With Recent Advancements, North America Is Expected To Dominate Psychedelic Drugs Market

PALM BEACH, Fla., March 9, 2021 /PRNewswire/ -- The time of "Tune In… Turn On… and Dropout" psychedelics, such as certain, mushrooms and of course, LSD were not only not legal, but no researcher could even suggest studying the compounds… they were universally declared taboo. My, but how times have changed now that the baby boomers are old and want treatments for what life is bringing them now… new, effective treatments. Psychedelic medicine is one of the fastest growing markets. Psychedelic Medicines also called as hallucinogenics, are a group of substances including chemicals, such as LSD, and plants that are used in the treatment of various mental disorders such as resistant depression, panic disorder, opiate addiction, etc. These are used to change and enhance sensory perceptions, energy levels, thought process, and to facilitate spiritual experiences. Research in the Psychedelic Drugs sector has been growing substantially last year and is expected to continue in the future with an expanding rate of growth. Global Psychedelic Drugs market is growing rapidly due to the increasing number of depression cases and rising special designation from the regulatory authorities to the company to expedite the development process of medicines. In fact, the market for psychedelic drugs is projected to grow from just over $2 billion last year to about $6.9 billion by 2027, according to Data Bridge Market Research, which represents a blistering 16.3% compound annual growth rate over the forecast period. . Active companies in the markets this week include: Mind Cure Health Inc. (OTCQB: MCURF) (CSE: MCUR), Cybin Inc. (OTCQB: CLXPF) (NEO: CYBN), Field Trip Health Ltd (OTCQX: FTRPF) (CSE: FTRP), Mind Medicine (MindMed) Inc. (OTCQB: MMEDF) (NEO: MMED), Revive Therapeutics Ltd. (OTCPK: RVVTF) (CSE: RVV).

A report from PharmiWeb added that: "The Psychedelic Drugs market is growing rapidly due to the increasing prevalence of depression and other mental disorders worldwide. The need for handling environmental stress and enhanced and better quality of lifestyle is acting as a driver for the Psychedelic Drugs market. The treatment for psychedelic drugs dependency is also expected to boost the psychedelic market growth.  Based on the drug type, the Lysergic Acid Diethylamide (LSD) is expected to hold a major share in the Psychedelic Drugs market. Based on the route of administration, the oral route is expected to dominate the Psychedelic Drugs market, followed by injectables and inhalation. Based on the distribution channel, the hospital pharmacies are expected to be the most profitable segment in the global Psychedelic Drugs market.  North America is expected to dominate the global Psychedelic Drugs market, owing to the higher adoption of Psychedelic Drugs in the region. North America to be followed by Europe, due to the increasing number of psychiatric disorders."

Mind Cure Health Inc. (CSE: MCUR.CNQ) (OTCQB: MCURF) BREAKING NEWS:  MINDCURE Receives Unconditional Ethics Approval for its Psychedelic Integration Protocol Research Study - This approval is a key step forward in the development of the company's iSTRYM digital therapeutics platform - Mind Cure Health Inc a leader in advanced proprietary technology for psychedelic therapy, is pleased to announce that it has received unconditional ethics approval from Veritas IRB for its integration protocol research study. This study will serve to inform the development of the company's digital therapeutics platform, iSTRYM, and how it is built out to best serve therapists, patients and the entire psychedelics industry.

"This is a monumental milestone for MINDCURE and our digital therapeutics strategy," said Kelsey Ramsden, President & CEO, MINDCURE. "As we build out iSTRYM to be the largest data repository of psychedelic experiences, we are ensuring that its development is rooted in research proof and a deep understanding of the systems and protocols provided during psychedelic therapy. This ethics approval from Veritas signifies both the scientific validation of this study, as well as the importance we place on building trust and integrity with both therapists and patients."

"The impact of psychedelics is so vast that even subtle variations in approaches to integration can create a dramatic impact on a client's trajectory," said Dr. Mitch Earleywine, Professor of Psychology at The University at Albany, State University of New York and sub-investigator on this study for MINDCURE. "This work is bound to uncover important contributors to the best psychedelic-assisted therapy outcomes. Formal integration research is in its infancy, and traditional approaches haven't lasted for centuries by accident. An intriguing experience is great, of course, but altering someone's whole perspective can create gains that will continue to add to quality-of-life year after year." Dr. Earleywine is also known for last year's commentary underscoring the dire need for work like this study that appeared in Journal of Psychedelic Studies.

