You may soon find psychedelics in millions of medicine cabinets all over the world. All as companies, like Numinus Wellness (TSXV:NUMI)(OTC:LKYSF), Mind Medicine (OTC:MMEDF)(NEO:MMED), Empower Clinics Inc. (CSE: CBDT)(OTC: EPWCF), Novamind Inc. (CSE:NM)(OTC:NVMDF), and EHave Inc. (OTC:EHVVF) race to treat mental health issues.
Look at Mind Medicine for example. The company just started its study of its LSD neutralizer technology intended to shorten and stop the effects of an LSD trip during a therapy session. This discovery, when further developed, may act as an emergency ‘off-switch’ for psychedelic assisted therapies, as noted by the company.
Novamind Inc. just announced that it had reached two significant milestones at its Cedar Psychiatry mental health clinics: administering over 5,000 ketamine treatments since its opening in 2016, and administering over 2,000 Spravato treatments since the product became available in 2019. These milestones position Novamind as one of North America’s top providers of ketamine-assisted psychotherapy and Spravato.
In early 2020, Empower Clinics Inc. created a subsidiary focused on psilocybin and mental health issues. “Mental health conditions such as anxiety, depression, addiction and PTSD appear to be on the rise with the onset of the coronavirus pandemic.” Empower CEO Steven McAuley said, as quoted in a company press release. EHave and Brain Scientific for example signed a memorandum of understanding to map brain response to psychedelic treatments, too.
Numinus Wellness (TSXV:NUMI)(OTC:LKYSF) is Also Advancing its Psychedelics Research
Numinus Wellness, a global leader in supporting and expanding the safe, accessible and evidence-based use of psychedelic-assisted psychotherapies (PAP), is pleased to announce plans to significantly expand its psychedelics research laboratory by late 2021.
A 7,500-square-foot expansion will be developed and housed in an existing Numinus-leased building adjacent to the current lab. The expansion announcement comes days after Numinus received amendments to its federal licence under Canada’s Controlled Drugs and Substances Act to allow the possession, production, assembly, sale, export and/or delivery of a variety of psychedelics including Ketamine, LSD, Mescaline, N,N-Dimethyltryptamine (DMT), N-Methyl-3,4, methylenedioxyamphetamine (MDMA), Psilocin and Psilocybin.
“Our investment in an expanded lab marks a key milestone for Numinus and provides the necessary foundation for therapeutics development and research infrastructure to advance psychedelic-assisted psychotherapy in Canada and around the world,” said Sharan Sidhu, Science Officer and General Manager for Numinus Bioscience, the Company’s laboratory division and a pioneer in psychedelic research and development.
Added Sidhu: “When complete, the facility will enhance our IP and partnerships strategy, generate more revenue through analytics testing for psychedelics and other contract services, and increase our supply of consistent, safe and effective psychedelics for clinical use and trials undertaken by academic, not-for-profit and for-profit entities.”
The current lab is conducting innovative work in areas such as Psilocybe mushroom cultivation and extraction, formulation studies and a genotypically verified spore bank and tissue culture library. The expanded facility will accelerate this work and add several psychedelic substances and capabilities to contract lab services, increase capacity for high-throughput psychedelics testing and enhance research and development activities in a wide array of psychedelics.
While Numinus Bioscience develops infrastructure, systems and processes at the expansion site, contract and research work will continue uninterrupted at the Company’s current Health Canada-licensed laboratory facility.
Lab to receive $1.2 million in new equipment
The current laboratory facility recently took possession of next-generation analytical equipment including the Orbitrap Exploris 120 Mass Spectrometer, a state-of-the-art high-resolution mass spectrometry instrument that supports research to optimize the cultivation, harvest and extraction of Psilocybe mushrooms and implement discovery of unknowns and interactions in several psychedelic botanicals in addition to mushrooms. The lab expects to soon receive additional instrumentation, representing a total investment of $1.2 million, to support innovation and development of intellectual property related to Psilocybe mushrooms and standardized test methods for a range of psychedelics.
The safety and efficacy of psychedelic-assisted psychotherapy is currently under investigation. It has not yet been approved by Health Canada or the U.S. FDA, does not work for everyone, and carries risks even in therapeutic settings. These statements are no guarantee of future Health Canada or FDA approval or availability of psychedelic-assisted psychotherapy. These statements necessarily involve known and unknown risks and uncertainties, which may cause actual outcomes to differ materially from projections.
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