Medical Breakthroughs Propel Psilocybin Closer to Legalization

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Mar 01, 2021, 09:00 ET

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.

'As our company continues to innovate we are focused on vigorous protection of all of our inventions,' said Mydecine CEO and Chairman Josh Bartch. 'Mindleap's software patents will strengthen our intellectual property portfolio overall which now totals 8 patent filings currently in process.'

Mindleap's telemedicine platform combines mood, emotion and habit tracking that allows users to purchase and receive virtual mental health coaching from an international network of specialists. In the coming months, Mindleap's software development team will introduce more advanced mental health and wellbeing tools including expert on-demand programs, streaming mental wellbeing content and convenient and affordable access to mental health support right from the palm of their hand. These inventions cover various advanced technologies currently in development with the most vital being digital mental health and wellbeing programs, enhanced data collection and aggregation, proprietary wellbeing score and personalized automated alerts and suggestions.

Mindleap 2.0

Since the launch of the initial app in Fall 2020, Mydecine has developed Mindleap 2.0, a refined version of the platform that enhances the end-user experience in order to deliver improved patient outcomes. Enhancements to the platform include improved remote telemedicine services and a newly reskinned user interface expected to launch in Spring 2021.

'We're really excited about what we're working on right now at Mindleap. There are a number of advancements that we'll be introducing to the public over the next few months, and we can't wait to see how our users respond,' said Jack Bunce, Head of Digital at Mindleap. 'More than ever before people are looking for ways to access high-quality, on-demand content that will positively impact their mental health and well-being. Through the creative partnerships we've formed and the digital programs we've developed, there is an outstanding opportunity to continue to leverage the telehealth experience into something that can help people make significant progress on their mental health journey.'

Included in the launch of Mindleap 2.0 is the release of new Digital Mental Health and Well-Being Programs. Each of these new programs will feature daily audio and or video sessions created by world-class experts in each of their respective fields. The updated platform will also include various audio programs ranging from psychedelic integration, addiction, meditation, breathwork, cognitive behavioral therapy and others. As development progresses further, Mindleap technologies will include advancements that will take advantage of enhanced data collection and analytics to bring forth further assistance to users including a proprietary Mindleap Well-Being Score.

About Mindleap Health: Mindleap Health Inc. is a virtual healthcare company that offers technology solutions that allow people to improve their mental health and wellbeing. The Mindleap platform provides remote telemedicine services for mental health coaching through its international network of mental health specialists along with mental health tracking and analytics. The Mindleap platform brings convenience, improves access to treatments and can lead to more personal breakthroughs. Mindleap's proprietary platform is designed to provide professional support and personalized treatment for every user. The company's mission is to upgrade mental health by simplifying, modernizing, and improving access to mental health treatments for millions of people around the world."

Aikido Pharma Inc. (NASDAQ:AIKI) reported earlier last month the execution of a Letter of Intent with Silo Pharma Inc. ("Silo") to grant to AIkido a worldwide, exclusive sublicense for use of peptide therapy, combined with psilocybin, in the therapeutic treatment of neuroinflammatory disease in cancer patients. This Letter of Intent is in addition to the January 6th, 2021, licensing agreement between AIkido Pharma and Silo and these additional assets expand the Company's asset base in the area of psilocybin to treat cancer.

New Wave Holdings (CSE:SPOR) (OTC:TRMNF) is an investment issuer focused on the burgeoning nutraceutical and psychedelic sector and support for adaptive and progressive health and wellness products and therapies. Last week the Company announced Way of Will's plan to broaden its relationship with food, drug, and mass merchandisers after its temporary exclusivity arrangement with Whole Foods Market U.S. recently concluded. Way of Will is setting its sights on expanding their presence in the food/drug/mass (FDM) market in the US through their continuing partnership with United Natural Foods Inc. (UNFI) since August 2020. With the recent release from a 6-month product exclusivity agreement with Whole Foods Market U.S., Way of Will products is now readily available to over 50 supermarket chains and mass market retailers through UNFI.

Better Plant Sciences Inc. (CSE:PLNT) (OTCQB:VEGGF) reported last year that its majority owned subsidiary NeonMind Biosciences ("NeonMind") has entered into a definitive agreement with Psygen Labs Inc. ("Psygen") for the supply of psilocybin for NeonMind's planned preclinical, and clinical trials to study the use of a drug product including Psilocybin for the treatment of food cravings and anxiety. The agreement was signed on September 28th, 2020. "Psilocybin is known to activate serotonin receptors," says Dr. William Panenka, lead scientific advisor to NeonMind. "As a neurotransmitter, serotonin helps to relay messages from one area of the brain to another. Serotonin is responsible for some of the drivers which govern eating. We are very interested in furthering studies to test various dosing regimens for NeonMind to see the effects that psilocybin may have on the serotonin receptors that regulate food cravings."

Codebase Ventures (CSE:CODE) (OTCQB:BKLLF) announced last year that its subsidiary, Titan Shrooms and Psychedelics has signed a letter of intent to form a joint venture with arms-length mushroom biotech company Mycology Ventures. The resulting joint venture would see Titan holding a 70% interest. Mycology's leadership brings extensive experience and combined networks from the cannabis, CBD and mushroom sectors, in addition to medical and academic research fields, which will be deployed to identify and secure early stage investment opportunities to benefit CODE shareholders. "The U.S., along with many other countries, is illustrative of the dangers of opioid and anti-depressant pharmacology," said Mr. George Tsafalas, Code CEO. "The resulting openness to viable alternatives, including psilocybin, by regulatory bodies and major research institutions is a strong indicator of the potential for this sector. As it relates to psilocybin for depression, the FDA has granted a 'breakthrough therapy' designation to advance legal clinical trials, which indicates that we are at the start of pioneering effort to reshape medicine as it applies to mental illness, pain management and addiction."

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