NEW YORK, May 5, 2020 /PRNewswire/ -- A new industry is potentially developing, as more data suggests that psychedelic substances can be safely applied for medical purposes. Last year, enough data was presented for the U.S. Food and Drug Administration (FDA) to grant the Usona Institute the breakthrough therapy designation for psilocybin for the treatment of major depressive disorder (MDD). This was already the second time the FDA had granted the breakthrough designation for psilocybin, the psychoactive substance found in various species of mushrooms. "The medical and therapeutic applications are becoming incontrovertible in a world where depression is one of the most commonly diagnosed conditions," said Ronan Levy, co-founder of Toronto-based Field Trip Ventures, a startup focused on therapeutic psychedelics including mushrooms, according to the Financial Post. Global Trac Solutions Inc. (OTC: PSYC), Cronos Group Inc. (NASDAQ: CRON), Amyris, Inc. (NASDAQ: AMRS), Aleafia Health Inc. (OTC: ALEAF) (TSX: ALEF), Newleaf Brands Inc. (OTC: NLBIF) (CSE: NLB)
In the meantime, first steps toward getting a psilocybin decriminalization measure in the state of New York were taken. A New York lawmaker recently introduced a bill to decriminalize psilocybin mushrooms by removing the main active ingredient from the state's list of controlled substances. "Many cities, including Denver, CO, Santa Cruz, CA, and Oakland, CA, have already decriminalized the use and possession of psilocybin, and New York should do the same," the New York legislation states. Evidently, psychedelics may be following a similar path as cannabis when it comes to legalization. While most regions are legalizing cannabis primarily for medical purposes, a number of countries have also decided to either decriminalize or legalize its recreational use as well. Specifically, some countries are looking to legalize recreational use for the economic benefits as well as a means to end the war on drugs in high profile regions. In particular, countries such as Mexico, the U.S., and New Zealand are potentially likely candidates to implement nation-wide legislation in the coming future. From an economic perspective, it was speculated that Americans spent roughly between USD 8.6 Billion and USD 10 Billion on legal marijuana in 2018, according to Marijuana Business Daily.
Global Trac Solutions Inc. (OTC: PSYC) announced today breaking news that, "it is now in the process of actively exploring options to assemble a network of industry experts and other likeminded individuals, whom the Company will rely on to develop original content for its forthcoming PYSC website and newsletters.
To prepare for the Company's intended push in to the medicinal psychedelics space, the Global team is currently dedicating time and energy towards identifying experts and individuals it will likely collaborate with over the coming months in an effort to provide PSYC with news and content that is entirely exclusive to PSYC. In addition to providing an informational hub for all developments related to this emerging industry, these experts will supply readers with original content and analysis to help them understand these developments via subscriber newsletters and regularly updated web portals.
'I think it is rather important to understand that our vision and overall objective for PSYC is to be so much more than just a reliable source for news and information in the evolving world of psychedelic medicines. We are truly striving to become the most recognized hub for all things related to this incredibly exciting new industry and I believe we can accomplish this by creating our own unique content that is thoughtful, creative, fact-driven and maintains an accurate pulse on an area of innovative medicinal treatments that we expect to see grow rapidly and gain significant exposure over the next several months. Essential to bringing this together will be our ability to successfully assemble a network of forward-thinking experts and individuals who are passionate about discovering and sharing the data, information and exciting news surrounding medicinal psychedelics. I intend on making this a top priority during this critical phase of PSYC's early development,' said Global Trac Solutions CEO, Vanessa Luna.
About Global Trac Solutions, Inc. (OTC Pink:PSYC): Global Trac Solutions is a diversified holding company dedicated to identifying new and emerging industries. By utilizing our years of business development expertise our diverse team of innovators continuously leverages our experience to effectively execute go-to-market strategies in order to position ourselves for rapid growth through the creation of an evolving business foundation to enhance profitability potential. Since 2017, PSYC has been a pioneer in the emerging software and payment processing sector of the cannabis industry and has established itself as a trusted resource for businesses operating within the industry. Today, PSYC through its network of partners and affiliates, continues to connect businesses throughout the cannabis industry with critical solutions and services ranging from payment processing technology, cutting-edge software, and ancillary services vital to compliant and effective business operations."
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Cronos Group Inc. (NASDAQ: CRON) announced last year that it has closed its previously announced acquisition of four Redwood Holding Group, LLC operating subsidiaries. The transaction provides Cronos Group with a leading U.S. hemp-based products platform, including hemp-derived cannabidiol (CBD) infused skincare and other consumer products that are sold online and through retail and hospitality partner channels in the United States under the brand, Lord Jones™. Mike Gorenstein, Cronos Group's Chairman, President and Chief Executive Officer, said, "this acquisition is one of a number of new growth opportunities that is differentiating our company and our strategic direction. We are pleased to have completed this acquisition and look forward to working closely with Rob and Cindy to further build on their record of innovation and fully capitalize on the platform they have created."
Amyris, Inc. (NASDAQ: AMRS), a global science and technology leader of pure, sustainable ingredients for the Health & Wellness, Clean Beauty and Flavors & Fragrances markets, just presented clinical data showcasing the superiority of its natural sugarcane squalane (marketed and sold as Neossance Squalane) as a carrier of CBD versus other oils. In order for CBD to be effective in topical applications, skin penetration is a key factor. Amyris sugarcane squalane improves the efficacy of CBD by 10-40X as the carrier oil chassis for the skin care market based on new data. Amyris is developing CBD through fermentation technology and believes it will be the first company to provide highly pure and efficacious CBD from this technology at commercial scale. The ability to provide both high quality CBD and the best performing carrier chassis will provide consumers with greater choice and product effectiveness. The company has filed a patent application covering the use of squalane to deliver cannabinoids, including CBD, to the skin to protect its distinctive advantage.
Aleafia Health Inc. (OTCQX: ALEAF) (TSX: ALEF) wholly owned subsidiary Emblem Cannabis Corp. had secured a Health Canada Licence Amendment for its Paris Facility's 30,000 sq. ft. Phase II expansion, entirely dedicated to the extraction, production, packaging and distribution of finished cannabis products. "The Phase II expansion, our crown jewel, permits an exponential increase in our ability to produce and sell high-margin cannabis health and wellness products in the medical, adult-use and international markets," said Aleafia Health CEO Geoffrey Benic. "The Paris Facility's state-of-the-art expansion, purpose built to meet EU-GMP standards, creates a unique competitive advantage with significant barriers to entry. Coupled with our ultra-low-cost outdoor cultivation, it sets us apart in the cannabis industry. This means greater breadth of formats, greater scale and automation, and ultimately higher margins as we utilize cannabis grown outdoors through our integrated production ecosystem."
Newleaf Brands Inc. (OTC: NLBIF) (CSE: NLB) announced last week that it "wishes to clarify the terms of its definitive 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.
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