NEW YORK, April 28, 2020 /PRNewswire/ -- The current pandemic has caught people and the healthcare systems off guard; the measures taken, such mandatory quarantines and social distancing, do have side effects. According to Mailman School of Public Health at Columbia University, the 2003 SARS outbreak led to significant increases in depression and post-traumatic stress disorder (PTSD) among caregivers, those quarantined and people affected in other ways. In recent years, the rise of the cannabis industry, and the prevalence of the medical products that came with it, led to a steep increase in use among the health-conscience youth. For example, research published by New Frontier Data late last year indicates that CBD products were used for many reasons, but chief among them were for medical purposes, from inflammation (8.5%) to anxiety (7.1%) or depression (4.4%). Following the steps of the cannabis industry, psychedelic products for medical applications are now entering the fray. Global Trac Solutions Inc. (OTC: PSYC), Mind Medicine (MindMed) Inc. (OTC: MMEDF) (NEO: MMED), Seelos Therapeutics, Inc. (NASDAQ: SEEL), Auxly Cannabis Group Inc. (OTC: CBWTF) (TSX-V: XLY), Charlotte's Web Holdings, Inc. (OTC: CWBHF) (TSX: CWEB)
The naturally occurring psychedelic prodrug compound psilocybin, which is produced by more than 200 species of mushrooms, collectively known as psilocybin mushrooms, has taken on a similar path to the legalization of cannabis. This is because several crucial data points have been observed in recent studies, pointing to potential benefits of such products. For example, according to a 2020 study from the Journal of Psychopharmacology, a single dose of psilocybin can make symptoms of depression significantly improve. The randomized controlled trial compared single-dose psilocybin with single-dose niacin in conjunction with psychotherapy in participants with cancer-related psychiatric distress. "Results suggested that psilocybin-assisted psychotherapy facilitated improvements in psychiatric and existential distress, quality of life, and spiritual well-being up to seven weeks prior to the crossover. Participants overwhelmingly (71-100%) attributed positive life changes to the psilocybin-assisted therapy experience and rated it among the most personally meaningful and spiritually significant experiences of their lives."
Global Trac Solutions Inc. (OTC: PSYC) announced today breaking news that it has, "purchased over 25 psychedelic-related domains, which the Company intends to strategically utilize over the next several months as part of its objective to emerge as one of the first and most reliable resources in the budding sector of psychedelic medicine and treatments.
The Company believes that as this exciting and relatively new market sector continues to develop and gain traction across the country, psychedelic-related domains, similar to those they have acquired, may become a hot commodity resulting in limited availability of usable and effective domains and is therefore pleased to have acquired a variety of viable domains for its intended growth and development within this sector.
"The value of effective and practical domain names is something I have learned should not be underestimated by a company that intends to make a name for itself in a specific industry. Acquiring the ownership of the several domains will offer us the unique flexibility of establishing PSYC as one of the most recognized resource leaders in this exciting new market sector of medicinal psychedelics. Developing PSYC into a trusted resource marketplace for medicinal psychedelics is a multi-stage project that we have just initiated. In my opinion, adding these carefully selected domain names to our arsenal provides us with a very strategic advantage to build this out exactly how we want to, and deliver the value we fully intend to provide this industry with," said Vanessa Luna, Global Trac Solutions, Inc. CEO.
Among the psychedelic-related domains recently purchased by the Company are www.microdosemonthly.com, www.myshroomhealth.com and www.psychedelicfinder.com. Over the coming months the Company intends to build these into a trusted educational and informational resource marketplace for medicinal psychedelics. The Company will continue to provide shareholders with additional news and updates related to the ongoing progress made with the development of its multiple and forthcoming websites.
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.
Most recently, PSYC has expressed its intent and commitment to positioning itself at the forefront of the psychedelic revolution and as a resource center for discovering and understanding the latest research and business opportunities surrounding psychedelic inspired medicines. In conjunction with the FDA's more open-minded approach to psychedelic medicines, and as several major U.S. cities continue to approve the decriminalization of psilocybin, investors are speculating that the psychedelic boom could be bigger than that of cannabis. PSYC is your source for current investment related news specific to psychedelic medicines and cutting-edge research improving overall health, moving this sector into the mainstream."
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 last month 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."
Auxly Cannabis Group Inc. (OTCQX: CBWTF) (TSX-V: XLY) announced recently that its wholly-owned subsidiary Dosecann LD Inc. ("Dosecann") has entered into an agreement with Medical Cannabis by Shoppers Drug Mart Inc. ("Shoppers"), a subsidiary of Shoppers Drug Mart Inc., to become a supplier of cannabis products through its online platform. The agreement will see Auxly's suite of products and brands, including chewables, chocolates, vapes and oil in a bottle, all developed and manufactured at Dosecann, available to consumers across Canada. Dosecann has completed its initial shipment of cannabis products to Shoppers. "Having our diverse cannabis product offering with Shoppers allows us to reach a wide group of patients across the country with our quality, science-backed products," said Hugo Alves, CEO of Auxly. "We are proud to partner with Shoppers and look forward to bringing their customers our products, built on Dosecann's pillars of quality, safety and efficacy."
Charlotte's Web Holdings, Inc. (OTCQX: CWBHF) (TSX: CWEB) and Abacus Health Products, Inc. announced that they have entered into a definitive arrangement agreement pursuant to which Charlotte's Web proposes to acquire all of the issued and outstanding subordinate voting shares of Abacus, after conversion of all outstanding proportionate voting shares of Abacus into Abacus Shares. This acquisition combines Charlotte's Web, the market leader in hemp-derived CBD wellness products, with Abacus, the market leader in OTC topical products combining active pharmaceutical ingredients with hemp extract, to create the world's largest vertically integrated hemp-derived CBD company. For Charlotte's Web the combination benefits from the current U.S. regulatory environment which favors topical- CBD products within the food/drug/mass ("F/D/M") channel. For Abacus, the acquisition provides the advantages of joining an established and industry leading platform and benefiting from leading CPG management and brand equity with a low-cost vertical supply chain producing "the world's most trusted hemp extract™". The combined entity is anticipated to represent approximately 34.7%3 of U.S. CBD sales within the F/D/M channel. Combined sales for the third quarter of 2019 were $29.1 million.
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