Psyched: Australia Legalizes Psychedelics Therapy, BC's Decrim, State Bills, Millions For Trials & Clinics

Australian Health Authority To Allow Psilocybin And MDMA-Assisted Therapy For Depression, PTSD

Beginning on July 1, 2023, medicines containing psilocybin and MDMA can be prescribed by specifically authorized psychiatrists to treat certain mental health conditions, such as post-traumatic stress disorder and psilocybin for treatment-resistant depression.

The decision acknowledges the current lack of options for patients with specific treatment-resistant mental illnesses. It means that psilocybin and MDMA can be used therapeutically in a controlled medical setting.

Continue reading HERE.

Section 56 (1) Exemption Takes Effect Today In British Columbia

Acting to curb an unprecedented and deadly overdose crisis in the province, the government of British Columbia passed an exemption—Section 56 (1)—intended to curb the toxic illegal supply of drugs. On Tuesday, Jan. 31, 2023, the measure officially goes into effect.

Health Canada granted the province of B.C. a subsection 56 (1) exemption under the Controlled Drugs and Substances Act (CDSA) to decriminalize people who use drugs. Beginning Jan. 31, 2023, adults 18 and older in B.C. will not be subject to criminal charges upon possession of a small amount of defined illegal drugs—including but not limited to certain opioids, cocaine, methamphetamine, and MDMA for personal use.

The new law won’t be a carte blanche for everyone, or for certain settings. Although most persons in possession of illegal substances, or any combination of such illegal substances, can possess up to a maximum cumulative quantity of 2.5 grams, certain restrictions apply.

Continue reading HERE.

State-Level Psychedelics Bills: Hawaii And West Virginia, NY And NH Bolster And VA Advances

The first bills were filed in New York, Illinois, Virginia, Washington State, Connecticut, New Hampshire and Arizona followed proposals in Missouri and Massachusetts plus a third NY bill and with Hawaii, that is six psychedelics proposals. They include the creation of psilocybin and psilocin taskforce groups to study these psychedelics’ medical and therapeutic effects for mental health conditions as well long-term strategic plan for safe, affordable and available access to psilocybin or psilocybin-based products for adults over 21. One of them would add MDMA to the treatment list.

West Virginia: House Bill 2951 would remove psilocybin, marijuana and THC from Schedule I under the state’s controlled substances list. It has been referred to the house health and human resources committee.

New York: joining already filed bills is Senate Bill 3520 calls for the legalization of psilocybin’s medical use and establish a grant program for veterans, first responders, retired first responders, and low-income individuals to receive treatment with psilocybin or MDMA.

New Hampshire: newly introduced House Bill 216 would remove DMT from the state’s controlled substances act.

Virginia: Senate Bill 932, which calls for psilocybin rescheduling and the creation of an advisory board, first approved by an education and health subcommittee and now again by the Senate Education and Health committee by a 14-1 vote, is next facing the full Senate for consideration.

Further details on the bills HERE.

Psychedelics Precision Psychiatry Company Nabs $60M In Series B Round For Advanced Clinical Trials

Alto Neuroscience Inc. received an additional $25 million in equity investment by Alpha Wave Ventures, bringing total Series B raised funding to approximately $60 million and total equity capital raised to approximately $100 million since its foundation in 2019, plus a recently closed credit facility agreement with investment firm K2 HealthVentures for up to $35 million. 

Alto has created a precision psychiatry platform that can match each patient with the right medicine. It does this by measuring brain biomarkers through analysis of EEG activity, behavioral task performance, wearable data, genetics and other factors.

Continue reading HERE.

Irwin Naturals Secures $40M To Accelerate Expansion Of Its Psychedelic Mental Health Clinics

Irwin Naturals Inc. IWINF IWIN secured a credit facility as of February 1, 2023 with its existing commercial lender for up to $60 million with $40 million of it currently committed. The rate shall be variable based on the margins of the credit facilities. 

Half of the facility is in place until August 2024, with a maturity date of February 2028, while half of the facility is designed to support day-to-day operations and is in place until February 2028.

Continue reading HERE.

The Milestone Round

Each week, we learn about new clinical trials, the creation of psychedelic-based compounds and novel potential treatments for those suffering from mental and physical health conditions.

In terms of business, major investment issuer Origin Therapeutics ORIG signed a binding LOI towards acquiring a pharmaceutical streaming and investment company while PharmaTher PHRRF got an FDA-granted orphan drug status and continues advancing its therapeutic psychedelic programs, and Silo Pharma and Mindset Pharma had their IP portfolios grow.

Cantor Fitzgerald's Pablo Zuanic hosted a panel discussion on the industry with heads of ketamine therapy companies Irwin Naturals IWINF, Field Trip H&W FTHWF and Numinus NUMIF.

On the political side, news included Colorado Gov. Polis’ naming new members of the natural medicine advisory council, and Mexico’s move towards presenting a psychedelics reform bill at that country’s Congress.

As for studies, there was the launch of a massive psilocybin take-home trial and an experiential training study offering therapists psilocybin mushrooms tea, both in Canada. An Israeli-based next-gen psychedelics company announced its novel ketamine drug for Major Depressive Disorders performed well in preclinical trials. 

DMT and related compounds are getting more attention on behalf of psychedelics companies, as one company is progressing with a formulation targeting Generalized Anxiety Disorder (GAD) and another aiming to patent its composition and use on patients with Major Depressive Disorder (MDD.)

Finally, a research project is trying to assess potential solutions for avoiding bad trips, with or without the direct involvement of psychedelics.

Check out our interview series with exclusive first-hand insights from Fox Rothschild’s specialized cannabis lawyer Joshua Horn. 

See Also: Last Week's Edition Of 'Psyched'

Psychedelics EFTs Weekly Performance

This is how the sector’s major EFTs performed in the week spanning January 30 - February 3.

• AdvisorShares Psychedelics PSIL opened Monday, Jan. 30 at $2.16, somewhat lower than the prior week’s opening at $2.23 and two weeks past at $2.29. That number grew throughout the week and finally closed at $2.28 on Friday, Feb. 3, higher than the prior week’s closing at $2.18.
  For this EFT, the yearly price range was once between $6.26 and $1.82, had been changed to $5.75 as the highest and $1.79 as the lowest, and is now set between $5.24 and $1.79.

• The Elemental Advisors PSYK EFT PSYK suffered a considerable downfall from prior closing at $18.30 and opening at $17.99 on Monday, Jan. 30, which is also considerably lower than Monday 23’s extraordinary one at $18.48. Still, it was higher than Monday, Jan. 9’s opening at $16.75.
  The number mounted during the week, with the highest peak at $18.52 on Thursday, Feb. 2, finally closing at $18.30 on Friday, Feb.3, the same number at which the prior week had closed.
  For this EFT, the yearly price range was set between $23.32 and $16.70, and now the lowest price has been adjusted to $16.28.

Join us at our second edition of the Benzinga Psychedelics Capital Conference at the Fontainebleau Miami Beach Hotel in Florida on April 13.

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Secure your tickets now. Prices are going up very soon.