it’s worth exploring what processing could be done in a remote community for seaweed products, even if not destined for the more rigorously regulated food market, Voelker said.

“But does it make sense that every individual band creates their own products, and having their own processing facilities?” he asked. “I don't think so.”

Plus, First Nations communities would have to find enough capital to start up and maintain the infrastructure, he said.

“I'm cautiously optimistic that there is a business case for seaweed farming,” Voelker said, adding he’s not suggesting those already involved in the sector have jumped the gun.

The Kwiakah are simply doing more research to answer questions around seaweed cultivation based on their individual circumstances and location, he said.

“We're just exploring whether there are ways to do it that are economically feasible.”

Rochelle Baker / Local Journalism Initiative / Canada’s National Observer

Rochelle Baker, Local Journalism Initiative Reporter, National Observer
HIP CAPITALI$M
More Psychedelic Companies Are Going Public

THE NASCENT PSYCHEDELIC industry is booming as several companies have gone public and more are expected to follow this route in 2021 to attract more capital from institutional and retail investors.
© (Getty Images) Psylocibin mushrooms growing in magic mushroom breads on an isolated plastic environment being collected by expert hands wearing white latex medical gloves. Fungi hallucinogen drugs production concept

Competition among the dozens of biopharmaceutical companies is fierce. Many are seeking more capital to conduct expensive and lengthy drug trials and develop intellectual property to synthesize the molecules to help treat various mental disorders. The companies that can bring their psychedelic drugs to the market first will emerge from the pack and could likely hit a home run.

"Within the next six to 12 months, we will see an arms race in the psychedelic space as companies try to innovate and get their drugs to trials and to the market," says Jason Spatafora, co-founder of marijuanastocks.com and head trader at truetradinggroup.com. "These psychedelic companies can cut into the multibillion-dollar industry that is completely dominated by pharmaceutical companies."

Atai Life Sciences, a Berlin-based biotech company that is researching both psychedelic and nonpsychedelic compounds, is expected to go public in 2021.

"This will be the most anticipated IPO coming (out) of this space, and I wouldn't be surprised if it performed similarly to Compass or Cybin in the hundreds of millions," he says, referencing two other biotech companies.

The company closed its $125 million Series C financing round in November, including $32 million of its 2020 convertible debt that converted in connection with the Series C. The round was co-led by Apeiron Investment Group, the family office of Atai's founder Christian Angermayer, Peter Thiel and Catalio Capital Management and joined by other existing investors including Future Ventures and Galaxy Investment Partners, as well as new investors including Falcon Edge Capital and Pura Vida Pro.

The proceeds will fund preclinical and clinical development of Atai's existing mental health programs, expand its drug candidate pipeline and advance ATAI's technologies. The funding will also help with phase 2 trials focused on arketamine for treatment-resistant depression and ibogaine for opioid use disorder.

In January, the company acquired a majority stake in Recognify Life Sciences, an entity developing a treatment for cognitive impairment associated with schizophrenia. Recognify's lead compound has exhibited an effect on three mechanisms that are central to learning and memory.
Going Public to Raise Capital

A handful of psychedelic biotech companies went public in 2020 to access more capital, allowing them to increase their intellectual property that could be later sold to pharmaceutical companies with millions of dollars of cash on hand to conduct expensive phase 3 clinical trials.

Several biopharmaceutical companies listed their companies in Canada since regulators allowed them to go public. In Canada, psychedelics such as psilocybin, LSD, mescaline and DMT are considered Schedule 3 drugs, unlike in the U.S. The U.S. is also conducting dozens of psychedelic clinical trials.

MindMed (ticker: MMEDF), a New York-based psychedelic medicine biotech company, has raised $183.8 million since May 2019 from Canaccord Genuity, Eight Capital and CIBC Capital Markets to finance its research and development and expand its clinical trial pipeline.

"We are still in the early innings here," said JR Rahn, co-founder and co-CEO of MindMed. "The industry is growing a lot faster and more than anyone anticipated."

MindMed is conducting multiple clinical trials of psychedelic substances. The company began a trial combining MDMA and LSD in January at the University Hospital Basel Liechti Lab in Basel, Switzerland. The combination could increase positive drug effects such as positive mood and empathy and lower the negative emotions and anxiety that are sometimes associated with LSD, the company said.

