Oregon Becomes the First U.S. State to Legalize Psilocybin
Oregon voted in favor of legalizing psilocybin in Tuesday’s election. It also decriminalized psychedelics.
A new trend is emerging in the wake of the Cannabis craze of recent years, that of Psychedelic medicine and the investment opportunities it might bring with new legalization. Recently, a new report was released showing that psilocybin-assisted talk therapy was an effective treatment for addictions such as alcohol and tobacco dependence. Researchers have has also shown successful results in the treatment of anxiety in patients with life-threatening illnesses like cancer.
Today, psychedelic medicine is making a come-back in terms of new regulation, and decriminalization. In face, some cities including Denver and Oakland, have decriminalized psilocybin. The state of Oregon has officially legalized it through a ballot initiative. And investors around the world are starting to take notice and have begun a deep analysis of how money can be made from emerging companies in this new market.
On the small cap side of things, Psilocybin focused company Global Trac Solutions Inc (OTC:PSYC) is the current front-runner in positioning itself as a global leader in Psilocybin research and legislative inititives, which some can be found on their newest addition, www.psychedelicspotlight.com
In fact, just recently the CEO of PSYC conducted a interview with Dr. Albert Garcia-Romeu, of Johns Hopkins Center for Psychedelic & Consciousness Research.
The interview, conducted by PSYC CEO, David Flores, dives into the different psychedelic-related clinical trials that Johns Hopkins is currently involved in, including their ongoing studies related to researching the efficacy of psilocybin for individuals who are tobacco or nicotine dependent, as well as the science behind what makes certain psychedelics so effective in treating specific mental health conditions.
The first step is to understand the key players.
While nearly 100 cities are creating legislation to decriminalize psychedelics and multiple US jurisdictions have passed decriminalization, federal changes will be required to open legal markets to the full potential. While investing in the binary risk of regulatory changes is standard in the junior markets, current regulatory controls are preventing early revenues. Many Canadian companies building production and distribution infrastructure offshore in jurisdictions such as Jamaica are operating in a legal grey area. While it is legal in Jamaica, any benefit or advantage given to a Canadian company could be considered a proceed of crime including IP development, capital repatriation and validation of technology offshore. Section 56 exemptions from Health Canada are required for Canadian companies working with psychedelics offshore and companies which are raising investment dollars without a secured Section 56 exemption may be incurring legal risk.
However, now these companies can begin to build their infrastructure across the USA and Canada, as its projected to be decriminalized across major states and provinces into 2021.
- Atai Lifesciences – German based, Global psychedelic pharma holding company formed by ultra-high net worth individuals and big pharma, $100M+
- Compass Pathways – London based psychedelic giant, Atai’s bet on psilocybin as an approved drug for depression, $50M+, IPO 2020
- Usona Institute – A Wisconsin based non-profit powerhouse competing with Compass Pathways to approve psilocybin for depression.
- Mind Medicine – Toronto based ibogaine derived addiction drug development company taking their lead candidate 18-MC through the clinical approval process, $15M+, RTO in 2020
- Eleusis Benefit Corporation – New Orleans based discovery/clinical stage Psychedelic pharma company supported by industry scientists, raising $25M
- FieldTrip Ventures – Toronto based, Aurora backed magic mushroom research and development company building clinical and production infrastructure, raising $12M+
- ThinkMyco – Vancouver based holding company developing disruptive mushroom production technology and next generation therapeutics, raising $5M+
- Gilgamesh Pharmaceuticals – Psychedelic drug discovery company affiliated with the Atai owned Perception Neuroscience and Columbia University, raising 10M+
- Universal Ibogaine – Vancouver based Ibogaine clinical development company franchising the world’s most advanced ibogaine clinical model, raising $10M+, RTO in 2020
- PsyGen Labs – Alberta based psychedelic mass production and clinical research company with highly experienced production chemists $8M+
- Entheogen Biosciences – Vancouver based company pursuing psilocybin and DMT based drug development, raising $3M, IPO in 2020
- Salvation Botanicals – A Vancouver based company touting a private controlled substances site license and supporting clinical research, raising $10M+, RTO in 2020
- Numinus Wellness – Vancouver based wellness company building testing as well as clinical infrastructure, partnered with Salvation, raising $5M+, RTO in 2020
- Cybin Corp – Toronto based research and development company building drug development and production infrastructure as well as nutraceutical assets in legal jurisdictions, raising $3M