Frank Lane has helped leading companies and brands in emerging industries thrive in the capital and consumer markets through innovative digital marketing strategies and services. He founded CFN Media in 2013 and grew the company to become a leading financial media network serving the global cannabis, CBD, and psychedelics markets. CFN recently launched the PsyIndex with PsyIndexTV, which tracks the public and private companies in the psychedelics space and includes interviews with industry leaders and informational content.
PsyTech: How did you get interested in the psychedelics space?
Frank: As a media company, we only enter highly regulated emerging markets that tend to improve lives. Psychedelics meets this charter in every way.
PsyTech: What is the biggest issue holding the industry back?
Frank: Time. Psychedelics have been around for decades but the FDA only recently greenlighted companies to conduct clinical trials for mental health disorders. Trials take time and money to complete and commercialize an approved drug.
PsyTech: What’s one fact you want the general public to know about psychedelics?
Frank: Single doses of psychedelic drugs administered by trained clinicians or therapists can have treatment effects that last for months. Juxtapose this to daily opioid prescriptions.
PsyTech: What’s one piece of advice you’d give to anyone interested in getting into the psychedelics industry?
Frank: Do your homework. Understand how the industry will generate revenue, how the supply will work, and what needs to be fulfilled by emerging companies in the space. This is why we launched the PsyIndex.com.
Most of the interest is driven by the pharmaceutical use of psychedelics in treating mental health disorders (via regulated clinical trials), but there is also a health and wellness / recreational component being addressed by the functional mushrooms companies. Both models have different timelines to revenue and expected valuation.
PsyTech: What’s the question you get asked the most when someone finds out you’re involved in psychedelics?
Frank: Is this another recreational market that will be constricted by (lack of) federal regulations? I point them to the FDA-approved trials using psychedelics to treat mental health disorders like depression, anxiety and PTSD. There are also similar trials being conducted in Europe and Canada. There are health & wellness / recreational applications but those are products that have ingredients extracted from varietal mushrooms.
PsyTech: What’s some typical pushback you experience as someone involved in this industry, and how do you respond?
Frank: The industry is too risky and unproven. Pay attention to industry experts and do your homework to understand the possible trajectory of the industry.
PsyTech: What are the biggest current hurdles in the space, and how have those hurdles evolved over the past few years?
Frank: Capital and regulations. As companies continue to list on major exchanges, like the recent listing of Compass on the NASDAQ (CMPS) and its subsequent market success, more capital and investor interest will flow into the psy market. As psychedelics prove to help treat mental illness without opioids, more government agencies will explore their use and availability to their populations.
PsyTech: Where do you see decrim/recreational regulation evolving in the next 12 months, and is that the most effective means of changing public perception of psychedelics?
Frank: There are only a few US cities that have decriminalized psychedelics use or possession and one state (Oregon) that has a ballet imitative in November to do the same. I don’t see much happening on this front over the next year.
PsyTech: What impact will this year’s election have on the industry?
Frank: Not much immediately at the top level but see my previous answer.
PsyTech: What was the initial reaction when your friends and family heard you were involved in the psychedelic industry?
Frank: Curiosity if this is a real industry and market…?
Visit PsyIndex.com for more information.