Safe Supply Streaming Co. Ltd. (SPLY:CSE; SSPLF:OTCQB; QM4:FSE) has announced in a press release on January 12, 2023, that the company has received approval to begin trading on the OTCQBA Venture market.
Safe Supply’s focus is primarily on drug policy reform and the development of infrastructure to combat the drug crisis in a way that minimizes harm done to those with substance abuse disorders, including developing clinics and safe alternatives to street drugs. The company hopes that listing shares on the OTCQB will help the company’s development by constructing shareholder value and enhancing the company’s financial portfolio. The company’s shares are already available on the Canadian Securities Exchange and the Frankfurt Stock Exchange. The company has also stated that it has submitted a pending application to the Depository Trust & Clearing Corp.
CEO Bill Panagiotakopoulos commented, “As we continue to fulfill our mission of bringing a responsible end to the war on drugs, it is of key importance that our progress is shared with a broad investor base. By trading on the OTCQB, we can achieve increased visibility of Safe Supply to the U.S. investors and improve our overall liquidity as we grow our global shareholder base. We are pleased to offer yet another avenue for trading our shares and look forward to further increasing the global awareness around Safe Supply.
A Changing Landscape
As anti-drug policies have failed to affect the drug crisis, the public and policy makers have had to re-evaluate their relationship with substances. A noticeable thaw has occurred in both public sentiment and legislation related to drugs. According to the Wall Street Journal, US$100 million was raised through sales of private stock in the Multidisciplinary Association for Psychedelic Studies (MAPS), which the organization hopes to use to apply for approval to distribute MDMA in a clinical setting.
The summer of 2023 also saw significant changes in drug policy, given that, according to Kyle Jaeger with Marijuana Moment, the FDA released a new draft guidance outlining acceptable research methods regarding drugs like MDMA and psilocybin. The release may represent a step away from criminalization and towards treatment.
Expanding Availability for Investors
Streetwise Reports documented that in October of 2023, the company was listed on the Canadian Securities Exchange as “SPLY” and closed at CA$0.215 per share on October 3, later moving up that Wednesday to CA$0.23. The company reported that it had received foundational investments from Safe Supply Licensing Co., a company that occupies a similar niche in drug reform, and CannaLabs, a company licensed by Health Canada for research on substances such as MDMA, DMT, and cocaine.
In terms of catalysts, the company’s investor presentation reports that the company has a pipeline of early-stage companies that it is looking to fold into its supply ecosystem, and hopes to begin putting together this network within six to twelve months.
Ownership and Share Structure
Reuters provided a breakdown of the company’s ownership and share structure, where management and insiders own approximately 3.66% of the company. According to Reuters, Jonathan Goldman owns 1.60% of the company with 1.18 million shares, Chairman and CEO Vasislios Panagiotakopoulos owns 1.19% of the company with 0.88 million shares, Alexander Somjen owns 0.27% of the company with 0.20 million shares, Kelvin Wah Chin Lee owns 0.20% of the company with .15 million shares, Michael Galego owns 0.18% of the company with 0.14 million shares, President Ronan Levy owns 0.14% of the company with 0.10 million shares, Brianna Davies owns 0.07% of the company with 0.05 million shares, and Vice President of Corporate Development Settimio Coscarella owns 0.01% of the company with less than 0.01 million shares.
Reuters reports no institutional investors.
According to Reuters, there were 73.92 million shares outstanding with 71.23 million free float traded shares, while the company has a market cap of CA$5.8 and trades in the 52 week period between CA$0.07 and CA$0.37.
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