Psyched: DEA's Denial Overruled, Fed Psychedelics Change, Psilocybin For Depression, States Reform & More

DEA Psilocybin Rescheduling Denial Overruled By Federal Appeals Court

The U.S. Court of Appeals for the Ninth Circuit ruled against the Drug Enforcement Administration (DEA) in a psilocybin rescheduling lawsuit. Washington State physician Dr. Sunil Aggarwal filed the petition to secure psilocybin access for terminally ill cancer patients.

Aggarwal, who has been striving for legal psilocybin since 2020, initially sought approvals under right-to-try laws. His journey experienced a setback when the DEA rejected his request, leading him to pursue a formal rescheduling petition. The DEA's denial came in September 2022, citing the absence of FDA-confirmed "accepted medical use" for psilocybin. Keep reading HERE.

Interestingly, the federal agency has separately acknowledged psychedelics and cannabis research needs, and has suggested a revised, augmented production quota for several compounds. See updated amounts HERE. 

Single Dose Of Cybin's Psilocybin Shows Compelling Patient Outcomes, Phase 2 Results Find

Psychedelics company Cybin Inc. CYBN shared its Phase 2 study interim results for its psilocybin analog CYB003 on Major Depressive Disorder (MDD) paired with the company’s EMBARK psychotherapy. 

Read more HERE. 

Psychedelics Reform In California, Wisconsin, Illinois, Massachusetts & Pennsylvania

Following our previous roundup, numerous states are moving the discussion around psychedelics reform whether through decriminalization, legalization or rescheduling proposals or ancillary measures to access to the new therapies.

A quick recap by November 3 includes California’s three ballot initiatives, Wisconsin’s kratom legalization companion bills, Massachusetts’ legalization campaign and a separate psilocybin bill, Illinois’ Compassionate Use and Research of Entheogens Act, and Pennsylvania’s controlled substances scheduling bill. Proposals’ details HERE.

The Milestone Round

• COMPASS Pathways CMPS Q3 2023 results: Cash injection to sustain Phase 3 psilocybin program.

• MindMed’s MNMD Q3 2023: Financials, business funded by 2026 if LSD pipeline milestones achieved.

• EXCLUSIVE: Expert advice on how to become a compliant psychedelics cultivator and manufacturer.

• Psychiatrists increasingly open to psychedelic therapies, study confirms.

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

Psychedelics ETF Weekly Performance

AdvisorShares Psychedelics ETF PSIL opened Monday, October 30 at $1.41, same as prior opening and still lower than immediately former weeks’ openings at $1.5, $1.54 and $1.62.

On Friday 3, it closed at high $1.49, marking a considerably recovery as of the two immediately prior closings at $1.41 and $1.4, yet still slightly behind previous closings at $1.5 and $1.53.

Week’s highest was closing price, $1.49, also higher than last week’s at $1.44, and closer to former weeks’ highests at $1.53, $1.60 and $1.64. 

Week’s lowest was $1.37 during Monday, October 30, still higher than last week’s lowest at $1.35. Not yet evening prior weeks’ lowest points at $1.40, $1.49 and $1.51, respectively.

The ETF’s yearly price range is now between $2.53 and $1.34 (slight adjustment as of last week’s highest at $2.54.)

Highest Trading Psychedelics Stocks Friday, Nov. 3 At Close

• GH Research GHRS closed at $8.26, also great uptake as of three last weeks’ closings at $6.91, $7.28 and $8.08, yet still behind four-weeks-past one at $8.70.

• COMPASS Pathways CMPS closed at $6.41, also recovering from the three immediately consecutive prior closings at $5.28, $5.79 and $5.99, and also still behind four-weeks-past one at $6.88. 

• Mind Medicine (MindMed) MNMD closed at $3.09, recovering from three weeks’ past closings at $2.47, $2.62 and $2.8, and evening four-weeks-past one at $3.09.

• Enveric Biosciences ENVB closed at $1.83, slightly recovering from prior week’s closing at $1.8, yet still behind immediately prior weeks’ closings at $2.00, $2.13 and $2.24.

• Silo Pharma SILO closed at $1.7, jumping higher than the four past weeks’ closings at $1.34, $1.36, $1.51 and $1.66.

• Bright Minds Biosciences DRUG closed at $1.32, first of the list in descending prior week’s closing at $1.4, and all other immediately prior closings at $1.51, $1.56 and $1.47, respectively.

• Atai Life Sciences ATAI closed at $1.32, higher than three prior weeks’ at $1.06, $1.3 and $1.28, and close yet still behind four-weeks-past one at $1.39.

• Incannex Healthcare IXHL closed at $1.1, up from four past weeks’ closings at $0.99, $0.91, $1.00 and $1.09.

• FSD Pharma HUGE closed at $1.07, recovering from last week’s close at $0.98 and closer to former closings at $1.11, $1.15 and $1.2, respectively.

• Cybin Inc. CYBN closed at almost $0.6, slightly behind last week’s closing at around $0.62, yet still up as of all other immediately prior closings at $0.48, $0.58 and $0.56, respectively.