The Psychedelic sector demonstrates the weakness of standard credit metrics when applied to a nascent, negative cash flow pre-revenue industry sector. For example, the median current ratio, probably the first liquidity ratio we learned, is quite strong at 2.63x. That ratio is the strongest of the 12  cannabis subsectors we monitor. But does that mean Psychedelics as a group has good liquidity? Our bespoke ratio, the free cash flow adjusted current ratio, says emphatically NO! With a median value of -0.03x, the ratio says that more than half of the 23 companies measured have critical levels of liquidity and will need to obtain more financing within a short period. But our bespoke leverage indicator, total liabilities to market cap, tells another credit story about the sector. With a median of only .39x, the ratio shows that the market believes the value of the companies significantly exceeds their liabilities. Extension of some form of equity-linked debt, especially with low coupons and modest conversion premiums, may make sense here, even though the industry as a whole is negative EBITDA. The Viridian Credit Tracker contains standard credit metrics like debt/ EBITDA but goes beyond textbook ratios in reimagining cannabis-related credit quality.