Psilocybin a Step Closer to Legalization

May 3, 2021, By smallcapfirm,

With support from the US FDA and several clinical studies, psilocybin is emerging as a way to help treat mental illness – great news for companies such as Pure Extracts Technologies Corp. (CSE:PULL)(OTC:PRXTF), Psyence Group Inc. (CSE:PSYG), Compass Pathways Inc. (NASDAQ:CMPS), Cybin Inc. (NEO:CYBN)(OTC:CLXPF), and MindMed (NEO:MMED)(OTC:MMEDF).

For example, a study from JAMA Psychiatry just found that psilocybin “worked better than the usual antidepressant medications,” as noted by NPR, for example.  New York Univ. found “Psilocybin produced immediate, substantial, and sustained improvements in anxiety and depression and led to decreased in cancer-related demoralization and hopelessness, improved spiritual well-being.”

The Beckley Foundation said, “Psilocybin was well-tolerated and induced rapid and lasting reduction in the severity of depressive symptoms.” Helping, the US FDA says psilocybin is a “breakthrough therapy” for clinical depression.

In addition, pharmaceutical companies could begin to enter the psychedelic space, according to Wired.  “As patents on many conventional antidepressants begin to expire – and public and regulatory opinion regarding psychedelics is changing – 2021 will be the time that psychedelic therapy casts a spotlight on the limitations of current mental-health care treatments, and highlights a bold alternative.”

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