Psilocybin received yet another confirmation of its beneficial effects in the treatment of major depressive disorder, this time, in the long term. A new Johns Hopkins review study found that the positive effects of just two sessions of psilocybin-assisted psychotherapy can last for over one year in most patients with depression.
The movement for psychedelics-positive legislation keeps getting stronger. In Hawaii, a Senator committee approved a bill to study the benefits of psilocybin mushrooms.
Public companies in the psychedelics space also came up with substantial milestones. Field Trip (NASDAQ:FTRP) posted a 330% increase in year-over-year revenue for Q3, though the company still had over ten times as much net loss as it had revenue, showing the psychedelics space is still a growth sector years ahead of profitability. Cybin (NYSE:CYBN) placed more bets on conquering the hearts of retail investors, announcing a new partnership with famed new-age author Deepak Chopra. Meanwhile, Enveric (NASDAQ: ENVB) announced a new clinical trial that’ll look to apply a proprietary therapy using psilocybin for cancer-related distress.
Magic Mushroom's Active Compound Could Relieve Depression For Up To One Year, New Study Finds
A new review study by Johns Hopkins University researchers is shedding light on the long-term effects of psilocybin in the treatment of major depression.
In a new study, 58% of participants with major depressive disorder were in remission after one year of doing two sessions with psilocybin.
“Psilocybin not only produces significant and immediate effects, it also has a long duration, which suggests that it may be a uniquely useful new treatment for depression,” said Roland Griffiths, Ph.D., professor in Neuropsychopharmacology of Consciousness at Johns Hopkins School of Medicine. Read the full story…
Cybin, Deepak Chopra Announce Partnership For Psychedelics Awareness And Education
Psychedelics-focused biotech company Cybin Inc. (NYSE:CYBN) announced that it has formed a partnership with The Chopra Foundation, a not-for-profit founded by alternative medicine and new age author Deepak Chopra.
"The Foundation is working closely with Cybin to support education and awareness about its groundbreaking research to harness the potential of psychedelic therapies in mental health,” the organization stated in a press release.
"The need for new and more effective treatments across the mental health spectrum is more urgent today than ever,” said Deepak Chopra, who serves as the foundation’s chairman of the board and director. Read the full story…
Hawaii: Senators Approve Task Force To Study Psilocybin Benefits Amid Shortage Of Medical Professionals
In Hawaii, the Senate Health Committee approved a bill to set up a state working group to study the therapeutic benefits of psilocybin mushrooms, reported Marijuana Moment. The committee unanimously passed the proposal in a 5-0 vote.
The text of the measure says that “because the State has a shortage of mental health professionals, the State should actively consider novel, innovative, and safe solutions to treat its residents.”
The legislature noted that studies conducted by recognized medical institutions indicate that psilocybin is safe, tolerable and effective in the treatment of a variety of mental health conditions, including addiction, depression, anxiety disorders, and “end-of-life psychological distress.” Read the full story…
Field Trip Health Posts 330% YoY Increase In Q3 Revenue
Psychedelics company Field Trip Health (NASDAQ:FTRP) reported its third fiscal quarter 2022 results for the three months ended December 31, 2021 and provided a business update.
Patient services revenues totaled CA$1.4 million ($1.1 million) from its Toronto, New York, Santa Monica, Chicago, Atlanta, Houston, Fredericton, Seattle, San Diego and Amsterdam clinics, representing an increase of CA$1.04 million or 330% over the comparative quarter ended December 31, 2020 of $316,329 and an increase of $452,995 or 50% over the prior quarter.
Net loss amounted to roughly CA$15 million, driven primarily by total operating costs, compared to CA$8.3 million in the corresponding quarter of fiscal 2021.
Psilocybin For Cancer Related Distress: Enveric To Launch Clinical Trial In Partnership With University of Calgary
Enveric Biosciences (NASDAQ:ENVB), a neuroscience company developing psychedelics and cannabinoids into mental health medicines, announced a collaboration with the University of Calgary’s Hotchkiss Brain Institute.
The parties will work on a clinical trial of EVM-101, a treatment based on oral psilocybin, for cancer-related distress.
