It seems psychedelics are here to stay, what with the developments being seen in different parts of the country. These natural substances were being used by Indigenous communities way before the West began to embrace the use of drugs such as LSD in the ‘50s. During this period before the drugs were banned in 1970, significant research looking into psychedelic-assisted therapy was conducted, with numerous studies showing their potential in the treatment of addiction, anxiety and depression.
Recently, we’ve seen psychedelics go mainstream again, thanks to new clinical trials and studies that have convinced regulatory bodies, including the U.S. FDA and the DEA, to seriously consider these drugs as alternative ways to deal with the mental health crisis.
With estimates showing that the psychedelics industry will be valued at $6.3 billion by 2026, here are a couple of signs that the psychedelic renaissance isn’t about to stop any time soon.
Clinical trials have increased
Last year, only about 50 trials were being conducted in the psychedelics space. This year, the number has significantly increased, especially with more substances being studied. The DEA has also approved larger volumes of these substances to be produced for research in the United States.
Both Democrats and Republicans agree on the use of psychedelics
Both Democratic and Republican legislators have been submitting measures to support more research into psychedelics, with some even presenting resolutions for the decriminalization and/or legalization of psychedelics for therapeutic purposes.
States such as Oregon, which has already decriminalized the use of psilocybin and legalized it for therapeutic use, are focused on implementing voter-approved psychedelic regulations. Many hope that the state of California may soon join this bandwagon and decriminalize entheogenic substances in 2022.
The state of Texas, which is a majority Republican state, also approved a legislation in June that required the state to conduct research on the benefits and risks of ketamine, MDMA and psilocybin, and carry out clinical trials using psilocybin to treat veterans suffering from post-traumatic stress disorder.
Additionally, cities such as Seattle, Detroit and Denver have passed measures decriminalizing or legalizing natural psychedelics.
Big Pharma is buying into the industry
At the start of the year, Mindset Pharma announced that Otsuka, an international pharmaceutical firm, would be financing its DMT clinical trials, and this is just the beginning. With companies such as Cybin Inc. (NYSE American: CYBN) (NEO: CYBN), MindMed Inc., Awakn Life Sciences, Atai Life Sciences and Compass Pathways demonstrating the promising potential of next-generation psychedelic drugs, players in the pharmaceutical industry can’t afford to ignore the psychedelics revolution.
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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