During the virtually held Sequire investment conference last week, delegates heard various pitches from start-up companies that specialize in legalized psychedelic treatments and drugs designed for the treatment of a range of mental disorders. As spending on mental health increases, investors seek to inject funds into the multibillion-dollar market for legalized psychedelics such as ketamine, MDMA and hallucinogenic mushrooms. In the future, some hope that compounds derived from LSD will also be legalized.
Numinus Wellness CEO and president Payton Nyquvest expects that the mental health services market will be valued at $538 billion by the year 2030. The majority of the market’s funding is expected to come from private insurance plans and government health services.
Some of these compounds, such as psilocybin, which is the active hallucinogen in magic mushrooms, are currently being tested by the U.S. Food and Drug Administration (FDA). Psilocybin has concluded stage II clinical trials with MDMA being expected to reach the milestone of approval in 2024.
Numerous studies have already found that these drugs may be useful in the treatment of mental health conditions, including anxiety and depression, substance use disorders and even post-traumatic stress disorder.
Earlier this year, Alberta legalized the administration of psychedelic-assisted therapy through registered mental health practitioners.
Nyquvest believes registered psychiatrists are in short supply, noting that more than 50,000 therapists will be needed in the United States, Canada and the European Union when the use of MDMA is eventually approved.
Numinus operates six clinics in Vancouver, Canada, but plans to branch out into America by establishing facilities in Arizona and Utah. The mental health company also has clinics in Montreal and Toronto and plans to expand into Alberta. The company believes the most common mental health disorders are alcoholism, opiate addiction and suicide. Currently, Numinus has a market cap of roughly $15 million. The integrated mental health care firm is listed on the Toronto Stock Exchange.
Clinical trials have demonstrated that MDMA has an 80% rate of success in the treatment of PTSD, while psilocybin has also been found to be significantly more effective than traditional anti-depressants. Trials have also determined that ketamine is an effective treatment for opiate and heroin addiction as well as alcohol.
Considering the drugs’ benefits and the fact that ancient cultures used hallucinogens such as peyote and magic mushrooms for centuries, the psychedelic renaissance will not be slowing down any time soon. This can already be seen in the move to legalize hallucinogens by several states in the United States, including Oregon, which has legalized adult-use psilocybin as well as psychedelic-assisted therapy.
Start-ups such as Seelos Therapeutics Inc. (NASDAQ: SEEL) could carve out a portion of the psychedelic industry pie for themselves if they register success in their product-development programs and gain an early mover advantage on the market.
About PsychedelicNewsWire
PsychedelicNewsWire (PNW) is a specialized content distribution company that (1) aggregates and distributes news and information on the latest developments in all aspects and advances of psychedelics and their use, (2) creates PsychedelicNewsBreaks designed to quickly update investors on important industry news, (3) leverages a team of expert editors to enhance press releases for maximum impact, (4) assists companies with the management and optimization of social media across a range of platforms, and (5) delivers unparalleled corporate communication solutions. PNW stays abreast of the latest information and has established a reputation as the go to source for coverage of psychedelics, therapeutics and emerging market opportunities. Our team of seasoned journalists has a proven track record of helping both public and private companies gain traction with a wide audience of investors, consumers, media outlets and the general public by leveraging our expansive dissemination network of more than 5,000 key syndication outlets. PNW is committed to delivering improved visibility and brand recognition to companies operating in the emerging markets of psychedelics.
To receive instant SMS alerts, text “Groovy” to 888-902-4192 (U.S. Mobile Phones Only)
For more information please visit https://www.psychedelicnewswire.com
Please see full terms of use and disclaimers on the PsychedelicNewsWire website applicable to all content provided by PNW, wherever published or re-published: https://www.psychedelicnewswire.com/Disclaimer
Do you have questions or are you interested in working with PNW? Ask our Editor
PsychedelicNewsWire (PNW)
San Francisco, California
www.psychedelicnewswire.com
415.949.5050 Office
Editor@PsychedelicWire.com
PsychedelicNewsWire is part of the InvestorBrandNetwork.
