Psychedelics drugs are becoming more popular as more research discovers the potential they possess for treating various mental health conditions. These substances have been ignored since the 1960s, and while they are still illegal in various states across the country, many companies are betting that the substances will be big, given both the anecdotal and preliminary scientific evidence showing that the compounds may be even more efficacious than the current pharmaceuticals prescribed to manage various disorders.
These findings have garnered the attention of many, from Wall Street to independent investors, who believe that psychedelics will be huge in the near future. One of them, O’Shares ETFs chairman and Shark Tank co-host Kevin O’Leary, notes that the potential of psychedelics exceeds that of marijuana greatly. O’Leary has invested in Compass Pathways and MindMed and states that this is a new area of medicine that has a lot of potential. Compass Pathways is set to release results from one of its clinical trials before the year ends.
Additionally, Wall Street estimates that psilocybin as a treatment option, particularly for treatment-resistant depression, could reach annual sales of $1 to $5 billion.
A good example of how psychedelic drugs can be used to help individuals who suffer from various mental conditions when conventional treatments and other alternative treatments aren’t effective is Daniel Carcillio, the CEO of Wesana Health. Carcillo, a former National Hockey League player, experienced traumatic brain injuries as an athlete and was on the verge of suicide before discovering mushroom-based alternative medical treatments.
Carcillo revealed that after his first psychedelic trip, he woke up the next day feeling normal, adding that his symptoms reduced in intensity before they faded away. He notes that today, he no longer suffers from depression and anxiety. While Carcillo’s experience is an anecdotal one, the growing evidence of clinical research that confirms the effective use of psychedelic substances to treat various mental disorders, including PTSD and depression, back his claims.
Additionally, articles published in “Nature Medicine” and the “New England Journal of Medicine” have discussed the latest results on psilocybin and MDMA, which is commonly known as ecstasy, as potential drug breakthroughs, which is encouraging to hear.
Wesana Health is working towards supporting neurological wellness and looking for treatments that treat various conditions, ranging from depression and anxiety to PTSD and TBI. The company is planning on filing for approval from Health Canada in this year’s fourth quarter and also for FDA approval in the United States.
The conviction that psychedelic-based medicines have the potential to do so much in helping people suffering from various mental health conditions could possibly explain to industry watchers why companies such as Cybin Inc. (NEO: CYBN) (OTCQB: CLXPF) are devoting significant portions of their resources to R&D in this new industry.
NOTE TO INVESTORS: The latest news and updates relating to Cybin Inc. (NEO: CYBN) (OTCQB: CLXPF) are available in the company’s newsroom at https://ibn.fm/CYBN
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