- Field Trip Health & Wellness (TSXV:FTHW) will be closing five of its locations across the United States and Canada
- The last date of operation for these locations will be on April 15
- The decision comes following a strategic review by an independent committee of the board of directors
- The closures come in order to reduce the company’s expenses
- Shares of Field Trip Health & Wellness are down 7.14 per cent to C$0.06 as of 11:35 a.m. EDT
Emerging industries always have to grapple with unstable political climates, volatile markets and lack of consumer awareness, among many other things —and the psychedelics market is no stranger to this.
Still, the market has gained traction over the last several years and is projected to reach a valuation of US$3.1 billion this year alone — but it isn’t without some growing pains.
This is true for companies like Field Trip Health & Wellness (FTHW) which announced it will be closing five of its health centres locations across the United States and Canada.
In a press release, the company said that it will be shutting the doors of its clinics in Chicago, Washington DC, Seattle, San Francisco and Fredricton in its efforts to reduce expenditures. The expected last day of operation for these locations will be April 15, 2023.
Field Trip said the decisions comes following a strategic review by an independent committee of the board of directors, which the company said is still ongoing.
The announcement comes just a couple of weeks after the company reported a business update and its Q3 2023 financial results.
Field Trip business update
In a press release, the company said that in December it had put together an independent committee (IC of the board of directors that will assist in its strategic options.
Field Trip said the committee was formed due to a response in “current unfavourable capital market conditions,” which has been challenging for the company in seeking other sources of financing.
In January, however, the company launched its Field Trip Online Therapy for people looking for therapeutic support and individuals seeking ketamine infusions and other psychedelic experiences.
EThe company said sessions are slated for 53 minutes and include talk therapy and other additional holistic wellness practices such as breathwork, somatic release, visualization and mediation.
“We are delivering unparalleled mental health results for people who complete our ketamine-assisted therapy,” Ronan Levy, chairman and CEO of Field Trip, said in a release. “At the same time, we know that ketamine therapies are not for everyone. That is why I’m thrilled to introduce our Field Trip Online Therapy program. It brings the unique insights our team has learned from providing psychedelic therapies and translates them into an offering that reaches a wider audience of people, at a time when they need it most.”
Field Trip Online Therapy is currently available in New York while the company plans to roll out the program in additional states throughout the rest of 2023.
Shares of Field Trip Health & Wellness (FTHW) are down 7.14 per cent on Wednesday to C$0.06 as of 12:53 p.m. EDT.