North America Psychedelic Drugs Market Could Exceed $6.8 Billion By 2027
They are joining the researchers, activists, philanthropists and journalists the who until now have been driving what's been called the psychedelic renaissance.
- Financialnewsmedia.com News Commentary
PALM BEACH, Fla., Jan. 6, 2021 /PRNewswire/ -- In the few places where cannabis is legal, it can be incredibly lucrative. In 2019, the nascent worldwide cannabis sector pumped out approximately $15 billion in sales. By 2024, that number is expected to triple. Not bad for an industry that, less than a decade ago, was entirely illegal almost everywhere on Earth and is still outlawed in most countries. Now, startups and investors are positioning to profit from psilocybin, LSD and other psychedelics. Despite Covid-19, a crashing economy and formidable legal obstacles, a growing number of entrepreneurs and investors are betting that medicines derived from psychedelic drugs can become a real business and more importantly…heal millions of people. They are joining the researchers, activists, philanthropists and journalists the who until now have been driving what's been called the psychedelic renaissance. An article in Medium.com said that a dozen or more startup companies are developing medicines from psilocybin, MDMA, ibogaine and LSD, all of which are illegal in the US, as well as from ketamine, a legal anesthetic with hallucinogenic properties. They hope to treat a surprisingly wide range of mental conditions, including post-traumatic stress disorder (PTSD), depression, anxiety, addiction, even Alzheimer's disease. A growing body of research into the therapeutic use of psychedelics is delivering promising results, almost across the board, particularly when the drugs are accompanied by talk therapy. Last year, Johns Hopkins University in Baltimore and Imperial College in London launched the world's first research centers devoted to psychedelics. Active companies in the markets this week include: Mind Cure Health Inc. (OTCQB: MCURF) (CSE: MCUR), MindMed (OTCQB: MMEDF) (NEO: MMED), Numinus Wellness Inc (OTCPK: LKYSF) (TSX-V: NUMI), Cybin Inc. (OTCPK: CLXPF) (NEO: CYBN), Field Trip Health Ltd (OTCPK: FTRPF) (CSE: FTRP).
An article published on Bloomberg.com said: "For those who are still getting used to legal marijuana, the idea of publicly traded companies working with psychedelic drugs like MDMA and psilocybin, which is derived from magic mushrooms, may sound a bit out there. Yet a growing number of companies are conducting clinical trials of psychedelic treatments for everything from depression to post-traumatic stress disorder, and some have recently received the blessing of the U.S. Food and Drug Administration. This has created a legal way for these companies to conduct research on otherwise illegal drugs, opening the door to public listings." "There's no question that psychoactive drug therapy will transform psychiatry," says Shlomi Raz, a former managing director at Goldman Sachs. Well-known investors have bought in. Billionaire Peter Thiel is among the investors in Compass, while Kevin O'Leary of Shark Tank and Blake Mycoskie of Tom's Shoes are backing (a new upstart). "The scientific literature gave us a reason to believe in psychedelics," says Roger McIntyre, a professor of psychiatry who helped launch a startup after leading a center to treat mood disorders at the University of Toronto. The early research has been so promising that it led the FDA to designate MDMA, as a treatment for to PTSD, and psilocybin, as a treatment for hard-to-treat depression, as "breakthrough therapies." That eases the way for further trials.
Mind Cure Health Inc. (CSE: MCUR.CNQ) (OTCQB: MCURF) BREAKING NEWS: Mind Cure Announces Build-Out of Digital Therapeutics, iSTRYM: A Technology Platform for Mental Wellness Optimization & Psychedelic Research - Mind Cure Health Inc is pleased to announce the release of iSTRYM, the Company's digital therapeutic tool, designed to provide close to real-time data regarding patient care, procedures and protocols, and other resources for therapists, clinicians, and patients with mental health concerns.
"As a life sciences and digital therapeutics company, providing speed to market with novel psychedelic therapies through deeper data analytics is a strength we are developing with iSTRYM. Further, as we build out our database for mental wellness, both therapists and individuals will get mental wellness protocols for wellness optimization and support. iSTRYM exists to become the source that individuals turn to for science-backed, personalized mental health support at scale."- Kelsey Ramsden, President & CEO.
