Field Trip Health: the rise, split and wind-down of Toronto’s psychedelic clinic company

Field Trip Health was the Toronto company that, on 4 March 2020, opened what it called a “first of its kind” psychedelic-enhanced psychotherapy clinic on Duncan Street, starting with ketamine. Within three years it had listed on three stock exchanges, built a clinic network across North America, opened a psilocybin mushroom research facility in Jamaica and split itself in two. This article follows both halves to the end of the public record, using company filings, court orders and the monitor’s reports.

What was Field Trip Health?

It was two businesses under one roof. The first was a chain of clinics offering ketamine-assisted psychotherapy, which its 2022 annual information form abbreviates as KAP. The second was a drug-discovery arm developing new psychedelic molecules. The operating company was incorporated under the Canada Business Corporations Act on 2 April 2019, according to that annual information form, filed with the SEC in June 2022.

The company first went public through a reverse takeover of a shell company, Newton Energy Corporation, and began trading on the Canadian Securities Exchange as FTRP on 6 October 2020. It moved to the Toronto Stock Exchange on 7 June 2021 and started trading on Nasdaq on 29 July 2021, the same filing says. (One later passage in that document gives the Nasdaq date as 2022, which can’t be right for a form dated June 2022; we use 2021.)

When did Field Trip open its Toronto clinic?

On 4 March 2020. The opening release, datelined Toronto, describes the clinic at 30 Duncan Street as “dedicated exclusively” to psychedelic-enhanced psychotherapy and says ketamine would be the first psychedelic given to patients. It names Ronan Levy as executive chairman and Dr. Michael Verbora as Canadian medical director. The company’s 2022 annual information form adds that the lease was signed on 28 November 2019.

The timing was striking. The day before, MindMed had started trading on Toronto’s NEO Exchange, and less than two weeks later Ontario declared a pandemic emergency. Our Toronto stories article tells that week in more detail, and our timeline marks it as the moment Bay Street caught the psychedelic wave.

How big did Field Trip get?

By June 2022, the annual information form says, Field Trip operated or owned twelve clinics: Toronto, Fredericton, Vancouver, New York, Santa Monica, San Diego, Chicago, Atlanta, Seattle, Washington, Houston and Amsterdam. Eleven offered ketamine-assisted psychotherapy. The Amsterdam site, which opened in August 2021, used psilocybin truffles, which the filing describes as legal there.

Two other projects tied the company directly to magic mushrooms. In Jamaica, a research and cultivation facility on the University of the West Indies campus at Mona officially opened on 9 February 2021. The filing calls it “the world’s first legal research and cultivation facility dedicated exclusively to psilocybin-producing mushrooms”, which is the company’s own description. Its stated aims were cultivation research and identifying tryptamine compounds in different species.

The drug programme was FT-104, later renamed RE104. It is not psilocybin. The annual information form describes it as a prodrug of 4-hydroxy-diisopropyltryptamine (4-HO-DiPT), a synthetic molecule with “pharmacological properties similar to psilocybin”, aimed first at treatment-resistant depression and postpartum depression. In July 2022 the company said the first human volunteers had received it in a Phase 1 study at the Royal Adelaide Hospital in Australia, according to its August 2022 MD&A.

What happened to Field Trip Health, year by year?

The table below is built from primary records: the company’s own filings on SEC EDGAR, its releases, and the CCAA court orders posted by the monitor, PricewaterhouseCoopers. Each row names its record. For the court documents we read Internet Archive copies of the monitor’s site, because the live site refused our requests.

Why did Field Trip split into two companies in 2022?

The company said it wanted to separate two different businesses. Under the plan approved by shareholders on 27 June 2022 and found fair by the Ontario Superior Court of Justice, a new company, Field Trip Health & Wellness Ltd., took the clinics, and the original company was renamed Reunion Neuroscience Inc. to keep developing new molecules, the 8-K12G3 filing and the annual information form say. The Jamaica research division went with the clinics.

The split was completed on 11 August 2022. Each Field Trip share became one Reunion share and 0.85983356 of a Field Trip Health & Wellness share, according to the 8-K12G3. Reunion’s MD&A from that month says FT-104 had been renamed RE104 and that the clinic company had approval to list on the TSX Venture Exchange as FTHW. The pre-split plan also had the original company subscribing for 21.79% of the new clinic company’s shares, per the annual information form; we did not find a later filing confirming the final stake.

What happened to Field Trip Health & Wellness?

It ran short of cash within months. Its MD&A dated 27 February 2023 reported a “material uncertainty” about its ability to continue as a going concern and said six built-out sites, including Stamford, San Carlos, Austin, Scottsdale, Dallas and Miami, were not operating. It had relaunched its app in October 2022 and reported more than 85,000 downloads, and its shares had started trading on the OTCQB market on 2 February 2023.

