2 TSX psychedelic stocks to trip on in February

2 min read | January 31, 2022 09:10 AM EST | By Kajal Jain

2 TSX psychedelic stocks to trip on in February — Image source: © 2022 Kalkine Media®

1. Numinus Wellness Inc (TSX: NUMI)

Numinus Wellness saw its top line grow by 244.5 per cent year-over-year (YoY) to C$ 0.8 million in the first quarter of fiscal 2022, primarily due to the Mindspace acquisition.

However, the Vancouver-based healthcare company reported a loss of C$ 5.4 million in the latest quarter, as against that of C$ 1.9 million in the first quarter of fiscal 2022.

Also read: Magna International (MG) & Birchcliff (BIR): 2 TSX value stocks to buy

Numinus stock has swelled by about 15 per cent in 2022. Stocks of this psychedelic company closed at C$ 0.61 apiece on Thursday, January 27.

Numinus Wellness Inc <a class='font-weight-bold' style='border-bottom: 2px dashed;' aria-label='https://kalkinemedia.com/ca/companies/tsx-numi' href='https://kalkinemedia.com/ca/companies/tsx-numi'>(TSX:NUMI)</a> stock performance

2. Field Trip Health Ltd (TSX:FTRP)

Field Trip Health, which develops and offers psychedelic therapies, generated C$ 0.90 million as patients service revenue in Q2 FY2021, which was up by a whopping 860 per cent YoY.

However, high operating costs consumed its revenue growth, leading to a net loss of C$ 13.01 million in the latest quarter.

Stocks of Field Trip Healthcare closed at C$ 2.25 apiece on Thursday, down by over 77 per cent from its 52-week high of C$ 9.88 apiece (on February 11, 2021).

The psychedelic scrip sank by about five per cent week-to-date.

Also read: Canadian National (TSX:CNR) sees Q4 diluted EPS soar 18%. A buy alert?

Bottomline

Numinus Wellness and Field Trip Health have noted that they are focused on growing their operational footprints in the psychedelic area.

However, investors should be ideally careful about psychedelic stocks as such companies can face regulatory and operational setbacks.

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