Here’s what’s in store for you in today’s issue:
🍄 3 animals you never knew were psychedelic
🍄 Legal psilocybin therapy comes to Quebec
🍄 Managing pain with MDMA
🍄 Financial results from 3 major companies
🍄 And more.
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After several unsuccessful depression treatments, a patient in Quebec will finally get to try psilocybin therapy through the Special Access Program (SAP), marking the first legal psilocybin treatment in the province.
Numinus Wellness (NUMI) received Health Canada approval to administer the treatment at its Montreal clinic. It will be the company’s first treatment outside of a clinical trial setting.
Hopefully we’ll start seeing more wins like this thanks to TheraPsil, a non-profit that launched an initiative to make it easier for patients to access psilocybin through the SAP.
The initiative, called Project Solace, will secure a safe supply of psilocybin from HAVN Life (HAVN) and other licensed dealers and collect data on treatment outcomes to support policy change.
Could your next surgery involve MDMA?
Shanti Therapeutics of Global Wellness Strategies (GWS) is preparing for a study to see if MDMA has an impact on pain tolerance in healthy volunteers.
The goal is to treat and prevent perioperative pain, or pain associated with surgery.
Managing pain immediately after surgery can help prevent chronic pain and the mental health issues that often follow.
Red Light Holland (TRIP) recently filed an international patent application for its “Find Your Dose” custom microdosing kits.
The kits help individuals get the most out of microdosing by providing personalized protocols based on biometric and movement data.
This week, the company successfully imported 200 microdosing kits into Canada from the Netherlands with hopes that patients will be able to try microdosing through the Special Access Program.
atai Life Sciences (ATAI) announced Q1 highlights including a $36.9M net loss and $335M in cash, which is projected to fund operations until the end of 2023. The company plans to progress 10 compounds through clinical development, which are supported by a total of 171 issued patents and 49 pending patents.
Field Trip Health (FTRP) is partnering with Nue Life to provide at-home ketamine treatments, expanding the company’s reach beyond its 12 existing clinics.
MindMed (MNMD) announced Q1 results including a $18.5M net loss and a $120.5M cash position, enough to support operations into 2024.
Optimi Health (OPTI) acquired a catalog of genetic information on 24 psychedelic mushroom strains and 9 functional mushroom strains.
Mydecine (MYCO) announced a $5.6M net loss and $264.7K cash position as of the end of Q1 (March 31), but has since raised an additional $1.65M in financing.
The governor of Connecticut signed off on a new budget that will establish psychedelic treatment centers. Patients with serious conditions will be able to try psilocybin and MDMA therapy through the FDA’s expanded access program.
The state will fund treatments military veterans, retired first responders and health care workers
In some highly controversial news, the Supreme Court of Canada decided that voluntary extreme intoxication is a valid defence for violent crimes.
The court ruled in favour of a student who attacked his professor while high on magic mushrooms and alcohol in 2018. They noted that he was in a state of “automatism” in which he was incapable of consciously controlling his behaviours, and therefore isn’t accountable.
“In Canada, two elements of fundamental justice are required for a person to be found guilty of a crime. They are a guilty action; and a guilty mind. Neither element is present when a person is in a state of automatism,” stated the court in a brief of the ruling.