MindMed began a study evaluating the effects of daytime and evening administration of low doses of LSD on cognitive performance, sleep quality, mood, neuroplasticity markers, emotion and immune system response. The company is also undertaking a commercial phase 2a adult ADHD clinical trial evaluating microdoses of LSD and is in the process of applying to start a phase 2b clinical trial evaluating LSD assisted therapy for anxiety disorders.

The company has high-profile investors, including Bail Capital; Bruce Linton, former CEO of cannabis company Canopy Growth Corp. (CGC); and Kevin O'Leary of "Shark Tank."

Compass Pathways (CMPS), a U.K.-based startup working on a formulation of psilocybin to help people with treatment-resistant depression, went public in 2020. The company is working on a phase 2b clinical trial of COMP360 psilocybin therapy and reported it had cash of $196.5 million as of Sept. 30, which should fund operations into 2023.

Toronto-based Cybin (CYBN), a psychedelic pharmaceutical therapies company, went public in November 2020 and acquired Boston-based pharmaceutical company Adelia Therapeutics in December for $15.75 million in an all-stock transaction. Cybin could acquire additional companies in 2021, says the company's CEO Doug Drysdale.

The company raised nearly 90 million Canadian dollars from its seed, Series A, Series B and other financing rounds that will be used to fund clinical trials and its mergers and acquisitions strategy, Drysdale says, adding that psychedelic companies need to have a strong science team, intellectual property and balance sheet.

The company has a provisional patent application for an oral film delivery mechanism covering all psychedelic molecules – this mechanism is expected to have a similar bio-efficacy to oral capsules but at a reduced dosage and cost. Cybin also has a patent application for a delivery technology covering various chemically synthesized psychedelic molecules. Drysdale says the company has a total of 10 patent filings and continues to expand its discovery pipeline.














Companies to Watch


Mindset Pharma (MSET) is a Canadian Securities Exchange-listed drug discovery company that focuses on psychedelic-inspired compounds aimed at treating neuropsychiatric disorders and has started to gain the investing public's attention since its recent IPO.

The company has synthesized more than 50 compounds with positive preclinical data, leading it to file multiple patents around its novel chemical structures and processes.

"We believe that Mindset is undervalued based on a comparative analysis of other publicly traded drug discovery psychedelic companies and feel that the recent investment by the Ontario Brain Institute is a vote of confidence in the management team and a further validation of the company's recent progress," says Aaron Raub, senior equity analyst at Ambria Capital. "Investors are still at an early stage of discovering Mindset, and we feel it is an opportune time for growth-focused investors to take a deeper dive."

Vancouver-based Numinus Wellness (NUMI) is the first public company in Canada to receive a license to produce and extract psilocybin from mushrooms. It also has a dealer's license from Health Canada to import, export, possess, test and distribute MDMA, psilocybin, psilocin, DMT and mescaline. The company researches and develops proprietary, standardized extraction methods, which involves testing methods and product formulations for research and development partnerships.

Numinus is an undervalued company since management has made key strategic steps that investors should take note of in 2021 as it continues building out its ecosystem of psychedelic-assisted psychotherapies, Raub says.

"Investors responded quite bullishly after the company's recent announcement of a ground-breaking collaboration with the highly respected nonprofit research and educational organization MAPS (Multidisciplinary Association for Psychedelic Studies)," he says.

This clinical trial, if approved, would aim to deliver MDMA-assisted psychotherapy for people with post-traumatic stress disorder.

"Additional treatment options for PTSD are becoming more imperative by the day in a pandemic-stricken society," he says. "Institutional investors are taking note of all the recent progress as evidenced by its $17 million capital raise in December 2020 that provides the company with working capital and ability to look for (growth) acquisitions."

Copyright 2021 U.S. News & World Report
Oregon Is First State to Decriminalize All Drugs, Will Offer Treatment Instead of Prison Sentences
Oregon became the first state in the country to decriminalize the possession of small amounts of all drugs.
© Provided by People Andrew Selsky/AP/Shutterstock

On Monday, the state's Ballot Measure 110 went into effect, which proponents believe will help people who are experiencing difficulties with addiction.