Gaps between clients, researchers, and therapists create disparities in the collection of critical insights that arise outside of psychedelic-assisted therapy sessions, and ultimately prevent new scientific breakthroughs. Mind Cure's iSTRYM provides a digital solution to the loss of crucial, uncategorized data points by connecting patient feedback and clinician expertise together in one place. Additionally, most psychedelic therapy research exists in cloistered scientific communities, which limits the possible intersection of great clinical practice and new protocols. iSTRYM brings together a large database of existing protocols to all psychedelic clinicians, enhancing the scientific efficacy for the entire psychedelic research community.
"We're developing the kind of global administration portal that could become the solution the industry needs. One of the key differentiators in our proprietary tech piece is the implementation of artificial intelligence, working in the background, to taxonify the uncategorized daily inputs from patients into tangible assets that will then inform treatments. From onboarding patients to collecting critical insights across different arms of the psychedelics research space, iSTRYM could revolutionize the way we build communities around a common goal of mental wellness." - Geoff Belair, CTO. To read this and more news for Mind Cure Health, please visit https://www.financialnewsmedia.com/news-mcur/
Other recent developments in the markets include:
Numinus Wellness Inc (OTCPK: LKYSF) (TSX-V: NUMI), a company creating an ecosystem of solutions centred on the research, development, and delivery of safe, evidence-based, accessible psychedelic-assisted psychotherapies, recently has completed the first legal extraction of Psilocybe mushrooms in Canadaby a public company for research and development purposes. This follows Numinus' successful completion of the cultivation and harvest of the first legal flush of Psilocybemushrooms at Numinus Bioscience, the Company's 7,000 square foot analytics and research laboratory.
"Completing the first legal extraction of Psilocybe mushrooms in Canada is a critical next step to providing a natural product for safe, evidence-based psilocybin-assisted psychotherapies to those in need," said Payton Nyquvest, CEO, Founder, and Chairman. "Numinus continues to be a vanguard of positive change for the industry, and this announcement demonstrates our ability to deliver yet another first."
Cybin Inc. (OTCPK: CLXPF) (NEO: CYBN), a life sciences company focused on psychedelic pharmaceutical therapies, recently announced the unaudited financial results of Clarmin Explorations Inc. (now Cybin Inc.) for the three month period ended October 31, 2020. A copy of the unaudited consolidated financial statements prepared in accordance with International Financial Reporting Standards and the corresponding management's discussion and analysis for the three months ended October 31, 2020 can be found under Cybin's profile at sedar.com
Cybin is a life sciences company advancing psychedelic pharmaceutical treatments for various psychiatric and neurological conditions. Cybin is developing technologies and delivery systems, aiming to improve bioavailability, to potentially achieve the desired medicinal effects of psychedelics at low dosage levels. The new delivery systems are expected to be studied through clinical trials to confirm safety and efficacy.
Field Trip Health Ltd (OTCPK: FTRPF) (CSE: FTRP), a global leader in the development and delivery of psychedelic therapies, and WHOOP, the human performance company, recently announced a partnership whereby Field Trip will be using WHOOP Strap 3.0 to measure the biometric effects of Field Trip's psychedelic therapies.
Field Trip, which is opening Field Trip Health centers across North America and Europe for the delivery of psychedelic therapies, plans to conduct an observational study to assess whether Field Trip's ketamine-assisted therapies, which have demonstrated significant efficacy in treating mental health conditions such as depression, anxiety and PTSD, translate into improvements in physical health through a variety of biometric measures collected via WHOOP Strap 3.0 including heart rate variability (HRV), resting heart rate, and overall sleep quality. Field Trip procured WHOOP products and access to additional data insights via a research partnership and enterprise program.
MindMed (OTCQB: MMEDF) (NEO: MMED), the leading psychedelic medicine biotech company, on the heels of filing a NASDAQ uplisting application, recently announced a funding commitment to found and launch a clinical training program focused on psychedelic assisted therapies and psychedelic inspired medicines at NYU Langone Health, one of the nation's premier academic medical centers. The NYU Langone Health Psychedelic Medicine Research Training Program is the first step in a larger initiative to establish a Center for Psychedelic Medicine at NYU Langone Health.
NYU Langone Health and NYU Grossman School of Medicine have been early pioneers of clinical research with psychedelic assisted therapies and psychedelic inspired medicines for substance use disorders and other mental illnesses. Through this funding initiative, MindMed aims to catalyze efforts to recruit and train more psychiatrists and clinical investigators to undertake necessary research to develop training tools capable of scaling and optimizing the delivery of psychedelic assisted therapies and psychedelic inspired medicines to millions of patients across the United States.
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