Psyched: Australia's Innovative Program, Congressional Amendments, Therapy Reimbursement And More

First Country Allowing MDMA & Psilocybin For Depression, PTSD Makes Headlines

On Saturday, July 1, 2023, Australia became the first country to allow physicians to prescribe MDMA to treat post-traumatic stress disorder (PTSD) and psilocybin to combat treatment-resistant depression.

The substances which were classified as Schedule 9 of the Poisons Standard – known as prohibited substances – will now be relocated to Schedule 8 and classified under controlled drugs. Learn more HERE.

Lawmakers Look To Revise NDAA To Include Marijuana And Psychedelics Policy Changes

Congressional lawmakers from both sides of the aisle are seeking to advance several drug policy changes as part of the National Defense Authorization Act (NDAA).

So far, over 1,400 proposed amendments have been put forward for the must-pass defense bill, including those concerning medical cannabis access for military veterans.

Amendments include rescheduling of particular psychedelics protections for those who may be denied security clearances due to marijuana usage. Learn more HERE.

Meanwhile, Rep. Alexandria Ocasio-Cortez expressed concern over a potential obstruction to bipartisan push for psychedelics research by the Biden administration. She  also echoed GOP Rep. Matt Gaetz who suggested Congress aches of “gerontocracy.” 

See the latest U.S. psychedelics reform update. 

Can Psychedelics Therapy Be Reimbursed? AMA Releases Details On Coding These Procedures

The American Medical Association (AMA) published language concerning the recently-approved Current Procedural Terminology (CPT) III codes applying to psychedelic-assisted therapies, as announced by its forwarders the MAPS Public Benefit Corporation and COMPASS Pathways CMPS.

Learn more HERE.

The Milestone Round

• COMPASS Pathways secured up to $50 million in a new term loan facility with Hercules Capital, and projects psilocybin therapy’s commercialization timeline for 2027.

• Small Pharma DMTTF is implementing its costs-cutting strategy via new R&D path and management changes.

• Awakn Life Sciences AWKNF sold its London clinics business and hopes its Norwegian unit follows a similar path.

• Lucy Scientific LSDI completed the acquisition of Wesana Health’s WSNAF assets relating to proprietary psilocybin and CBD therapy.

• PharmAla’s PMBHF Australian JV Cortexa ordered its first commercial MDMA and psilocybin shipment for the legal market.

• Filament Health FLHLF has supplied cost-free clinical-grade botanical psilocybin to Canadian grant-winning researchers and signed an exclusive global licensing deal on the development of psilocybin therapy for treating eating disorders. 

• Health and wellness market news includes Panacea Life Sciences PLSH business diversification and The Healing Company’s HLCO uplisting and new $7 million investment. 

• UC Berkeley’s Center for the Science of Psychedelics shared exclusive insights from its national survey, see interviews: Part 1 and Part 2.

• Tandava is hosting an expertly-guided 5-MeO-DMT retreat for women trauma survivors.

• Meta's META threads are directing cannabis and psychedelics users to rehab help but not so for alcohol and tobacco consumers.

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

Psychedelics ETF Weekly Performance

AdvisorShares Psychedelics ETF PSIL opened Monday, July 10 at $2.03, following Friday 7’s closing price at $2.04 and considerably improving from prior Monday 3’s opening at $1.89 and June 26’s at $1.82.

The week saw a consistent upheld trend, reaching its highest at $2.05 on Friday 7, also considerably higher than prior week’s peak at $1.86. 

The ETF’s yearly price range is set between $4.35 and $1.65.

The Benzinga Cannabis Capital Conference Is Back!

The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.