Medical Breakthroughs Propel Psilocybin Closer to Legalization

- FinancialBuzz.com News Commentary

NEW YORK, March 1, 2021 /PRNewswire/ -- The psychedelics market is currently navigating a similar legal situation to the one the cannabis market found itself in for many years. Psychedelics are not legal for recreational use in Canada or the United States, yet medical research on the efficiency of such products may help reduce some of the stigma around them. In fact, some major developments have already begun to change the landscape for the better in this market. For example, earlier in 2019, Colorado became the first state to decriminalize magic mushrooms (mushrooms containing psilocybin). More recently, the state of Missouri introduced a bill that would allow seriously ill people to use substances such as MDMA, psilocybin mushrooms, LSD, DMT, mescaline and ibogaine with a doctor's recommendation. Mydecine Innovations Group Inc. (OTC:MYCOF) (CSE:MYCO), Aikido Pharma Inc. (NASDAQ:AIKI), New Wave Holdings (CSE:SPOR) (OTC:TRMNF), Better Plant Sciences Inc. (CSE:PLNT) (OTC:VEGGF), Codebase Ventures (CSE:CODE) (OTC:BKLLF)

The health-promoting benefits connected with the consumption of medicinal mushrooms is one of the growth drivers for this market. Medicinal mushrooms are rich in various nutrients such as vitamin D, potassium, calcium, vitamin B, amino acids, fiber, and other nutrients that are essential for the human body. The FDA has also commented on psychedelics, as it awarded the second Breakthrough Therapy designation to non-profit Usona Institute in 2019, which is studying the effects of psilocybin as an anti-depressant. Psilocybin is a naturally occurring psychedelic compound produced by more than 200 species of mushrooms, collectively known as psilocybin mushrooms. Additionally, according to a market analysis by Data Bridge Market Research, the psychedelic drugs market is expected to grow at CAGR of 16.3% in the forecast period of 2020 to 2027. It is also expected to reach USD 6,859.95 Million by 2027 from USD 2,077.90 Million in 2019.

Mydecine Innovations Group Inc. (OTC:MYCOF) (CSE:MYCO) announced last month that, "its subsidiary Mindleap Health ("Mindleap"), a digital health platform and the world's-first telemedicine application purpose-built for the psychedelic medicine industry, has filed a provisional patent for its technology platform in both The United States Patent and Trademark Office (USPTO) and the Canadian Intellectual Property Office.