Senate Bill Decriminalizing Psychedelics Could Help Reverse Some 'War on Drugs' Impacts

FN Media Group Presents Microsmallcap.com Market Commentary

NEW YORK, Sept. 22, 2021 /PRNewswire/ -- The global need for effective mental health treatment has led to the growing push for the legalization of psychedelic therapies, pushing the market into the mainstream. Last week, Michigan Senator Jeff Irwin introduced legislation that would decriminalize the use of mescaline and psilocybin. If passed, Senate Bill 631 would allow the possession, cultivation, and delivery of mescaline and psilocybin. In addition, the bill will allow practitioners to charge for counseling and spiritual guidance if they use an entheogenic plant or fungus. This legislation coupled with the growing body of research that proves the effectiveness of psychedelics against mental health conditions is among the reasons pushing the psychedelic market towards $69 billion by 2026 . As this happens, companies like Tryp Therapeutics (CSE:TRYP) (OTCQB:TRYPF), Cybin Inc. (NEO:CYBN), Compass Pathways (NASDAQ:CMPS), PhamaTher (OTCQB:PHRRF) (CSE:PHRM), and Mind Medicine (MindMed) (NASDAQ:MNMD) (NEO:MMED) are pushing R&D efforts to develop and test psychedelic therapies for different health conditions. 

Tryp Therapeutics (CSE:TRYP) (OTCQB:TRYPF) has submitted an Investigational New Drug (IND) application to the U.S. Food and Drug Administration to evaluate its clinical candidate TRP-8802 in a Phase 2a clinical study for the treatment of eating disorders.

The pharmaceutical company, which develops psilocybin-based compounds for conditions with unmet medical needs, submitted the application weeks after the company completed psychotherapy training for the upcoming Phase 2a trial. The Phase 2a trial, which is being conducted at the University of Florida with Jennifer Miller, M.D, will evaluate Tryp's oral formulation of synthetic psilocybin in combination with psychotherapy.

Tryp's IND application has details on the safety of the drug product, the study protocol, informed consent information for patients, and additional information. The Phase 2a study expects to enroll ten patients with a variety of overeating disorders including binge eating disorder, hypothalamic obesity, and Prader-Willi syndrome. The company expects that the psilocybin oral formulation will increase neuroplasticity and therefore, help create healthy neural patterns of hunger and eating.