Welcome to TDRs review of the Top 5 Psychedelic developments for the week of January 31. Aside from presenting a synopsis of events, we provide market commentary to summarize the week that was for publicly-listed companies.
5. Health Canada Denies Healthcare Practitioners Section 56 ExemptionsAfter Granting Them To A Group In 2020
In a move that has stunned patient advocates and healthcare practitioners who have spent months awaiting a response from the federal health agency, Health Canada has denied dozens of requests for Section 56 exemptions to access and use psilocybin for training purposes.
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BREAKING: Health Canada has just notified TheraPsil anddozens of health care professionals seeking psilocybin access and training that their section 56 exemptions are to be denied. (1/ )
Non-profit organizationTherapsilbroke the news on Twitter on Wednesday morning, pointing out that the denied applications will have a much greater impact than on those whose applications were denied, potentially affecting over 1,000 additional healthcare professionals on its training waiting list who had hoped to apply for exemptions.
The decision is particularly confusing because Health Canadahas already provided exemptionsto people who had applied with the same intent.
4. Washington Legislature Hears Proposal to Legalize Psychedelic Mushrooms
Anyone 21 and older in the state of Washington could gain access to psychedelic mushrooms in 2024 if a proposal being heard in the Legislature passes this session.
I do not believe it belongs because its not addictive and generally not dangerous when theres a set and setting.
A Senate bill would direct the Department of Health to create a system allowing for anyone 21 or older to take mushrooms at a state-licensed center under the direct supervision of licensed facilitators. Individuals medically unable to travel to a center may be able to take mushrooms at home.
Prime sponsor Jesse Salomon, D-Shoreline, said he became interested in mushrooms after the Legislature dealt withthe effects of the Blake v. State drug possession ruling. Psilocybin is grouped with heroin and meth as some of the most dangerous drugs under the federal Controlled Substances Act. But Salomon said mushrooms and their history as a medicinal product are different from heroin and meth.
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Ongoing Phase 2, Phase 3, And Pre-Registration Programs In Psychedelics
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3. Psychedelic Stocks Outperform As Biopharma Stocks Stabilize
The psychedelic sector gained modestly this past week, although volumes were mostly lower across the board. TheHorizon Psychedelic Stock Index ETF(PSYK) rose4.18%, registering just its 3rd gain over the past 12 weeks. The rise is PSYK solidly outperformed its biopharma peers such as the Nasdaq Junior Biotechnology Index(2.68%) andNasdaq Biotechnology Ishares ETF(2.07%). The broad markets remained volatile, but did finish moderately higher despite Thursdays purge in equity markets. TheNASDAQadvanced 1.76% while the S&P 500climbed 1.52%. Heres how the Health Care (biotechnology) sector performed this week.
Not a whole lot of groundbreaking news on the psychedelic research front. From a capital markets perspective, it was nice to see the sector stabilize in the face of whipsawing volatility. We count 8 companies that registered triple-digit weekly gainsup from 4 last week. This was mostly due to sellers retreating after a long and drawn-out period of bear market action. Were looking for bottom-base building to delineate the markets floor before to inspire confidence that the bear impulse has ended. An important tell will be when PSYK ETF breaks its weekly 7EMA on strong volume.
EHVVF +23.75%, LOBE +20%, PWR +15.38%, DMT +13.95%, PULL +11.76%, WUHN +11.07%, OPTI +10.8%, BRAXF +10.68%, MMED +9.2%, BRAX +8.33%, MNMD +7.69%, FTRP +6.4%, MSET +5.19%, BETR +4.76%, ENBI +4.17%, ATAI +3.85%, SPOR +3.08%.
In the news
Awakn Life Sciences became the latest psychedelic company to obtain coverage under theH.C. Wainwrightumbrella. The New York investment bank initiated Awakn with a Buy rating and $10 price target.
Braxia Scientific provided an update on the companys leading research role within the psychedelics industry. Braxias team of researchers also continue to carry out multiple psychedelic-based clinical research trials, adding to its large and growing proprietary dataset critical to informing future drug development.
Colorado activists file competing psychedelics legalization ballot initiative for 2022.