According to a 2018 study, approximately 50% of cancer patients report clinical levels of psychological distress such as feelings of depressed mood, anxiety, demoralization, stress-induced clinical manifestations and reduced quality of life. Read the full story…
DEA's Psychedelics Ban To Get Hearing After Advocates Revolt Over Proposed Scheduling
Researchers and advocates are seemingly poised to win the battle against the Drug Enforcement Administration's (DEA) and its proposal to ban five psychedelic compounds, Marijuana Moment reported.
Nearly 600 people, including researchers and advocates, have written public comments upon DEA publishing the scheduling proposal in the Federal Register earlier this month.
The agency's ban of 4-OH-DiPT, 5-MeO-AMT, 5-MeO-MiPT, 5-MeO-DET, and DiPT would put five tryptamines in the same category as drugs like heroin, ecstasy, LSD, and of course, cannabis. Read the full story…
Nova Mentis Stock Grew 55% After Successful Study On Microdosing For Autism
Nova Mentis Life Science Corp. (OTC:NMLSF) is a biotechnology company focused on psilocybin-based therapeutics and complementary diagnostics for neuroinflammatory disorders. The stock traded at around $.06 per share on Wednesday, up more than 50% from its closing price on Tuesday.
Why Did The Stock Move Up More Than 50%?
The company announced on Wednesday that it successfully completed a pre-clinical study in Italy. The study tested the efficacy of orally administered microdoses of psilocybin in patients with Autism. Read the full story…
DMT Vape Pen Patent Illustrates A Big Problem In The Psychedelics Industry
In this opinion piece, psychedelics investor James Hallifax leans heavily on sarcasm to point out why it's problematic that a patent has been granted for an "invention" that is currently illegal but has long been in existence.
Where the worlds of psychedelics and capitalism collide, few topics have been more heavily debated than that of patents.
The most hotly argued story, of course, has been Compass Pathways’ patent behavior, which some have dubbed “patent trolling.” On top of uncertainty of whether their “proprietary” psilocybin is really unique at all, the company backed by Peter Thiel has also made claims for practices used in basically every therapy session. For example, as Shayla Love from Vice points out, one Compass patent includes clauses such as having a room “with a substantially non-clinical appearance,” with “soft furniture,” that is “decorated using muted colors,” “comprises a high-resolution sound system,” and has “a bed or a couch.” Read the full story…
NeonMind To Open Its First Specialty Mental Health Clinic In Ontario, More To Come
Psychedelics company NeonMind Biosciences Inc. (OTC:NMDBF) signed an agreement with SRx Health Solutions to open a specialty mental health clinic in the Queensway Professional Medical Centre in Mississauga, Ontario.
The Mississauga location is the first in NeonMind's initiative to establish a national network of NeonMind-branded specialty clinics. These clinics will focus on delivering high-demand mental health treatments to underserved areas of Canada. The specialty services to be offered will incorporate innovative, evidence-based interventional psychiatric treatments for a variety of mood and anxiety disorders. The Mississauga clinic is expected to start seeing patients in the second half of 2022. Read the full story…
KetaDASH Announces Mobile Ketamine Treatments in San Francisco and Sacramento Area
Ehave, Inc. (OTC:EHVVF), a healthcare company developing digital solutions in the medical cannabis and mental health sectors, reported that its wholly-owned subsidiary, KetaDASH, is offering in-home ketamine therapy to patients suffering from treatment-resistant mental health issues. As reported by Green Market Report, the treatment will be available first in the San Francisco Bay Area and Greater Sacramento Area.
“I have over-seen over 600 successful ketamine treatments and have been amazed by the positive results,” said Jeffrey D. Kamlet, MD, chief medical officer of Ehave. “We are pleased to begin our U.S. rollout in Sacramento and San Francisco, with plans to scale our business in other cities over the coming months.” Read the full story…
Enveric Biosciences Closes $10 Million Public Offering
Psychedelics-based company Enveric Biosciences (NASDAQ:ENVB) has closed its previously announced underwritten public offering of 20 million shares of its common stock and warrants to purchase up to 20 million shares of its common stock for gross proceeds of approximately $10 million, before deducting underwriting discounts and commissions and other offering expenses. Read the full story…