On 15 March 2023 the company announced it would close its Chicago, Washington, Seattle, San Diego and Fredericton clinics around 15 April, “to reduce expenditures and preserve capital”. A week later, on 22 March, the Ontario Superior Court of Justice (Commercial List) granted it protection under the Companies’ Creditors Arrangement Act (CCAA), with PricewaterhouseCoopers as monitor, the monitor’s page records. Trade publication Behavioral Health Business reported that Ronan Levy had stepped down as chief executive and that Keith Merker became chief restructuring officer.

At filing, the monitor’s pre-filing report says, the group had about 47 full-time employees, 12 part-time employees and 43 independent contractors, and had begun cutting back to four clinics. The plan was to emerge in a “substantially smaller, but stronger” form. That didn’t happen. A court-supervised sale process contacted 87 potential bidders and drew nine bids, according to the monitor’s Second Report.

The assets went in pieces. On 2 May 2023 the court approved the sale of the Jamaica facility’s equipment and a provisional patent to William Mahfood for $350,000 (the Second Report gives the price). On 25 May it approved sales to Stella MSO LLC of intellectual property, equipment and other assets (order), and to Canadian Centre for Psychedelic Healing Sault Ste. Marie Inc., which took on the Toronto and Vancouver clinics’ patient records (order). A June 2023 order also approved assigning the Fredericton lease.

By 31 May 2023, the judge noted on 15 June, all employees had been terminated except a few kept for the wind-down and about 20 who moved with the sales (endorsement). The court expanded the monitor’s powers because the restructuring officer planned to resign and the company “no longer has in house managers”. On 13 June 2024 the court extended the stay to 13 December 2024 so the monitor could pursue contingent claims and “prepare to wind down” the companies (endorsement). The latest status entry on the monitor’s page, in an archived copy from 10 July 2026, is dated 14 June 2024.

What happened to Reunion Neuroscience?

It was taken private. On 31 May 2023, Reunion agreed to be acquired by affiliates of MPM BioImpact in an all-cash arrangement that needed shareholder and Ontario court approval, according to its material change report. The deal closed on 1 August 2023 and was valued at about US$13.1 million, the completion release says. EDGAR shows a Nasdaq delisting notice the same day and a deregistration filing on 18 August 2023 (EDGAR record).

RE104 survived the sale. The completion release describes it as “a proprietary, novel, serotonergic psychedelic compound” being developed for postpartum depression. ClinicalTrials.gov lists a Phase 2 study in postpartum depression, sponsored by Reunion Neuroscience, as completed in May 2025 with no results posted on the registry as of 24 October 2026 (NCT06342310). Two more Phase 2 studies were recruiting in September 2026: one in adjustment disorder linked to cancer and other illnesses (NCT07002034) and one in generalized anxiety disorder (NCT07489651). For how drug trials like these are run and read, see our guide to psilocybin clinical trials in Toronto.

How do the two successor companies compare?

Why does Field Trip matter to Toronto’s psychedelic history?

Because it is the clearest Toronto case of the 2020–2021 boom and its comedown. Toronto had been a research city for decades, from the Addiction Research Foundation’s 1960s LSD trial to CAMH’s psilocybin work today. Field Trip was something else: a Bay Street company that took psychedelic-adjacent care to street level, with a clinic downtown and a share listing on the city’s main exchange within 15 months of opening, per its annual information form.

Its arc also shows how the two halves of the industry diverged. The clinics, which sold ketamine-assisted psychotherapy as a service, ran into the costs of leases, staff and expansion and ended in a court-supervised sale. The drug programme, which needs regulators and trials rather than storefronts, found a private buyer and kept going in the clinical trial registry. For the difference in legal status between ketamine and psilocybin in Canada, see our psilocybin vs ketamine therapy comparison.

None of this says anything about whether the treatments helped people. Business failure and clinical evidence are separate questions, and this article only answers the first.

What we don’t know

• Whether the CCAA case has formally ended. We found no discharge or bankruptcy order; the live monitor site refused our requests, and the archived copies stop at June 2024.
• When, or whether, FTHW shares were delisted from the TSX Venture Exchange. We did not find the exchange notice.
• The prices Stella and the Canadian Centre for Psychedelic Healing paid. Figures circulate online, but we couldn’t open the monitor’s Third Report, so we leave them out.
• Whether the clinics that changed hands are still open today. That is current business information, which we don’t track and won’t list.
• Whether Reunion’s postpartum depression trial met its goals. No results are posted on the registry, and we didn’t rely on company statements about them.

Shroomverse sells mushroom products. This article is general information about a Toronto company’s history and links no products. It isn’t medical, legal or investment advice, and it doesn’t encourage anyone to use drugs.