Several Canadian biotechnology companies are poised to make a killing in the Australian market after the county’s Therapeutic Goods Administration (TGA) allowed psychiatrists to prescribe MDMA and psilocybin in 2023. The TGA regulates therapeutic goods such as medical devices and prescription drugs in Australia. It approved the prescription of psilocybin, the main psychoactive agent in magic mushrooms, and MDMA by changing their classification in Australia’s Poisons Scheme.
The TGA’s changes to the Poisons Scheme mean that the two psychedelics are considered Schedule 8 Controlled Drugs for specific uses. However, psilocybin and…
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