Welcome to TDRs review of the Top 5 Psychedelic developments for the week of May 30. Aside from presenting a synopsis of events, we provide market commentary to summarize the week that was for publicly-listed companies.
5. B.C. To Decriminalize Possession Of Small Amounts Of Hard Drugs, Including MDMA
Effective Jan. 31, 2023, British Columbians 18 and older will be able to carry up to a cumulative total of 2.5 grams of these illicit substances without the risk of arrest or criminal charges. Under rules established by Ottawa and the province, police will not confiscate the drugs, and people found to be in possession will not be required to seek treatment. The production, trafficking and exportation of these drugs will remain illegal.
BREAKING: Small amounts of illegal drugs will be decriminalized in B.C starting in 2023.
Adults 18 years of age and older will be able to carry up to 2.5 grams of certain drugs including opioids, cocaine and methamphetamine and not be subject to arrest, charges, or drug seizure. pic.twitter.com/JXrxKaRIYn
The illicit drugs covered by the new rules are opioids including heroin and fentanyl, cocaine, methamphetamine and MDMA the substances most commonly associated with deaths from toxic drugs. Police will maintain discretion to arrest people and recommend charges for possessing other substances.
The province has ramped up its response in recent years to a drug crisis that has killed thousands of people, expanding harm-reduction measures and opening the door to a safer drug supply.
4. Tripp Raises $11.2M To Build The Mindful Metaverse
Tripphas raised $11.2 million in funding to help it continue to create meditation apps that power the mindful metaverse.
The funding was raised from Bitkraft Ventures, Amazon Alexa Fund, Qualcomm, HTC, Niantic and Mayfield. Tripp reports that it will use the funding to help meet the growing global demand for mental wellbeing through Tripps extended-reality (XR) wellness accessible through augmented reality (AR), virtual reality (VR), and mobile application.
The company also recently announced the acquisition of BeardedEyes world-building platform Eden, which will enable users to further customize their Tripp experience, explore digital realities and meet other people.
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Number And Percentages Of Negative Responses Linked To The Use Of Psychedelic Drugs, Online Survey Completed By 2,510 Adults
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3. Psychedelic Stocks Outperform And Post A Third Consecutive Winning Week
The biggest psychedelic stocks were mixed, however, percentage gainers outpaced decliner and that allowed psychedelic stocks to outperform peer indexes. TheHorizon Psychedelic Stock Index ETF(PSYK) climbed3.26%, which bested theNasdaq Junior Biotechnology Index(1.52%) and theNasdaq Biotechnology Ishares ETF(2.51%). After a positive performance last week disrupted seven consecutive weeks of decline, both theNASDAQ1001.01%andS&P 5001.11%fell after a weak Friday session despite a better-than-expected U.S. payrolls report.
Heres how the Health Care (Biotechnology) sector performed:
Weekly technical snapshot, PSYK ETF:
In the news
12 companies from across the country joined forces to foundPsychedelics Canada, the first, national-level trade association representing the blossoming psychedelic medicine and therapy industry. Incorporated as a not-for-profit trade association,Psychedelics Canadaspeaks on behalf of the legal psychedelics industry to government, the press, and the public.
ACT government is considering legislation changes to allow MDMA-assisted therapy to treat post-traumatic stress disorder and psilocybin to treat depression.
Awakn Life Sciences has have initiated a larger behavioral addiction study investigating ketamine as a treatment for Gambling Disorder. Awakn had previously announced on May 19, 2022, that the company had completed a successful pilot study for a range of behavioral addictions. Newest interview covering the news.
Braxia Scientific announced positive preliminary results from the first Health Canada Approved, Phase II, randomized clinical trial to evaluate the feasibility, safety, tolerability, and efficacy of multi-dose psilocybin-assisted therapy for Treatment-Resistant-Depression.
Clearmind Medicine has been granted patent approval from the Office of the Controller-General of Patents, Designs and Trademarks in India. The patent refers to the companys proprietary MEAI-based alcohol substitute patent family.
Cybin Inc.announced the team of 28 esteemed faculty and advisors who will lead the Companys EMBARK Psychedelic Facilitator Training Program. Recognizing the crucial importance of supporting psychedelic study facilitators with quality training.
FSD Pharma announced the submission of an Investigational New Drug (IND) application with the U.S. Food and Drug Administration and Health Canada detailing a planned Phase 2 clinical trial of FSD-PEA for the treatment of a yet-to-be-disclosed inflammatory disorder.
Ketamine Wellness Centers has expanded the availability of SPRAVATO to three new cities and increased the total number of clinics offering the FDA-approved esketamine nasal spray to six. StartingJune 1, the KWC clinics inMinneapolis,Salt Lake CityandDallaswill join theHouston,Las VegasandSeattlelocations in offering SPRAVATO to their patient base.
