Psyched: Magic Mushrooms Vs. Psychotherapy, Psilocybin For Frontline Health Workers & Protecting Peyote

As news about psychedelics research and successful applications sweeps across the country and abroad, Psyched is back to wrap up the exciting movement of this rapidly evolving sector.

Therapy Vs. Psychotherapy For Incurable Cancer Diagnosis: UK Clinical Trial Studies Magic Mushrooms

Psyence Group Inc. (OTC:PSYGF) recently received approval by the UK's Medicines and Healthcare products Regulatory Agency (MHRA) to assess the efficacy and safety of psilocybin-assisted psychotherapy compared to psychotherapy alone for treating the adjustment disorder following an incurable cancer diagnosis in Phase 2 clinical trial.

The adjustment disorder is present in 40% of patients with a terminal diagnosis, affecting the patients' and their family’s well-being and potentially leading to overutilization of healthcare resources and medications as coping mechanisms.

Psilocybin can reduce patients’ stress and anxiety and provide a better quality of life compared to the low success rate of currently available treatments. 

Beginning in the last quarter of 2022 and running for the next 18 months, researchers seek to create “a paradigm shift” in the treatment of patients with an incurable illnesses and improve the quality of end-of-life and standard care.

Canada: Clinical Trial On Psilocybin For COVID Frontline Healthcare Workers

Alberta-based ATMA Journey Centers Inc. received Health Canada’s approval to test its proprietary psilocybin, N500, in a Phase 2 study investigating the potential relief of COVID-19-associated mental health challenges in frontline healthcare professionals.

Besides its main goal, the trial could also enlighten the psychedelics-assisted therapy world with valuable information regarding the professionals’ firsthand evaluation of the substance’s effects -that is, it will inform on real-world data as to how psychedelic medicine works and how it may be applied to patients once legally available.

ATMA aims to build a therapist-centered and therapist-driven business model and be a source for mental healthcare professionals wishing to adopt psychedelic-assisted therapy as part of their services.

Native American Church Takes Peyote Conservation Discussion To Congress

Leaders of the Native American Church of North America (NACNA) met with Congressional officials to discuss federal funding for the preservation of peyote’s endangered natural habitats.

This Schedule I psychedelic has historical use in religious contexts and NACNA holds federal permission to grow and use it. In 2022, the supply of peyote is proving limited, so NACNA leaders and the National Congress of American Indians (NCAI) are asking for $5 million from the Department of Agriculture (USDA) or the Interior Department to reimburse landowners who make their property a protected habitat for the cacti.

The Milestone Round

Each week, we learn about new clinical trials, the creation of psychedelic-based compounds and potential treatment for those suffering from mental health conditions.

The most recent news involves psilocybin (learn more about its current legal stance, its scientific stage, and experts’ opinion on microdosing), a Switzerland-based clinical research study comparing the effects of MDMA analogs, a clinical trial testing a combination of MDMA and natural psilocybin, and research development for the treatment of obesity and other metabolic syndromes with a combination of a non-hallucinogenic psychedelic compound and cannabinoids and n-acylethanolamines substance.

Psilocybin products and services continue to thrive. For instance, this German company is now delivering magic truffles for at-home microdosing therapy in the US, while psychedelics companies organize wellness retreats.

Psychedelics EFTs Weekly Performance

This is how the sector’s major EFTS performed in the week spanning between September 19 and 23:

• AdvisorShares Psychedelics (NYSE:PSIL) began the week at $3.17 and price fell continuously during the period, with a closing price of $2.80 late Friday. This is a total 11.67% loss of the share value price.
• Horizons Psychedelic Stock Index (OTC:HPSYF) started off Monday at a solid $10, but later fell and closed at $8.66 by the end of the week, the biggest fall occurring between the first two days of the week constituting a 13.4% loss.
• The Elemental Advisors PSYK EFT (NYSE:PSYK) had a $19.62 price per share on Monday and numbers fell down to $18.13 on closing Friday, representing a decline of approx. 7.5%.

Stay tuned to Psyched for these important stories and all related news.