A couple weeks ago, a psychedelic conference known as the Catalyst Summit was held in Ontario. Representatives of Health Canada, politicians, researchers and leaders of psychedelic drug companies as well as trained therapists and patients who had gained benefit from psychedelic drugs gathered together.
Various panel discussions were held, some of which focused on how psychedelics could be used to treat a range of mental health conditions. As researchers learn more about these drugs and more studies on their effectiveness are conducted, the substances get one step closer to getting legalized.
Given that it is only a matter of time before this is actualized, here are some takeaways from this psychedelic conference.
Canada is in the lead
When it comes to researching the potential for psychedelics to be used as drugs, Canada is currently leading globally with companies such as Cybin Inc. (NYSE American: CYBN) (NEO: CYBN) making significant strides in the field. The Honorable Crispin Blunt even praised the evidence-based approach that regulators in Canada were taking as it allowed for more studies and experiments to be carried out.
For instance, the Special Access Program, which is under Health Canada, recently allowed some patients with chronic illnesses, including depression, who had gained no benefit from conventional treatments to be treated using psilocybin therapy.
Support for psychedelics has grown
Support for the legalization of psychedelic medicines has grown significantly these last few years.
During the conference, there was a discussion involving a poll carried out for the Psychedelic Association of Canada, which found that more than 75% of Canadians would support a government that legalized the use of psilocybin-assisted therapy for end-of-life and palliative patients.
The government is keen on advancements made in the psychedelic space
The conference was graced by a number of Health Canada representatives as well as Dr. Jane Philpott, former Minister of Health in Canada who played a key role in marijuana’s legalization in the country.
Additionally, representatives of Health Canada revealed during a panel discussion that the regulatory body was closely watching the developments made in the psychedelic space, even as the agency tries to ensure that health policies align with present scientific evidence.
It is expected that as larger trials produce more evidence on the effectiveness of psychedelics, access to these drugs will increase.
More studies are needed
Even with the strides made these past few years in the psychedelic space, there is still a lot that researchers don’t understand about psychedelics — especially when it comes to the use of these drugs on humans.
Therefore, before psychedelic treatments can be offered to individuals on a large scale, more studies are needed to ensure that researchers are armed with all the knowledge they may need.
NOTE TO INVESTORS: The latest news and updates relating to Cybin Inc. (NEO: CYBN) (NYSE American: CYBN) are available in the company’s newsroom at https://ibn.fm/CYBN
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