Cybin Inc. reiterated by Oppenheimer with an Outperform rating and US$10 price target.
Elemental Advisorshas announceda new psychedelics ETF will soon be available topsychedelics investors. The ETF will trade under the symbol ofPSYKon theNew York Stock Exchange.
Entheon Biomedical announced the approval by the local Dutch ethics committee of EBRX-101, a comprehensive phase I clinical trial evaluating the pharmacokinetics, pharmacodynamics and safety profile of N,N-dimethyltryptamine (DMT).
Field Trip Health plans to release financial results for the fiscal third quarter ended December 31, 2021, after market close on Tuesday, February 15, 2022.
A Maine state lawmaker and others who testified at a legislative hearing on Tuesday have said they would like to see psilocybin allowed for people 21 years and older in order to treat people for depression or PTSD.
Mind Cure Health announced the hiring of Dr.Clare Purvis, formerly Headspace Inc.s Vice President of Clinical Product and Content Development, for the companys newly created role of Chief Product Officer to focus on building and expanding the reach of iSTRYM, its digital therapeutics platform
Mindset Pharma has synthesized additional promising candidates from its Family 3 of next generation drug candidates, and will initiate Proof of Concept preclinical studies to further measure the viability of these compounds as daily pro-cognitive take-home medication.
Mydecine Innovations has appointed Dr. Victoria Hale to the companys Board of Directors. Dr. Hale is a pharmaceutical scientist and executive, as well as a global health social entrepreneur. She currently serves as Chair of the Board of the Multidisciplinary Association for Psychedelic Studies (MAPS).
Mydecine also announced preparation for its FDA pre-Investigational New Drug meeting on February 28th, the company has submitted a pre-IND briefing package to the U.S. Food and Drug Administration for a clinical study evaluating MYCO-001 in a structured smoking cessation treatment program.
A Seattle doctor specializing in end-of-life care filed a formal petition with the U.S. Drug Enforcement Administration this week challenging the governments Schedule I classification of psilocybin, the main psychoactive component of psychedelic mushrooms.
Small Pharma published its third quarter results for the three and nine months ended November 30, 2021.
Tryp Therapeutics announced a non-brokered private placement to its co-Founder and Executive Director, William J. Garner, M.D. The Placement consists of 11,111,111 million units at a price of $0.18 per unit, with one common share warrant for each unit, to raise gross proceeds of approximately $2.0 million.
2. Report Shows Oregon Drug Decriminalization Has Dramatically Reduced Arrests And Increased Harm Reduction Access One Year After Enactment
According to information shared withFilterby the Drug Policy Alliance, there were 60 percent fewer total drug arrests in state over the 10 months after February 1, 2021, compared with the same period the previous year. That 2020 period saw 9,100 drug arrests in totalmeaning a reduction of almost 5,500 arrests. However, the data do not yet show the extent to which this decline was attributable to Measure 110.
Measure 110 also requires that a portion of cannabis tax revenue be put into a special fund to expand services for people who use drugs. Before the measure passed, Oregonrankednear the bottom of all U.S. states for access to substance use disorder (SUD) treatment.
Thanks to the measure, the state has already paid out over $31.4 million to providers of services including treatment, harm reduction, peer support, and housing and employment support. Gov. Kate Brown (D) had initially wanted to delay payments until July 2022, but advocates toldFilterthat they successfully fought to get this money paid out early, helping to keep critical services running.
1. Utah Lawmakers Vote To Study Benefits Of Psychedelics In Treating Mental Health Disorders
A Utah House committee approved a bill on Thursday that would create a task force to study and make recommendations on the therapeutic potential of psychedelic drugs and possible regulations for their lawful use.
Utah Lawmakers Vote To Study Benefits Of Psychedelics In Treating Mental Health Disorders: "If this is a tool that can help, we need it in our toolboxbut it needs to be safe, and we need to do it the right way." https://t.co/2vxKGgoct6
The legislation, sponsored by Rep. Brady Brammer (R), passed the House Health and Human Services Committee in a 10-1 vote.
