Will Canada Follow Australia And Approve Psychedelic Assisted Therapy? This CEO Believes It Will

On this special yearend Trade To Black Podcast, TDR Founder Shadd Dales spoke with Payton Nyquvest, CEO of Numinus Wellness Inc. NUMIF regarding recent company events and those within the sector. Mr. Nyquvest addressed various points of interest pertaining to the company’s strong balance sheet positioning, Health Canada plans to potential follow in Australia’s footsteps regarding psychedelic assisted therapy, and more.

Regarding the gradual shift towards psychedelic assisted therapy as a legitimate treatment in eyes of regulators, Australia raised the bar in news that shocked the sector early last month. It was then that the Therapeutic Goods Administration (TGA) permitted the prescribing of MDMA for the treatment of post-traumatic stress disorder and psilocybin for treatment-resistant depression starting July 1, 2023.

Prescribing will be limited to psychiatrists, given their specialized qualifications and expertise to diagnose and treat patients with serious mental health conditions, with therapies that are not yet well established.

Australia’s maneuver was important because it was viewed as a precedent setting move and benchmark model in which other western nations could follow.

Count Mr. Nyquvest among sector executives that believe Australia’s decision will have far-reaching ramifications. In this latest interview, he told Shadd Dales that he believes Health Canada could approve a similar therapeutic platform—and it may happen within the calendar year:

“I certainly think so. From what we continue to see in Canada, I think there’s key interest in a more broad regulatory change. Alberta has already made that change, which is similar in some ways to what happened in Australia. But I think the pressure’s on Health Canada, and from what we’ve seen, there’s not necessarily a lot of resistance there.”

Click on the embedded link to view more of our new podcast with Numinus Wellness CEO, Payton Nyquvest.