Psychedelics are getting a new reputation amidst a “shroom boom.” Once known for being a key part of the counterculture of the late 1950s and 1960s, psychedelics have been subtly making their way into the mainstream with celebrities like Gwyneth Paltrow and executives from Silicon Valley touting the benefits of this class of drugs.
The medical community is beginning to take note. In 2000, John Hopkins University’s Center for Psychedelic & Consciousness Research became the first institution to receive regulatory approval to reinitiate research after research was halted in the 1970s due to government restrictions.
Over the last 20 years, studies have been performed on the effectiveness of psychedelics on several conditions including post-traumatic stress disorder, opioid addiction, anxiety, and headaches.
Shroom Boom Takes Notes from the Cannabis Industry
Like the cannabis industry, psychedelics’ have transformed from being viewed as a recreational drug that those on the fringe of society consume, to being researched and developed to treat serious medical conditions.
As popularity grows and research appears to be promising, companies focused on psychedelics are growing and creating the Shroom Boom. Here are three psychedelic companies to watch:
In March, MindMed, Inc. (NEO: MMED, OTCQB: MMEDF) became the first psychedelic pharmaceutical company to go public. Backed by Shark Tank’s Kevin O’Leary, the company raised $24 million during the funding round before its public offering.
The company, which is focused on treating several mental health conditions with psychedelics, is looking into treating opioid addiction with ibogaine. NASDAQ reports that “MindMed’s addiction medication, 18-MC, is in Phase 1 human trials. It could enter Phase 2 trials by the end of the year.” MindMed’s entry in opioid treatment addresses a critical problem that has ravaged the United States and other countries.
Champignon Brands (CSE: SHRM, OTC Pink: SHRMF) made waves in Canada when in April it was announced that the company would be dispensing ketamine through one of the country’s pharmaceutical chains. Champignon Brands’ relationship with the pharmacy will help distribute prescription ketamine to clinics in the country that deals with pain and addiction. According to Forbes, the formulations will be “administered by these clinics, which will help the company gather data on the use of ketamine for the treatment of concussions, traumatic brain injury (TBI), anxiety, and treatment-resistant depression.”
Revive Therapeutics (CSE: RVV, OTC Pink: RVVTF) is studying the benefits of psychedelics on physical health. The Toronto-based company is developing therapies with cannabis and psychedelics to “treat inflammation as well as liver and other rare diseases,” The Cannabis Investor reports.
Revive Therapeutics has been focused on treating auto-immune diseases with CBD and has received the FDA’s orphan designation status for some of its treatments. The recent acquisition of Psilocin Pharma Corp positions the company to be a player in the Shroom Boom.
Article By: Ayanna Rutherford