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Executive Chairman Ronan Levy: Field Trip Health is Running Lean But Positioned Well

Field Trip Health (TSX: FTRP; OTCMKTS: FTRPF) will be delivering their fourth quarter and full year 2022 results next week. In the mental health space, they’re a worldwide leader in developing and delivering psychedelic-enhanced modalities for psychotherapy. It’s been nearly seven months since we’ve checked in with Field Trip Health’s Executive Chairman Ronan Levy, so we’re pleased to welcome him back to our table to get some updates on the company.

Here’s some highlights from the interview.

In The First Half Of The Year, A Lot Has Changed

As most investors are painfully aware, there’s been a bit of an upheaval in the psychedelics space. The result is a lot of companies disappearing from the industry in the last half year.

Levy admits that he hoped they’d have a bit more of a honeymoon period with the markets, similar to what happened with cannabis, which had ups and downs but never so quickly and severely declined. Field Trip made sure to fill their coffers when the markets were good, Levy says, so the company stayed well positioned.

But nevertheless, the company is poised to pivot. Levy says that Field Trip is planning to be a provider of ketamine and other psychedelic assisted therapies, but they’re also planning to lean more into the cultural movement.

Levy Says That Field Trip Is Running Leaner In Response To Evolving Market Conditions

Getting disciplined and tightened up spending is one of the first responses Field Trip has done in response to the evolving market conditions, says Levy. The next step, however, is focusing on government relations.

Lobbying, however, is not one of those current focuses. This is a shift from years previous, where Field Trip was actively lobbying the government for improving access to psychedelic assisted therapies.

For the moment, Field Trip will be executing in terms of the current regulatory paradigm, says Levy. He expects that in Canada, something similar to Oregon will emerge ‘pretty quickly.’

Ketamine A Safe Molecule To Use In Therapy At Home, Says Levy

Every drug has risks associated with them, Levy allows, but Ketamine does not deserve the stigma of being a dangerous drug. It is quite low risk in many respects, he says, and the World Health Organization has recently declared it to be an essential medicine.

Last month, Field Trip and Nue Life Health announced the launch of Field Trip at Home™. The service would allow clients to use ketamine therapy from the comfort of their home, with all the tools and protections required. The partnership with Nue Life, says Levy, would be just one of the ways Field Trip would be enabling the scaling of service.

Costs and geographies involved with the clinical model are a barrier to some potential patients, says Levy. He feels that this subset of people would find the at home model very appealing.

Be sure to watch the entire interview to hear Levy discuss Field Trip’s overall strategy and how it has changed since the last time Levy visited The Dales Report. Levy also discusses feedback from investors, and other key information prospective stockholders might want to know.

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