Michigan activists announced on Wednesday that they will no longer be pursuing a statewide psychedelics legalization ballot initiative for this years election and will instead focus on qualifying the measure to go before voters in 2024.
Mind Medicine announced thatRobert Barrow, Chief Executive Officer and Director, will participate in the Jefferies Global Healthcare Conference, to be held inNew York, NYfromJune 8-10, 2022.
Mynd Life Sciences announced positive preclinical data in measuring dosing accuracy in psilocybins and psilocybin analogs.
Nirvana Life Sciences has released comprehensive data on a scientific study that aims in determining the effects that psilocybin has on the heroin-addicted brain.
Novamind Inc. reported its financial results for the three and nine months ended March 31, 2022.
Novamind Inc. announced new patient financing options to help patients access critical mental healthcare services at its six clinic locations in Utah. The Company now accepts Synchronys CareCredit credit card for treatments including Transcranial Magnetic Stimulation, ketamine therapy and Spravato therapy.
Optimi Health has entered into a supply agreement withFilament Health to supply psilocybin mushrooms cultivated in Optimisrecently inaugurated 20,000 square footEU-GMPPrinceton, British Columbia facility.
Origin Therapeutics Holdings, an actively managed, psychedelics industry-focused investment issuer, has received approval to list its common shares on the Canadian Securities Exchange. The common shares will commence trading under the trading symbol ORIG on June 6, 2022.
PsyBio Therapeutics has initiated formal process development for commercially scalable, patent pending manufacturing technology expected to enable Good Manufacturing Practice production.
Psyence Group provided the following corporate update on its three strategic focus areas namely: Psyence Therapeutics, Psyence Production and Psyence Function.
Silo Wellness has executed a nonbinding letter of intent to acquire Dyscovry Science, a Toronto-based biotechnology company that focuses on biosynthetic manufacturing of psilocybin and its derivatives.
The Psychedelic House of Davos, a satellite event happening in conjunction with the World Economic Forum, was a genius strategy to build credibility, say experts.
University of Calgary recruits Canadas first research chair in psychedelics. The university has recruited Dr. Leah Mayo as its Parker Psychedelic Research Chair a first for Canada.
Wesana Health Holdings announced its first quarter 2022 financial results. Cash balance: $3,193,371
2. Cybin Submits IND Application to FDA For Its Phase 1/2a First-in-Human Trial of CYB003 For The Treatment of Major Depressive Disorder
Cybin Inc.(NEO:CYBN) (NYSE:CYBN) announced the submission of an Investigational New Drug application to the U.S. Food and Drug Administration for its Phase 1/2a first-in-human clinical trial evaluating CYB003, a proprietary deuterated psilocybin analog, for the treatment of major depressive disorder (MDD).
Following the successful completion of our IND-enabling work just last month, we are very excited to have reached this major milestone toward advancing CYB003 into clinical development so quickly. Based on preclinical studies, our proprietary psilocybin analog has the potential to offer numerous advantages over classic psilocybin with the potential to ultimately provide better outcomes for people suffering with MDD, said Doug Drysdale, Chief Executive Officer of Cybin. This FDA submission is the next major step in the advancement of CYB003, and we continue to work tirelessly to bring this innovative therapeutic option to people as quickly as possible. We look forward to continuing to work with the FDA to initiate the Phase 1/2a trial in mid-2022.
1. B.C. Company Opens Canadas Largest Licensed Psychedelic Mushroom Growing Facility
B.C.-based company Optimi Health(CNSX:OPTI) (OTCMKTS:OPTHF)has harvested its first cultivation of psilocybin mushrooms at its Health Canada-licensed facilities in Princeton, B.C., positioning itself as a major player in the burgeoning psychedelic sector.
We are the only GMP organic facility in the world that can supply what we do. We have contacts all over the world for people who would like to do research with psilocybin.
The $14-millionventure consists of two 10,000-square-feetfacilities with a combined total of 10 growing rooms that can produce approximately2,000 kilogramsofdried psilocybin mushrooms a month, according to Optimis head cultivator, Todd Henderson.
This monththe agencygranted Optimi a licenceto produce the mushrooms as well as a research exemption to extract the psychedelic components ofpsilocybinand psilocinfor use in clinical trials, according to the company. Optimi says theirfacilities are builtto meet Good Manufacturing Practice (GMP) requirements, a quality assurance standard required by Health Canadato produce psilocybin for clinical research.
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TDR's Top 5 Psychedelic Developments For The Week Of May 30 - 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]