North America Psychedelic Drugs Market Could Exceed $6.8 Billion By 2027

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: MCURFBREAKING 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.

DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated forty six hundred dollars for news coverage of the current press releases issued by Mind Cure Health Inc. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

Leave a Comment