It uses its database of 165,000 patients to advance psilocybin research, develop products and partner with leaders in the field
Empower Clinics Inc () (OTCMKTS:EPWCF), a vertically integrated life sciences company, said Tuesday that it intends to leverage its existing clinic network, the developing franchise brand, its 165,000 patients and product development capability, to create psilocybin and psychedelics subsidiaries.
In a statement, the company said it has been conducting market research on advancements in psilocybin and psychedelics in North America and globally, along with building the business case internally on how to create greater shareholder value, utilizing company assets that include clinics, patients, physicians and technology.
"There is an undeniable mental health crisis in our country and around the world, that has an ever-increasing, devastating affect on our society," said Empower Clinics CEO Steven McAuley.
"Empower is uniquely positioned to immediately impact research, develop new products and bring advancements to plant-based therapies, under a framework of rapidly increasing awareness and a movement toward decriminalization of psychedelic treatment options," he added.
The company said studies are finding that psilocybin the active agent in magic mushrooms could treat addiction, depression, anxiety and mental health conditions like post-traumatic stress disorder (PTSD), end-of-life psychological distress.
"Over the past seven years, we have assisted over 100,000 patients obtain access to alternative health care and medicinal cannabis. The provision of legal access to psilocybin therapies are perfectly in-line with our philosophy of providing a Scientific Approach to Alternative Medicine", said Dustin Klein, senior vice president, business development at Empower Clinics.
"Clinical trials have shown that psilocybin therapies provide tremendous help with conditions we see everyday in our clinics. It is our responsibility, to make sure we are providing the most up-to-date alternative therapies to our patients and our community," added Klein, who is also a director in the company.
The company said the mental health crisis could cost the world $16 trillion by 2030, andFuture Market Insights estimates that the global behavioral health (non-pharmacological) market will be around $156 billion by 2028.
The US Food and Drug Administration has granted "breakthrough therapy" status to both the Usona Institute and Compass Pathways, allowing clinical trials to advance. For the first time in US history, a psychedelic drug is on the fast track to getting approved for treating depression by the federal government. Last October, Compass Pathways, a UK-based company that develops mental health treatments, said the FDA granted it breakthrough therapy designation for its trials into psilocybin, the psychoactive ingredient in psychedelic mushrooms.
On a separate note, Empower Clinics said it has issued Haywood Securities Inc., fourmillion shares under a financial advisory agreement dated September 25, based on its completion of a final written SWOT analysis. The company said the shares issued are priced at fair market value.
The Vancouver-based company is a leading operator of a network of wellness clinics throughout the US that are geared towards helping patients improve and protect their health through physician-recommended treatment options such as CBD.
The firm also produces a proprietary line of CBD-based products distributed throughout the US.
The companys CBD is manufactured under the brand name Solievo, and the Sun Valley Health Clinics operate at nine locations in the US. It is the operator of an extraction facility in Oregon.
Contact the author Uttara Choudhury at[emailprotected]
Follow her onTwitter:@UttaraProactive
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