CECORS / PsyKey Inc. (OTC:CEOS) Announces Beta Testing of its Telemental Health App Aimed to Aid in North America's $330 Billion Mental Health Crisis

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The wellness space has grown at a remarkable rate over the course of the past few years and nowadays, investors are increasingly looking for options in the sector. One of the companies that you could well look into is CECORS / PsyKey Inc (OTC: CEOS).

Market Stats

On Friday, CEOS stock fell 6.55% to $0.0347 with 118K shares, compared to its average volume of 378K shares. The stock moved within a range of $ 0.0321 – 0.0372 after opening trading at $0.0372.

The company is mainly involved in mushrooms and is involved in all sorts of mushroom-based products, starting from functional ones to psychedelic ones. The parent company of PsyKey is CECORS Inc and last week, PsyKey made another major announcement that investors could do well to look into. The company announced last week that it had been successful in successfully completing the beta version of the app PSYKEY LIVE, which is a telehealth app.

At a time when telehealth is growing in importance, the latest announcement from PsyKey could be seen as an important one since that would mark its entry into a burgeoning sector. The app seeks to provide adequate mental health support to its users through qualified professionals and that is a sector that may be on the cusp of an explosion.

The spending on mental health has gone up considerably and according to government data, as much as $280 billion was spent in the United States alone in the year 2020.

On the other hand, the spending on mental health went up by a staggering 646% in Canada in the past 20 years and as per the Centre for Addiction and Mental Health, the economic value of the same now stood at $51 billion a year. The PSKEY LIVE app has been made with the sole purpose of making it easier for individuals to seek mental health support. The company also noted that the app had been created in such a way that it would be convenient and easy to use for consumers.

Traders Corner

CEOS stock is trading below the 20-Day and 50-Day Moving averages of $0.0402 and $0.0481. Moreover, the stock is trading below the 200-Day moving average of $0.0633.