Veritas Independent Research Board (IRB) is the first and only Canadian-owned and accredited central IRB. Known as a leader in research ethics, Veritas IRB has long been the research ethics board of choice for Canadian governmental departments, academic hospitals, regional hospitals, private research centers and non-governmental agencies conducting human research. Since its inception in 1996, its board has been dedicated to ensuring that its processes respect participants' rights and that its services are delivered according to the highest standards of ethical and clinical practice. To read this and more news for Mind Cure Health, please visit  https://www.financialnewsmedia.com/news-mcur/   

Other recent developments in the markets include:

Mind Medicine (MindMed) Inc. (NEO: MMED) (OTCQB: MMEDF) a leading psychedelic medicine biotech company, recently announced that it has closed the previously announced acquisition of HealthMode, a digital medicine and therapeutics startup that uses Artificial Intelligence (AI)-enabled digital measurement to increase the precision and speed of clinical research and patient monitoring.

MindMed Co-Founder and CEO J.R. Rahn said: "The HealthMode acquisition marks the start of MindMed 2.0 as we seek to not only build a drug development company for psychedelic medicines, but also a comprehensive mental health technology platform to one day potentially launch these transformative medicines to patients in a scalable manner."

Field Trip Health Ltd. (CSE: FTRP) (OTCQX: FTRPF), a leader in the development and delivery of psychedelic therapies, recently announced the official opening of the Field Trip Natural Products Limited Research and Development Laboratory for Psychedelic Fungi in Mona, Jamaica. The research facility, which is opening as part of Field Trip's previously announced strategic partnership with the University of West Indies, is the world's first legal research and cultivation facility dedicated exclusively to psilocybin-producing mushrooms and other plant-based psychedelics.

"Clinical studies on psilocybin and other plant-based psychedelic compounds have shown that they have great potential to produce profoundly positive changes in individuals, particularly those struggling from serious mental health conditions like anorexia, depression and PTSD," said Dr. Nathan Bryson, Field Trip's Chief Science Officer. "With the opening of this facility, Field Trip and UWI will be leaders in the understanding of psilocybin-producing fungi and how they can be best utilized in a treatment setting."

The work at the new facility will leverage the research and development efforts that have been conducted by Field Trip at a temporary facility at UWI since January 2020, and will be broad-ranging, from genetics, breeding and cultivation work on many of the 180+ plus recorded species of psilocybin-producing mushrooms, to developing analytical methods for quality control, identification of novel molecules, as well as extractions and formulations for drug development purposes. Research at the Facility will be led by Rupika Delgoda, Professor of Biochemical Pharmacology & Pharmacognosy and Director of the Natural Products Institute at UWI, who holds a D.Phil. from Oxford University (UK) in Pharmacology.

Cybin Inc. (NEO:CYBN) (OTCQB:CLXPF), a biotechnology company focused on progressing psychedelic therapeutics, recently announced that its shares commence trading on the OTCQB^®Venture Market (the "OTCQB") on March 8, 2021, under the symbol "CLXPF."

The OTCQB, operated by OTC Markets Group Inc., is designed for developing and entrepreneurial companies in the United States and abroad. Companies must be current in their financial reporting and undergo an annual verification and management certification process, including meeting a minimum bid price and other financial conditions. With more compliance and quality standards, the OTCQB provides investors improved visibility to enhance trading decisions. The OTCQB is recognized by the United States Securities and Exchange Commission as an established public market providing public information for analysis and value of securities.

Revive Therapeutics Ltd. (CSE: RVV) (OTCPK: RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, recently announced an update on the Company's U.S. Food & Drug Administration ("FDA") Phase 3 clinical trial (the "Study") to evaluate the safety and efficacy of Bucillamine in patients with mild to moderate COVID-19.

With its recent $23 million dollar financing, the Company plans to aggressively expand from 14 clinical sites to up to 50 clinical sites to meet the next enrollment goals for the Study in Q2-2021. The Study is a randomized, double-blinded, placebo-controlled trial and the safety and efficacy data analyzed at each interim analysis timepoint of 210, 400, 600 and 800 completed patients are only made available to the Independent Data and Safety Monitoring Board ("DSMB") for review and recommendations on continuation, stopping or changes to the conduct of the Study. In the event of any serious safety concerns, the DSMB would be notified to determine any risks and provide its recommendations. To date, in this initial 210 interim point there have been no serious safety concerns that required the DSMB to be notified.

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