Psychedelic Products Gain Traction for Medicinal Purposes

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May 01, 2020, 09:00 ET

NEW YORK, May 1, 2020 /PRNewswire/ -- Over the course of the past decade, several universities and research institutes have published breakthrough findings from studies conducted on the usefulness and applications of psychedelic compounds. The naturally occurring psychedelic prodrug compound psilocybin, which is produced by more than 200 species of mushrooms, collectively known as psilocybin mushrooms. Psychedelic products may take on a similar path to the legalization of cannabis in recent times, and finally breaking free of their stigmas. Rick Doblin, Ph.D., Founder and Executive Director of the Multidisciplinary Association for Psychedelic Studies (MAPS), explained according to an article by Forbes that "the new psychedelic industry will need to focus on public benefit as well as profit in order to avoid a cultural backlash against these historically misunderstood substances." In the United States alone, the psychedelic drugs market is projected to reach a value of USD 6,859.95 Million by 2027 from USD 2,077.90 Million in 2019 while growing at a CAGR of 16.3% during the forecast period of 2020 to 2027, according to Data Bridge Market Research. Newleaf Brands Inc. (OTC: NLBIF) (CSE: NLB), Mind Medicine (MindMed) Inc. (OTC: MMEDF) (NEO: MMED), Seelos Therapeutics, Inc. (NASDAQ: SEEL), yadic International, Inc. (NASDAQ: DYAI), Champignon Brands Inc. (OTC: SHRMF) (CSE: SHRM).

Even though the psychedelic drugs market is still only in infancy stage, a few announcements have already been made regarding the use of such products. For example, on March 2019, the FDA approved the first ketamine based psychedelic medicine from Johnston & Johnston to treat depression, called Spravato. Additionally, in May 2019, Colorado became the first state to decriminalize Magic Mushrooms (Psilocybin), taking a similar path to the legalization of marijuana. Then, in November 2019, the FDA awarded the second Breakthrough Therapy designation to non-profit Usona Institute, which is also studying the effects of psilocybin as an anti-depressant. Another indicator that psychedelic's medicinal properties are getting attention is the existence of psychedelic therapy centers. For example, this March, New York City witnessed the debut of its first legal, upscale guided psychedelic therapy center. According to a report by Forbes, the new Mindbloom center offers science-backed, clinician-prescribed, guided ketamine therapy in a spa-like setting, for USD 150 to USD 250 per session.

Newleaf Brands Inc. (OTC: NLBIF) (CSE: NLB) announced that it, "wishes to clarify the terms of its definitive agreement (the "Agreement") to acquire Mydecine Group ("Mydecine"), a Colorado headquartered company, which was announced on April 30, 2020.

Mydecine is a vertically integrated company engaged to utilize the vast medicinal, health and wellness capabilities of the plethora of compounds found in various strains of mushroom and fungi as a whole. The Company, through its three wholly-owned divisions, "Mydecine Farms", "Mydecine Wellness", and "Mydecine Labs" aims to be an industry pioneer in the cultivation, processing, product development, and research and development of the many beneficial and exciting compounds that are found in various strains of mushroom and fungi from all around the world.

The Company has entered into the Agreement to acquire 100% of the issued and outstanding share capital of Mydecine, (the "Acquisition"). Pursuant to the Agreement, the Company will purchase 100% of the issued and outstanding share capital of Mydecine in exchange for 17,000,000 common shares in the capital of the Company (the "Shares") at a deemed value of $0.071 per Share representing, in the aggregate, 30.9% of the issued and outstanding Common Shares on a non-diluted and partially diluted basis for an aggregate gross proceeds of $1,207,000 CAD ($850,000 USD). The transaction won't constitute a change of control. The Company paid a finder's fee of 1,360,000 Shares in the capital of the Company at a deemed price of $0.071 per share to a qualified arms' length third party in connection with the closing of the Acquisition.