People carrying small amounts of drugs — like heroin, LSD, methamphetamine and oxycodone — will now only face a $100 fine or, following a health assessment, addiction counseling, according to the Associated Press. If a health assessment is accepted, the fine will be dropped, USA Today reported.

This is a dramatic shift from being charged with a felony and given a potential prison sentence, as was the policy in the past. Under the new initiative, possessing larger amounts of illegal drugs could result in a misdemeanor charge, according to CNN.

"For me, I was part of that cycle of incarceration; jail, jail, jail and then prison," Janie Gullickson, the executive director of the Mental Health & Addiction Association of Oregon, told NBC affiliate KGW8.

RELATED: House Passes Bill to Federally Decriminalize Marijuana in Historic Vote

"It wasn't jail or prison that changed my life or got me into recovery," she continued. "It was the treatment that was provided for me, which wasn't offered to me until I was in prison. If that was out in the community and that was the standard response, I think we would see a lot more people accessing that treatment, not having to go the criminal justice pathway."

"Today, the first domino of our cruel and inhumane war on drugs has fallen, setting off what we expect to be a cascade of other efforts centering health overcriminalization," said Kassandra Frederique, executive director of the Drug Policy Alliance, the AP reported.

RELATED: Cory Booker Jokes Rosario Dawson Was 'More Excited' to Vote for Marijuana Than Senate Reelection

There have been those who have criticized the measure, suggesting Ballot Measure 110 could lead to hard drug use being accepted, the outlet said.

While Oregon is the only state to make such a change to its drug policy as of now, the United States has been making progress when it comes to decriminalizing drugs.

In December, U.S. House of Representatives members voted to pass a measure that would decriminalize marijuana use at the federal level. The vote marked the first time in the country's history that a chamber of Congress has voted on standalone marijuana decriminalization.

The bill passed down party lines, 228-164. Six Democrats opposed the measure, with only five Republicans voting in favor.

CONTRACTING OUT = UNION BUSTING
110 WestJet employees in Manitoba permanently laid off as airline switches to contractor

© Walther Bernal/CBC WestJet kiosks at James Armstrong Richardson airport in Winnipeg, Tuesday, Feb. 2, 2021. Around 110 WestJet employees working in customer service and ground handling services will lose their jobs as the company shifts those jobs to…

An anticipated wave of layoffs from Canadian air carrier WestJet has hit workers in Manitoba as the company starts contracting out all customer service and ground handling duties in the province.

In June, WestJet announced it was laying off 3,333 workers across the country due to the loss of business caused by the COVID-19 pandemic. The company said it would consolidate its call centre in Alberta, and contract out its operations in all but four of its 38 domestic airports, leaving just Calgary, Edmonton, Vancouver and Toronto.

A company called Airport Terminal Services has been contracted to provide services in all other airports in Canada. The layoffs, which are permanent, will take effect in the coming days.


A spokesperson for Unifor, the union representing the roughly 110 laid-off workers in Winnipeg and Brandon, called the move "a slap in the face."

Of the people the union spoke to, the lowest-seniority person had 16 years of experience and was making $23 an hour, with benefits. That same employee was being offered $13 an hour with essentially no benefits to do the same job as a contract worker, said Chris MacDonald, assistant to the national president of Unifor.

"Yes, it's difficult for all airlines in the country right now, but … the crisis will end, COVID will end, and things will pick up again in sometime in the future," said MacDonald.

"And WestJet will have outsourced basically all of their labour to third party companies that rely on minimum-wage workers."


The Calgary-based company had 14,000 staff before pandemic border closures and travel restrictions grounded two-thirds of its fleet, WestJet said in a June announcement.

Operations had been reduced by 90 per cent, year-over-year. Despite instituting a hiring freeze, cutting executive, vice-president and director salaries and pausing more than 75 per cent of its capital projects, CEO Ed Sims said the company would have to make "painful decisions" to ensure its viability.

MacDonald accused the company of using the pandemic as a way to shed itself of its obligations to its direct employees, many of whom had recently unionized.

"The bottom line is that this is the last major airline in the country that was sitting non-union. And in the last number of years, the employees have realized that they need a union," he said.

"What they've done is they've taken it as an opportunity to contract out the work forever. And that's not a COVID problem. That's a decision of the business."

A spokesperson for WestJet said no other layoffs are planned for operations in Manitoba at this time.