The bill would create a Mental Illness Psychotherapy Drug Task Force that would be required to study and make recommendations on drugs that may assist in treating mental illness. The psychotherapy drugs that the panel would consider are defined as controlled substances that are not currently available for legal use and may be able to treat, manage, or alleviate symptoms from mental illness.
Read more:
TDR's Top 5 Psychedelic Developments For The Week Of January 31 - The Dales Report
- Review: Tripping on Utopia Complicates the History of Psychedelics - AOL - March 16th, 2024 [March 16th, 2024]
- Psychedelics Are Going Mainstream. Investing in Them Hasn't. - The Wall Street Journal - January 7th, 2024 [January 7th, 2024]
- Another Study Shows African Psychedelic Plant Ibogaine Treats Traumatic Brain Injury in Vets With 'Dramatic' Results - Good News Network - January 7th, 2024 [January 7th, 2024]
- Massachusetts Lawmakers Will Be Forced To Consider Psychedelics Legalization Measure That Activists Petitioned ... - Marijuana Moment - January 5th, 2024 [January 5th, 2024]
- VA to begin researching psychedelics as treatment option for veterans - Government Executive - January 5th, 2024 [January 5th, 2024]
- VA Is Funding New Research On Psychedelics' Benefits For Veterans With PTSD And Depression - Marijuana Moment - January 5th, 2024 [January 5th, 2024]
- VA ramps up study of psychedelic to treat PTSD - The American Legion - January 5th, 2024 [January 5th, 2024]
- Scientists predict DMT trip from cardiac activity - Big Think - January 5th, 2024 [January 5th, 2024]
- If psychedelics heal, how do they do it? | Proceedings of the National Academy of Sciences - pnas.org - January 5th, 2024 [January 5th, 2024]
- Psychedelics for acquired brain injury: a review of molecular mechanisms and therapeutic potential | Molecular ... - Nature.com - January 5th, 2024 [January 5th, 2024]
- U.S. Rep. Correa supports using psychedelics to treat veterans with PTSD - New Santa Ana - January 5th, 2024 [January 5th, 2024]
- DEA Confirms That Psychedelic Mushroom Spores Are Federally Legal Prior To Germination - Marijuana Moment - January 5th, 2024 [January 5th, 2024]
- Psychedelics for Psych Conditions Made Their Mark in 2023 - Medpage Today - January 5th, 2024 [January 5th, 2024]
- 2023: A Good Trip Around the Sun for Psychedelics - The National Law Review - January 5th, 2024 [January 5th, 2024]
- Understanding the Role of the FDA in Advancing Psychedelic Therapy - Medriva - January 5th, 2024 [January 5th, 2024]
- MAPS PBC Closes $100m Series A, Rebrands to Lykos Therapeutics - Psychedelic Alpha - January 5th, 2024 [January 5th, 2024]
- Closing the innovation gap: Advancing psychedelic therapy and medicines in EU mental health care - Open Access Government - January 5th, 2024 [January 5th, 2024]
- The Austin Chronic: SXSW Is High on Psychedelics, as Cannabis Programming Wanes - Austin Chronicle - January 5th, 2024 [January 5th, 2024]
- This Forgotten Psychedelic Could Revolutionize Traumatic Brain Injury Treatment - Inverse - January 5th, 2024 [January 5th, 2024]
- A 'milestone' for psychedelics: Pentagon directed to study alternative treatments for veterans - Washington Times - January 5th, 2024 [January 5th, 2024]
- Psychedelic Drugs Are Rushing Towards Approval for Therapy. Here's What's Next - Singularity Hub - January 5th, 2024 [January 5th, 2024]
- The top 8 psychedelic books you need to read | GreenState - GreenState - January 5th, 2024 [January 5th, 2024]
- Lykos Therapeutics Secures $100M in Series A Funding, Rebrands from MAPS PBC - Green Market Report - January 5th, 2024 [January 5th, 2024]
- DEA Calls For Even More THC, Psilocybin And DMT To Be Produced For Research In 2024 - Marijuana Moment - January 5th, 2024 [January 5th, 2024]
