Psilocybin is a naturally occurring active hallucinogenic compound found in magic mushrooms, which is consumed for its hallucinogenic effects. Recently, Crispin Blunt, a member of the Conservative Party in the United Kingdom, urged UK Prime Minister Boris Johnson to review the laws on psychedelics, particularly psilocybin, and allow more studies on the substance’s therapeutic qualities to be conducted.
Blunt explained that psilocybin possessed significant potential for the treatment of various mental health disorders, including addiction, trauma and depression. Research has also found that psilocybin may be used to manage treatment-resistant depression as well as anxiety with researchers also looking into its use as a treatment for obsessive-compulsive disorder, demoralization syndrome, Alzheimer’s and anorexia.
At the moment, psilocybin is categorized under Schedule 1, in the UK’s Misuse of Drugs Act. Other drugs in this category include LSD and ecstasy. This classification means that the drug cannot be prescribed or possessed lawfully and that researchers will need a home office license to study it.
Campaigners are calling for psilocybin to be reclassified under Schedule 2, which would allow more research and clinical trials on its benefits to be carried out. Schedule 2 drugs have restrictions in place that hinder inappropriate prescribing and facilitate scientific and medical research.
Johnson stated that he would examine advice on decreasing barriers to research on controlled drugs and get back to the Tory MP as soon as possible.
Initial research has shown that psilocybin, when used in combination with talking therapy, can assist individuals with PTSD. A good example of somebody who has used psychedelics to overcome this mental health condition would be Guy Murray, a military veteran, who asserts that psilocybin and talking therapies helped him overcome post-traumatic stress disorder. He explained that the disorder was brought on by watching his close friend get killed, after which he struggled with depression and flashbacks and even attempted to commit suicide a number of times.
Kit Malthouse, the policing minister, stated that psilocybin rescheduling would be better handled by the drug regulation agency. He explained that there were different trials and research on psilocybin taking place in the United Kingdom and while the drug was yet to be licensed by the healthcare products and medicines regulatory agency, it would probably be rescheduled once the agency licensed it.
Drug Science chief executive David Badcock added that while present research on psilocybin was promising, more study was needed in order to fully understand the substance’s potential.
The UK risks being left behind given that foreign-based companies including Cybin Inc. (NYSE American: CYBN) (NEO: CYBN) have already made significant strides in psychedelic drug development and they could soon have approved products on the market.
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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