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Psychedelics Legalization Efforts Quickly Gaining Momentum

With a good deal of support from the US FDA, clinical studies, U.S. cities and states, psilocybin could be on the same path taken by cannabis. While psychedelics are still illegal in most states and under federal law, Oregon just became the first state to decriminalize it. Now there’s reportedly a push in California to do the same. In fact, according to Daily Democrat, “Both a revived ballot measure and promised legislation from State Sen. Scott Wiener, D-San Francisco, could open access to hallucinogenic mushrooms and perhaps other psychedelics in the Golden State within the next two years.” If that’s the case, psilocybin companies could see big interest, especially on news psilocybin “elevates levels of serotonin, a chemical messenger that regulates mood, sleep, appetite, sex drive and more. But psilocybin also strengthens and makes new connections between different parts of the brain.” With the story gaining big momentum, some of the top companies to keep an eye on include NeonMind Biosciences Inc. (CSE: NEON), Numinus Wellness Inc. (TSXV:NUMI)(OTC:LKYSF), Cybin Inc. (NEO:CYBN) (OTC:CLXPF), Compass Pathways (NASDAQ:CMPS), and Mind Medicine Inc. (OTC:MMEDF).

NeonMind Biosciences Inc. (CSE: NEON) BREAKING NEWSNeonMind Biosciences Inc. a company conducting research into the potentially therapeutic uses of compounds found in psychedelic mushrooms and commercializing medicinal mushroom products, is pleased to announce that it has appointed Trevor Millar as Chief Psychedelic Officer of NeonMind as of January 6, 2021.

Trevor Millar is a social-entrepreneur who has played a key role in advancing the psychedelic movement over the last eight years. Since May 2018 he has been on the board of directors for the Multidisciplinary Association of Psychedelic Studies (MAPS) Canada, where he acted as Chair of the Board for over two years. MAPS is a non-profit organization and a leader in supporting scientific research into psychedelics. He is also currently a board member and co-founder of the Canadian Psychedelic Association. From 2012 to 2017, Trevor was active as the founder and President of Liberty Root Therapy Inc., a business dedicated to healing and transformation by legally providing the plant medicine ibogaine to people with opiate use disorder. Trevor was featured in the award-winning documentary about using magic mushrooms and Iboga to heal addiction, anxiety and depression called DOSED, which was released in 2019.

“I’m very impressed with NeonMind’s psychedelic research plan and I have worked with NeonMind’s scientific team on projects to treat drug addiction in Vancouver’s downtown eastside,” says Trevor Millar. “I’m excited about aligning NeonMind’s drug development plans with community needs. There is tremendous suffering among the most marginalized people in society which psychedelic drugs have the potential to heal, and I’m eager to build alliances for NeonMind that benefit the community.”

As Chief Psychedelic Officer, Mr. Millar will assist NeonMind in several key areas:

- Developing policy

- Establishing multi-party projects that use psychedelics to address community health needs such as addiction

- Assisting NeonMind in developing safe and effective protocols for psychedelic treatments for one or more human clinical trials to be submitted for approval to Health Canada and

- Working within the psychedelic industry to build alliances and partnerships and to identify potential acquisition targets for NeonMind

Trevor will continue his work as a director of MAPS and as a director of the Canadian Psychedelic Association while devoting 80% of his professional time to his duties as Chief Psychedelic Officer of NeonMind.

“Trevor Millar has immense experience in providing education about the risks and benefits of psychedelics and has been a leader in the growth of the psychedelic industry,” says NeonMind CEO Penny White. “We are honoured to welcome him to our management team to help NeonMind develop our plan to legally and safely commercialize psychedelic drugs.”

Psychedelic research is continually unveiling potential therapeutic uses for psychedelic compounds including treatment for depression, addiction and eating disorders. Data Bridge Market Research analyses that the psychedelic drug market will reach USD 6.86 billion by 2027.

Other related developments from around the markets include:

Numinus Wellness Inc. (TSXV:NUMI)(OTC:LKYSF), a company creating an ecosystem of health solutions centered around developing and supporting the safe, evidence-based, accessible use of psychedelic-assisted psychotherapies, is pleased to announce that it has closed its previously announced bought deal public offering of units through Canaccord Genuity Corp. and Eight Capital pursuant to a short form prospectus dated December 21, 2020.  Pursuant to the Offering, the Company issued 25,367,850 Units, on an underwritten basis, at the purchase price of $0.68 per Unit, for aggregate gross proceeds to the Company of $17,250,138, which includes the exercise, in full, by the Underwriters of the over-allotment option granted by the Company to purchase an additional 3,308,850 Units at the Offering Price.

Cybin Inc. (NEO:CYBN)(OTC:CLXPF), a life sciences company focused on psychedelic pharmaceutical therapies, is pleased to announce that it has closed on its acquisition of 100% of the shares in Adelia Therapeutics Inc. up to CDN$20,161,575 (approximately USD$15.75 million).  Adelia is an innovative biopharmaceutical company committed to addressing unmet mental health needs through developing proprietary psychedelic therapeutics with improved dosing efficacy and therapeutic indices. Adelia’s leadership team brings a wealth of clinical development experience. Adelia’s team have previously worked with pharmaceutical companies including Johnson & Johnson, GlaxoSmithKline, Sanofi, Roche, Pfizer and Eli Lilly, and maintain academic research affiliations, including with the MIT, Harvard, Stanford, Yale, and Northeastern University.

Compass Pathways (NASDAQ:CMPS), a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health reported its financial results for the third quarter of 2020and gave an update on recent progress across its business.  George Goldsmith, Chairman, CEO and Co-founder, COMPASS Pathways, said, “This has been a significant quarter, with an IPO that gives us the funds needed to advance our mission and transform mental health care. Recent hires for the company build further important expertise within our strong leadership team, including in data science and digital health, which will be core to the future of mental health care. We remain fully focused on execution of our phase IIb trial investigating our COMP360 psilocybin therapy for treatment-resistant depression and, with scientific partners in our recently established Drug Discovery Center, are also evaluating the potential of early stage compounds to address mental health challenges.”

Mind Medicine Inc. (OTC:MMEDF), a leading psychedelic medicine biotech company, is establishing a digital medicine division known as AlbertAlbert is in the process of assembling and recruiting a leading team of technologists, therapists, and clinical drug development experts to help the company research, develop and build an integrated technical platform and comprehensive toolset aimed at delivering psychedelic inspired medicines and experiential therapies combined with digital therapeutics.  Digital therapeutics are defined as evidence-based therapeutic interventions for patients to prevent, manage, or treat a mental disorder or disease. Pairing digital tools, such as wearables and the latest in machine learning, with psychedelic assisted therapies, can give healthcare providers the ability to optimize and better understand the patient journey and therapeutic outcomes from pre-care through to after-care.

Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. NeonMind Biosciences Inc. has paid three thousand five hundred dollars for advertising and marketing services to be distributed by Winning Media. Winning Media is only compensated for its services in the form of cash-based compensation. Winning Media owns ZERO shares of NeonMind Biosciences Inc.
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