In connection, and as part of the Acquisition, 3063625 Nova Scotia Ltd. of Halifax, Nova Scotia will acquire 11,500,000 common shares at a deemed value of $0.071 per Share of the Company (the "Common Shares"), representing, in the aggregate, 20.9% of the issued and outstanding Common Shares on a non-diluted and partially diluted basis. Prior to the Acquisition, 3063625 Nova Scotia Ltd. did not beneficially own, or exercise control or direction over, any securities of the Company. 3063625 Nova Scotia Ltd. is acquiring these securities for investment purposes and may, from time to time, acquire additional securities of the Company or dispose of such securities as 3063625 Nova Scotia Ltd. may deem appropriate.

A copy of the early warning report that will be filed by 3063625 Nova Scotia Ltd. may be obtained on the Company's SEDAR profile or by contacting the Company.

To learn more about Mydecine please visit the company's website at: www.mydecine.com"

For our latest "Buzz on the Street" Show featuring Newleaf Brands Inc. recent corporate news, please head over to: https://www.youtube.com/watch?v=mPLRjDHAQP8

Mind Medicine (MindMed) Inc. (OTC: MMEDF) (NEO: MMED) announced recently that in collaboration with University Hospital Basel's Liechti Laboratory, it has discovered and filed a patent application in the United States (preserving all worldwide rights) for a neutralizer technology intended to shorten and stop the effects of an LSD trip during a therapy session. This discovery, when further developed, may act as the 'off-switch' to an LSD trip. MindMed is the leading psychedelic pharmaceutical company and the Liechti Laboratory is the leading research center focused on the pharmacology of psychedelic substances. This is the latest discovery based on surprising experimental results from work and collaboration conducted at the lab. The invention may help reduce the acute effects of a psychedelic drug and help shorten the hallucinogenic effects when required by a patient or medical professional.

Seelos Therapeutics, Inc. (NASDAQ: SEEL) announced back in March additional interim data from its Phase I studies of Intranasal Racemic Ketamine (SLS-002). Seelos also announced that it completed its Type C meeting with the U.S. Food and Drug Administration (FDA) as scheduled to discuss the protocol design for a study of SLS-002 for Acute Suicidal Ideation and Behavior (ASIB) in patients with Major Depressive Disorder (MDD). Interim data disclosed includes the hemodynamic (vital signs) side effect profile to address the known and expected side effects of ketamine, which are increases in blood pressure and heart rate. "Earlier this month, we completed our scheduled face to face Type C meeting with the FDA for input and feedback on a potential clinical study of SLS-002 for acute suicidal ideation and behavior in patients with major depressive disorder," said Raj Mehra, Ph.D., Chairman and CEO of Seelos. "We continue to be extremely pleased with the side effect profile of SLS-002 to date and will continue to work closely with the agency on the design of the protocol for the next study."

Dyadic International, Inc. (NASDAQ: DYAI) is biotechnology company which is developing what it believes will be a potentially significant biopharmaceutical gene expression platform based on the fungus Myceliophthora thermophila, named C1. The C1 microorganism, which enables the development and large scale manufacture of low cost proteins, has the potential to be further developed into a safe and efficient expression system that may help speed up the development, lower production costs and improve the performance of biologic vaccines and drugs at flexible commercial scales. Recently the Company announced that is joining the global fight against the coronavirus outbreak by collaborating with The Israel Institute for Biological Research ("IIBR"), a governmental research institute established to provide the State of Israel with scientific response to chemical and biological threats. IIBR will explore the potential of Dyadic's industrially proven C1 gene expression platform to express gene sequences and targets developed by IIBR into both an rVaccine candidate and monoclonal antibodies (mAbs) that may help combat the outbreak of the COVID-19 virus (Coronavirus).

Champignon Brands Inc. (OTC: SHRMF) (CSE: SHRM) announced earlier last month that it has entered into a definitive agreement to acquire 100% of AltMed Capital Corp. AltMed owns 75% of the CRTCE, a fully operational ketamine clinic located in Mississauga, Ontario, with over 18 months of operating history. The CRTCE is licensed (2018) by the College of Physicians and Surgeons Ontario (CPSO) under OHPP (Out of Hospital Premise Program) to administer ketamine treatments for indications including but not limited to depression, bipolar disorder, post-traumatic stress disorder (PTSD) and obsessive-compulsive disorder (OCD). The clinic has been licensed by Health Canada to dose eligible patients with psilocybin and is the only clinic in Canada to perform psilocybin doses under Health Canada approval.

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