Interest in psychedelics is spiking not just among the general population but even in the scientific and mental health communities. Several indicators point to the fact that these substances may hold the key to the future of mental health care as the following analysis shows.
Investor Interest is Spiking Despite the Current COVID-19 Pandemic
Most industries, including the marijuana industry, have seen declining investor interest amidst the turmoil triggered by the COVID-19 pandemic which has brought economies to a near crawl. However, psychedelics seem impervious to these goings on and a lot of investor activity has continued to take place.
For example, Champignon Brands Inc. (CSE: SHRM) (OTCQB: SHRMF) (FWB: 496) went public in Canada, and so did Mind Medicine Inc., which notably managed to raise $24 million before its listing during the pandemic. The list of psychedelics companies generating funds during this turbulent time goes on and on while investor interest in lots of other industries seems to have screeched to a halt.
This investor intrigue goes to show how huge the future of psychedelics in mental health care is likely to be, especially when viewed together with the other signs that bode well for this industry.
Regulators Are Making Psychedelic Research Easier
If you have been following the cannabis industry for some time, you may be painfully aware of how federal regulators have been making the scientific community run around in circles before getting the nod to conduct needed research on marijuana.
Needless to say, those regulatory bottlenecks have made it harder for the industry to progress as quickly as it would have since the absence of sufficient research prevents cannabis products from gaining mainstream acceptance, especially in the medical community.
Psychedelics are faring a lot better, and some analysts are even saying regulators are rolling out the red carpet for researchers in this field. For example, the U.S. Food and Drug Administration (FDA) designated a psychoactive compound (called psilocybin) found in mushrooms as a “Breakthrough Treatment” in 2018 and 2019 to treat depression. This coveted status allows drug developers access to greater regulatory support, and the review of the final drugs developed is fast-tracked.
With such regulatory support, it wouldn’t be surprising to see psychedelics play a dominant role in mental health care in future.
Mental Health Issues Are on the Rise
Currently, about 30% of all cases of depression are unresponsive to existing treatments. Given that approximately 16.2 million Americans struggle with depression, and the fact that a spike in the number of these cases is likely to be registered in the aftermath of the Coronavirus pandemic, demand for alternative treatments will be high, and psychedelics could play a big part in addressing that demand.
The fact that regulators are supporting research into these substances shows that the scientific community already recognizes the massive role that they can play in treating conditions like PTSD, clinical depression and other mental health disorders. It is therefore no wonder that COVID-19 or no COVID-19, the psychedelic industry is taking steps to cement its position in mainstream society and medicine.
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