Market Overview

'Psyched': Hawaii Considers Resolution For Shrooms, Champignon Eyes Ketamine Products

Share:
'Psyched': Hawaii Considers Resolution For Shrooms, Champignon Eyes Ketamine Products

Psyched is a bi-monthly column covering the most important developments in the industry of medicinal psychedelics. We hope you follow us periodically as we report on the growth of this exciting new industry.

Champignon Brands Buys IP Company and Adds Ketamine and New Formulations To Its Portfolio

On March 19, Champignon Brands Inc. (CSE: SHRM) (OTC: SHRMF), a Canadian health and wellness company focused on the formulation and distribution of medicinal mushrooms products, acquired a new IP that will allow it to add Ketamine products to its portfolio.

The intellectual property addition comes from the acquisition of Novo Formulations Ltd., a biotechnology company working with ketamine, anaesthetics and adaptogenics, in a purpose-built GMP and pharmaceutical licensed facility in Quebec, Canada, and an accredited pharmacy in Ontario. The company is developing transdermal (topical), intranasal, sublingual, oral and suppository formulations.

Aside from adding Ketamine to its portfolio, Champignon will leverage Novo’s expertise into developing new formulations that could make psilocybin and MDMA products more readily available for consumers.

Hawaii Lawmakers Introduce Resolution To Study Psilocybin

Hawaii Legislature introduced a new set of resolutions aimed at studying the medicinal applications of psilocybin. The lawmakers aim to develop a plan that ensures the availability of the compound for adult patients across the state. 

The resolutions, introduced both in the state House and Senate, would create Medicinal Psilocybin Working Group to examine federal, state, and local laws and regulations for psilocybin; review medical, psychological, and scientific research; and analyze guidelines for medical professionals to prescribe the drug.

The group is expected to develop a long-term strategic plan that guarantees the availability of psilocybin or psilocybin-based products to adults over 21, along with a proposed piece of legislation that must be submitted before the convening of the 2022 Regular Session.

The resolution makes mention of a shortage of mental health professionals in the Aloha State, which call for a need to explore novel, innovative and safe solutions for psychological and psychiatric treatment.

Mindbloom Offers Ketamine Treatment Through Virtual Consultations Amid Social Distancing

On March 24, New York-based mental health company Mindbloom announced it will be offering remote therapy sessions using ketamine-assisted treatment for home-bound New Yorkers, in light of the COVID-19 pandemic quarantines.

New and existing patients will be able to apply via an online survey assessing qualifying symptoms such as anxiety and depression. 

Before the federal mandates for Americans to practice social distancing, the clinic required new patients to conduct an in-person first visit at the company’s new Manhattan facility.

The decision came after the DEA allowed for the remote prescribing of controlled substances as long as medical providers use audio and visual elements to connect with their patients.

After patients have qualified for treatment, ketamine tablets are prescribed and delivered to their homes. The sessions are carried out online, with a peer professional monitoring the entire sequence. After the ketamine session, an integration therapy is conducted with the patient. Sessions cost between $150 and $250.

The news comes just weeks after the opening of the company’s first clinic in the U.S.

Mindbloom plans to add additional states to the tele-treatment scheme within 30 days.

Psychedelics Decriminalization Efforts Stalled Across The Country Due to COVID-19 Outbreak

Activism campaigns to legalize or decriminalize psychedelic use hit a snag across the country, as social distancing prevents activists from gathering signatures.

An Oregon campaign for the legalization of therapeutic use of psilocybin mushrooms, which has already gathered over 127,000 signatures, requested participants to print and send signed forms via email on March 24, in order to meet the validation threshold of 145,000 signatures.

Decriminalize California, an activist group aiming for the same goal in the Golden State, asked the California Legislature and Governor to “authorize the collection of electronic signatures for statewide initiatives during the current COVID-19 pandemic,” Marijuana Moment reported

A very similar petition was launched in Washington DC, by a group advocating for the decriminalization of psychedelics, called Decriminalize Nature DC.

Denver appears to be the only district where decriminalization efforts were able to move along through remote communications. The Colorado capital, where the country’s first government panel on psychedelics policy reform was formed, was able to conduct the panel’s second meeting virtually. A recording of the meeting can be found online via Facebook video.

Photo by Valentin Salja on Unsplash, edited by Natan Ponieman.

 

Related Articles (SHRMF)

View Comments and Join the Discussion!

Posted-In: California Champignon Brands ColoradoCannabis Government M&A Regulations Markets Best of Benzinga

Cannabis Movers