Research on psychedelics has shown that the substances possess various benefits, some of which can be used to manage mental health conditions such as anxiety, post-traumatic stress disorder and depression. In addition, in Canada individuals who are nearing the end of their lives have been granted exemptions that allow them to use psilocybin as part of their compassionate treatment.
A not-for-profit organization headquartered in British Columbia known as TheraPsil has played a crucial role in obtaining most of these exemptions. In addition to this, the organization has also connected patients to doctors and therapists who oversee the use of these medicines.
This comes at a time of growing interest in psychedelics from both investors and researchers, with members of the public also calling for legislators to reconsider bans on MDMA, mescaline, DMT, LSD, psilocybin and others for their potential health benefits. Psilocybin is a naturally occurring active compound that is found in hallucinogenic mushrooms.
Most of the advanced clinical trials on these substances have centered on the use of MDMA as a treatment for post-traumatic stress disorder and psilocybin as a treatment for depression, with some of them yielding promising results. For instance, two clinical trials, one carried out by Imperial College London and another by Johns Hopkins University, found that psilocybin was effective in treating severe depression.
Some studies herald psychedelic substances such as psilocybin as alternative treatment options for conditions such as depression; these are particularly compelling because conventional treatments for depression don’t work in almost 40% of individuals who suffer from the condition and also have strong side effects, including decreasing creativity and dulling an individual’s emotions.
Researchers believe that these substances act on the default mode network in the brain, which is linked to ruminations and introspective thoughts, with animal studies suggesting that they also improve brain plasticity, which helps re-organize neural connections.
While the legalization of psychedelic substances in Canada may not take place soon, Health Minister Patty Hajdu has revealed that she supports research on the substances and asserts that studies may help move things along. In addition to this, the Canadian government recently gave authorization to a group of health professionals that allows them to test psilocybin themselves in an attempt to understand the compound’s effects and train themselves on how to utilize it in a therapeutic context.
The government also announced that it would be restoring access to restricted drugs including psychedelics via its Special Access Program, which will enable doctors to request the use of psychedelic substances that are yet to be granted approval for clinical use in extreme situations.
Considering that leading psychedelics companies such as Cybin Inc. (NEO: CYBN) (OTCQB: CLXPF) that are in the thick of things in terms of developing psychedelic-based medicines are based in Canada, it isn’t surprising that the government is warming up to the inclusion of these treatments for different categories of patients.
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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