- Here's What You Missed in Cannabis, Psychedelics This Week - TipRanks.com - TipRanks - January 5th, 2024 [January 5th, 2024]
- You're not tripping: State and local leaders give psychedelics another chance - Route Fifty - December 22nd, 2023 [December 22nd, 2023]
- Are Consciousness-Expanding Psychedelics Like Psilocybin More Effective Than Prozac, Zoloft, Xanax, and Other ... - Nautilus - December 22nd, 2023 [December 22nd, 2023]
- RFK, Ramaswamy And Williamson Push Psychedelics Reform On Presidential Campaign Trail - Marijuana Moment - December 22nd, 2023 [December 22nd, 2023]
- Peyote is the darling of the psychedelics renaissance. Indigenous users say it co-opts a sacred way of life - The Guardian US - December 22nd, 2023 [December 22nd, 2023]
- USask researchers explore untold history of psychedelics - News - University of Saskatchewan - USask News - December 22nd, 2023 [December 22nd, 2023]
- California Governor Says Psychedelics Have 'Profound' Healing Potential, But He's Undecided On Legalization Bill As ... - Marijuana Moment - September 25th, 2023 [September 25th, 2023]
- As psychedelic-assisted therapy grows, so does interest from a new group: chaplains - NPR - September 25th, 2023 [September 25th, 2023]
- This Maine City Moves Unanimously On Decriminalizing Psychedelics: Focus On Public Health - Benzinga - September 25th, 2023 [September 25th, 2023]
- Tech Leaders Are Finding Balance Through Microdosing Psychedelics - The Dales Report - September 25th, 2023 [September 25th, 2023]
- Chronic Pain Can Be Treated by Psychedelics, Survey Suggests - Psychedelic Spotlight - September 25th, 2023 [September 25th, 2023]
- Insights Into the First Psychedelic-Assisted Therapy Guidelines With ... - Psychedelic Spotlight - September 25th, 2023 [September 25th, 2023]
- Living with long-term cancer is depressing. Texas doctors say psychedelics could help - The Hill - July 19th, 2023 [July 19th, 2023]
- Couples Are Doing MDMA and Ketamine Therapy To Save Their Relationships - VICE - July 19th, 2023 [July 19th, 2023]
- The Way People Are Using Psychedelics Is Changing Amid Reform ... - Marijuana Moment - July 19th, 2023 [July 19th, 2023]
- [WATCH] Turn on, tune in, legalise: Could psychedelics be next in ... - MaltaToday - July 19th, 2023 [July 19th, 2023]
- Will Psychedelics Be Rescheduled After FDA Approval? - Harris Bricken - July 19th, 2023 [July 19th, 2023]
- The Psychedelic Preparedness Scale: A Tool to Optimize Trip ... - Filter - July 19th, 2023 [July 19th, 2023]
- How to Test Psychedelics for Adulterants with Testing Kits - Psychedelic Spotlight - July 19th, 2023 [July 19th, 2023]
- Cannabis Science Conference to debut in Providence, R.I., with ... - GlobeNewswire - July 19th, 2023 [July 19th, 2023]
- New Speaker Rivas weighs in on psychedelics, housing and health care worker minimum wage - Yahoo News - July 19th, 2023 [July 19th, 2023]
- TDR's Top 5 Psychedelic Developments For The Week Of July 10 - The Dales Report - July 19th, 2023 [July 19th, 2023]
- Psychedelic Treatment with Psilocybin Relieves Major Depression, Study ... - February 20th, 2023 [February 20th, 2023]
- Johns Hopkins Launches Center For Psychedelic Research - February 20th, 2023 [February 20th, 2023]
- Psilocybin Treatment for Major Depression Effective for Up to a Year ... - February 20th, 2023 [February 20th, 2023]
- Inside the Johns Hopkins Psilocybin Playlist - Hopkins Medicine - February 20th, 2023 [February 20th, 2023]
- Research Story Tip: Psychedelic Drug Psilocybin Tamps Down Brains Ego ... - February 20th, 2023 [February 20th, 2023]
- Psychedelics: Risks, benefits, and more - Medical News Today - February 18th, 2023 [February 18th, 2023]
