Psyched: NY Discusses Regulations, MDMA For PTSD Aims For Legalization, Shrooms For Eating Disorders & More

Guess Which East Coast State Is Now Discussing Legalizing Psychedelics?

Decriminalizing psychedelics is one thing, but fully legalizing them is another.

That's currently a measure before New York's Senate Health Committee.

By prefiling the bill, Democratic sponsors Reps. Linda Rosenthal, Jo Anne Simon and Karines Reyes seek to gain more time to draft legislation and review bills prior to committee referral. 

As presented, the proposal seeks to amend current legislation towards legalizing the possession, use, cultivation, production, analysis, gifting and sharing of  “a natural plant or fungus-based hallucinogen” among adults 21 and older.

The bill refers to the legalization of DMT, ibogaine, mescaline, psilocybin and psilocin.

Employers would not be allowed to take adverse action against workers for using psychedelics off-duty nor would people lose professional licenses, public assistance or be denied mental health or behavioral health services for using psychedelics. 

For a closer look at the bill, Benzinga reached out to Joshua Kappel, founding partner of Vicente Sederberg LLP and head of the firm’s Entheogens and Emerging Therapies division. Continue reading here.

MDMA For PTSD Shows Positive Results In Important Clinical Trial

MAPS Public Benefit Corporation (MAPS PBC), the non-profit’s private biopharma leg developing psychedelic medicines, announced positive results from MAPP2, the company’s second Phase 3 study assessing MDMA-assisted therapy for PTSD

"The Phase 3 confirmatory results support the development of MDMA-assisted therapy as a potential new breakthrough therapy to treat individuals with PTSD. Now with two positive Phase 3 trials complete, we can add this important data to the new drug application which we expect to submit in the third quarter of this year," explained MAPS PBC CEO Amy Emerson.

This randomized, double-blind, multi-site Phase 3 study looked into the efficacy and safety of MDMA therapy for the treatment of PTSD during a 12-week period. 

The company stated that participants reflected the US demographics of the population living with this condition, with people of color representing more than 50% of the enrolled. Continue reading here.

Treating Binge Eating Disorder With Magic Mushrooms

Clinical-stage psychedelics biotech Tryp Therapeutics Inc. TRYPF shared the interim results for the first five patients dosed in its Phase 2 STOP (Study of the Treatment of Overeating utilizing Psilocybin) trial.

The STOP trial, done in collaboration with the University of Florida, is evaluating proprietary oral psilocybin TRP-8802 in patients with Binge Eating Disorder (BED).

The study constitutes the first use of psilocybin in conjunction with psychotherapy as a therapeutic intervention in patients with BED.

"The magnitude and consistency of the trends observed in this interim analysis are incredibly encouraging," said Tryp CEO Jim Gilligan. "Furthermore, these preliminary results provide us with the confidence that BED is a viable target for future studies with psychedelic-assisted psychotherapy utilizing TRP-8803, our proprietary IV formulation of psilocin that alleviates numerous shortcomings of oral psilocybin.”

Tryp’s strategy consists of performing small exploratory studies using TRP-8802 for unique indications including BED, fibromyalgia and irritable bowel syndrome in partnership with renowned academic institutions, Gilligan added.

“Once a positive clinical signal is identified in studies using TRP-8802, we intend to perform subsequent studies with TRP-8803." Continue reading here.

The Milestone Round

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

Some companies have taken decisions regarding their subsidiary businesses and others have failed to deliver the expected clinical results, while research is positively advancing for the treatment of Alzheimer’s as well as for the Irritable Bowel Syndrome (IBS) and obesity and metabolic conditions

On the other hand, the discussion is on at all levels of political management, this week with the upcoming introduction of an amended bill by a Missouri senator, a Utah non-profit proposal’s attempt to gain state recognition, and updated news on Oregon’s psilocybin services rules.

Other miscellaneous news included "White Lotus" co-stars Aubrey Plaza and Meghann Fahy's trippy Italian hike and the photo gallery of a new book exploring plants’ sensuality and psychedelia.

Finally, while the psychedelic movement is moving at a fast pace, some organizations are calling for a slower, more intentional approach.

Psychedelics EFTs Weekly Performance

This is how the sector’s major EFTs performed in the week spanning January 3-6.

  • AdvisorShares Psychedelics PSIL opened Tuesday, Jan. 3 at $1.91, a rise following a descendent trend after prior week’s closing at $1.86 and lowest point achieved ($1.81) for this EFT. The opening cipher went upwards, reaching $2.00 on Thursday 5 and finally closing at $1.98 on Friday, Jan. 6.
    For this EFT, the yearly price range was once between $6.26 and $1.82 and has now been updated to $5.75 as highest and $1.79 as lowest for 2023.

  • The Elemental Advisors PSYK EFT PSYK opened Tuesday, Jan. 3 at $16.72, recovering from the end of December downfall. The upward trend sustained during the week, peaking to $17.13 on Wed. 4, then falling to a more stable $17.04 and finally closing at $17.02 on Friday, Jan. 6. 

For this EFT, the yearly price range was set between $23.32 and $16.70, and now the lowest price has been adjusted to $16.28.

See Also: These Are The 11 Biggest Psychedelics News And Trends You May Have Missed Last Year

Market News and Data brought to you by Benzinga APIs
Posted In: CannabisNewsPsychedelicsFinancingLegalManagementGlobalMarketseating disordersMAPS PBCMDMA-assisted therapyPsychedelics LegalizationPsychedelics-Assisted Therapy
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

The Benzinga Cannabis Capital Conference is coming to Florida

The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.

Get your tickets now on – Prices will increase very soon!