What a trip. With cannabis now legal in most parts of the U.S. for medicinal or recreational purposes, the magic mushroom story is taking center stage.
And it may become a far bigger story.
Efforts to Legalize its Use is Sprouting All Over North America
In Canada, for example, growing evidence about the powers of psilocybin lead advocates to file a federal court challenge to allow its use to treat terminally ill patients, reports CTV News. One of those advocates is reportedly psychotherapist Bruce Tobin, who has highlighted the drug’s potential in treating “end of life distress.”
While illegal in Canada, he’s trying to change that after witnessing “calmer and less stressed” feelings after using the drug. “We can see the results in many cases very quickly, as quickly as the next day,” he added.
Elsewhere, a one-time, single dose of the drug combined with therapy helped improve the emotional wellbeing of cancer patients for up to five years, say researchers at NYU Grossman School of Medicine, as highlighted by Science Focus.
In fact, in a 2016 study, it was found that psilocybin helped produce immediate, substantial, and sustained improvements in anxiety and depression. Six months after that study, 60% to 80% of study participants saw significant reductions in anxiety or depression, distress, and overall quality of life. Five years later, more than 70% of the participants said the therapy resulted in long-term positive life changes for them.
Magic Mushrooms Impact “Functional Connectivity”
Another study from the Journal of Psychopharmacology noted that when magic mushrooms can help with treatment-resistant depression, with psilocybin affecting “functional connectivity” changes in the brain which was evident in scans. The study suggested that “psilocybin therapy improves how the brain works and revives emotional responsiveness,” as also noted by CTV News.
A Johns Hopkins’ study also found that 80% of smokers quit after “one dose of psilocybin and research on 51 cancer patients showed the drug decreased anxiety and depression in 80% of those tested,” as reported by The Baltimore Sun. Reportedly, Johns Hopkins is also recruiting for studies that use psilocybin for those with early stage Alzheimer’s, anorexia-nervosa, and major depression issues.
It’s even been found to reduce obsessive compulsive disorder (OCD), anxiety, and depression because it “appears to disrupt the sorts of engrained brain activity patterns that are the hallmark of those diseases,” says Business Insider. Other studies are looking at psilocybin mushroom’s effect on PTSD, and alcoholism.
Top Companies are Racing to Discover More on Magic Mushrooms
It’s no surprise a growing number of companies are conducting clinical trials of psychedelic treatments for a range of psychological issues, including depression, PTSD, and addictions. All with the support of the U.S. Food and Drug Administration (FDA). In 2018, the US FDA gave “breakthrough therapy” status to psilocybin treatments being developed by Compass Pathways Ltd. for clinical depression, for example.
The FDA has “given clearance for a variety of trials at this point and it looks like they are going to be expanding that framework,” said Richard Carleton, CEO of the Canadian Securities Exchange. “If that is the case then I’m certain we’ll see our first issuers probably before the middle of the year,” reports the Financial Post.
One of the Top First-Movers is Yield Growth Corporation
“There is a renaissance of psychedelic medicine for which investor interest could go viral at any time. We are planning to enter this space with first mover advantage to deliver value to our shareholders,” says Yield Growth and Flourish CEO Penny White.
So far, subsidiary Flourish Mushroom Labs Inc signed an agreement with Kingdom Brands Management Inc. Kingdom now has the right to use and sub-license Yield Growth’s proprietary extraction technology for use exclusively with both medicinal and psychedelic mushrooms and to further develop the technology.
The company also just entered into a binding letter of intent with Acres Agricultural Canada Corp. to jointly form a company in Saint Vincent and the Grenadines, Acres Flourish Labs (SVG) Ltd. to build a laboratory for the cultivation of psilocybin mushrooms and for research and development into compounds and therapeutic use of psychedelic mushrooms.
Plus, Flourish completed the acquisition of a catalogue of mushroom formulas as the foundation of a mushroom edibles business. The formulas and know-how acquired relate to formulations that may be used to create ready to eat packaged food products or packaged food products that may be mixed with mushroom varietals of the consumer's choice.
"Our research indicates that edible mushrooms are in a period of high growth,” added White. "Yield Growth intends to add to its cannabis wellness assets through acquisitions in companies. Edible Mushrooms may experience hyper-growth as the movement to decriminalize psilocybin (magic mushrooms) grows, similar to how the popularity of hemp has grown with the legalization of cannabis."
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