- Psychedelic Drug Effects, Side Effects & Dangers - January 25th, 2023 [January 25th, 2023]
- Psychedelics Decriminalization Project In Berkeley, Cal Includes ... - January 6th, 2023 [January 6th, 2023]
- Ancient mummified child was drugged with psychedelics before ritual ... - December 14th, 2022 [December 14th, 2022]
- The therapeutic potential of psychedelics - Science - December 14th, 2022 [December 14th, 2022]
- Changing Lives with Psychedelics: How Connecticut researchers are using magic mushrooms to help people overcome depression, OCD - WTNH.com - November 19th, 2022 [November 19th, 2022]
- Penis Envy Mushroom | Legal Psychedelics | Magic Mushroom - November 7th, 2022 [November 7th, 2022]
- Psychedelics. Discussing natural and synthetic friends. Science, News ... - November 5th, 2022 [November 5th, 2022]
- The Harms of Psychedelics Need to Be Put Into Context - WIRED - November 5th, 2022 [November 5th, 2022]
- Packers' Aaron Rodgers says psychedelics led to his back-to-back MVP ... - October 28th, 2022 [October 28th, 2022]
- With Promise of Legalization, Psychedelic Companies Joust Over Future Profits - The New York Times - October 25th, 2022 [October 25th, 2022]
- How do psychedelics work? This brain region may explain their effects - PBS - October 21st, 2022 [October 21st, 2022]
- Why is the American right suddenly so interested in psychedelic drugs? - The Guardian - October 19th, 2022 [October 19th, 2022]
- Can Psychedelics Cure? Science Is on the Verge of Finding Out - Newsweek - October 19th, 2022 [October 19th, 2022]
- Large national survey suggests that the use of psychedelics is not associated with lifetime cancer development - PsyPost - October 19th, 2022 [October 19th, 2022]
- This Pharma Company Just Scored Another Psychedelics Patent And Set Its Sights On 70 More - Small Pharma - Benzinga - October 19th, 2022 [October 19th, 2022]
- What Made the Mushrooms Magic: Psychedelic Study Explores the Odd Evolution of Mind-Altering Fungi - The Debrief - October 19th, 2022 [October 19th, 2022]
- Psychedelics And Wellness: The Healing Company Buys PepsiCo-Backed Superfoods Company - (HLCO) - Benzinga - October 19th, 2022 [October 19th, 2022]
- What's on the Colorado ballot? Housing, psychedelics, school meals, alcohol, taxes and more | FOX31 Denver - FOX 31 Denver - October 19th, 2022 [October 19th, 2022]
- DoseConnect to Sponsor the Tech Stage at Wonderland Miami by Microdose - Benzinga - October 19th, 2022 [October 19th, 2022]
- What Is Going on With Bright Minds (DRUG) Stock Today? - InvestorPlace - October 19th, 2022 [October 19th, 2022]
- Psychedelics May Ease Fear of Death and Dying - October 17th, 2022 [October 17th, 2022]
- TDR's Top 5 Psychedelic Developments For The Week Of October 10 - The Dales Report - October 17th, 2022 [October 17th, 2022]
- DEA Wants To Boost Production Of Cannabis & Psychedelics For Research In 2023 - Benzinga - October 17th, 2022 [October 17th, 2022]
- Talk set to explore psychedelics and mental health - Reading Today - October 17th, 2022 [October 17th, 2022]
- Silo Wellness Closes Acquisition of Dyscovry Science and Its Psilocybin Pharmaceutical Biosynthesis and Research Portfolio - Yahoo Finance - October 17th, 2022 [October 17th, 2022]
- How does psilocybin rewire the brain? - Open Access Government - October 17th, 2022 [October 17th, 2022]
- HYTN Awarded Controlled Drugs and Substances Dealers License Allowing for Production and Sale of Psilocybin - Yahoo Finance - October 17th, 2022 [October 17th, 2022]
- The Healing Company acquires leading superfoods business, Your Super, and lands $150M credit facility to expand community of brands - Yahoo Finance - October 17th, 2022 [October 17th, 2022]