Health Canada granted five legal exemptions since August last year to Canadians who had requested access to magic mushroom therapy for both serious mental trauma and end-of-life care. In December, the body had announced that it would be revising its Special Access Program, which would make it easy for individuals (special cases) to access psychedelics.
Montreal Psychedelic Society executive director Jessica Cadoch stated in an interview that when the book “How to Change Your Mind” by Michael Pollan came out, momentum on psychedelics increased rapidly. The book, which focuses on the science of psychedelics, was released in 2018, the same year recreational marijuana was legalized in Canada.
Last year, many wondered what would come next in the world of wellness and health. Cadoch believes the movement on psychedelics will be part of the future, christening it a revolution.
Psychedelics have various therapeutic uses and benefits and are utilized by different companies, both for medical and research purposes.
A good example of this would be Field Trip Health, a wellness company that is psychedelic centered. The company describes psychedelic medicine as different techniques that improve mental health and overall well-being through the use of psychedelic molecules.
The most popular psychedelic molecules are derived from psilocybin, which is a psychedelic component found in magic mushrooms. Other molecules in drugs such as ketamine and MDMA are also used. However, they produce psychoactive effects of different degrees.
Currently, the company is working on developing psychedelic molecules that will be used medically. One of them, FT-104, has been designed to be just as potent as psilocybin but with a less lengthy trip time. It will be useful in settings where patients would prefer to not be high for a long time.
Company co-founder Joseph del Moral stated that not much advancement has been made in the treatment of chronic mental health issues, particularly depression, in the last three decades. However, research into psychedelic therapy has demonstrated promising results for individuals suffering from PTSD, addiction, depression and more. He added that the science on psychedelics showed that the drugs’ effects were often long-lasting and had high response rates.
At this time though, only ketamine can be legally prescribed in Canada.
However, Dr. Joe Flanders, founder of Mindspace, a wellness clinic based in Montreal, estimates that in three to five years, MDMA and psilocybin will have gone totally mainstream. He explained that both psychedelic substances were impactful, adding that once the substances had completed their phase 3 clinical trials, they could then be approved for use by both Health Canada and the FDA.
Many companies have been doing the hard work needed to get psychedelic and functional mushroom products out to market. For example, Cybin Inc. (NEO: CYBN) (OTC: CLXPF) already holds eight provisional patents, which include one on nebulization technology, among others.
NOTE TO INVESTORS: The latest news and updates relating to Cybin Inc. (NEO: CYBN) (OTC: CLXPF) are available in the company’s newsroom at https://ibn.fm/CYBN
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