Psyched: Hawaii And Minnesota's Bills, Studying 2C-B Vs. Psilocybin, Filament CEO, Plus Brock Pierce And Jeremy Gardner Discuss The Industry's Future And More

Two Bills Approved By Hawaii Senators With Governor's Endorsement

Hawaii Senate Ways and Means Committee approved a pair of bills aiming to promote and investigate the therapeutic potential of MDMA and psilocybin as an alternative to treat mental health conditions.

The measures, which received unanimous votes and now are heading to the Senate floor, received supportive testimony from the governor’s office, reported Marijuana Moment.

Sponsored by Sen. Chris Lee (D), Bill SB 1531 aims to create a “beneficial treatments advisory council” that would respond to the governor’s Office of Wellness and Resiliency (OWR).

Once enacted, the measure would create an advisory council tasked with exploring state and federal regulations on certain psychedelics, in addition to reviewing scientific literature related to using them for mental health treatment.

Moreover, the advisory council would require the creation of a “long-term strategic plan to ensure the availability of therapeutic psilocybin, psilocybin-based products, and [MDMA] that are safe, accessible, and affordable for adults 20 years of age or older.”

Sen. Ron Kouchi (D), who sponsors a separate bill, seeks to establish a statewide task force to specifically study the therapeutic benefits of psilocybin.

Continue reading HERE.

Minnesota Takes Action to Legalize Psychedelics

Meanwhile, Minnesota lawmakers introduced a measure that would set up a task force to study and give recommendations on the legalization of substances like psilocybin, MDMA and ibogaine was introduced recently by Minnesota House members, as first reported by Marijuana Moment.

Under HF 1884, sponsored by Rep. Andy Smith (D), a "Psychedelic Medicine Task Force" comprising 23 members that would be assigned to advising the "legislature on the legal, medical, and policy issues associated with the legalization of psychedelic medicine in the state."

Continue reading HERE.

2C-B Vs. Psilocybin: New Study Shares Insightful Trial Results On The Mescaline-Derived Psychedelic's Effects

A new clinical trial assessed the immediate acute effects of 2C-B hallucinogenic phenethylamine compared to psilocybin on subjective experience, mood and cognition.

The study, conducted by Netherlands’ University of Maastricht, had a total of 22 psychedelic-experienced volunteers divided into three cohorts: one administered 20 milligrams of 2C-B, another 15 milligrams of psilocybin, and a third placebo.

Both 2C-B and psilocybin’s effects in participants included dysphoria, subjective impairment, auditory alterations and affective elements of ego dissolution, and yet the duration of 2C-B’s effects was, according to participants’ self-reports, shorter (six hours total).

Measurements revealed similarities and differences between both compounds vis-a-vis placebo.

Globally, 2C-B produced a range of subjective effects consistent with classical psychedelics. And yet, although it elicited elevations across most scales outside auditory alterations, disembodiment and spiritual experience, the overall intensity of the experience was markedly lesser than that of psilocybin. 

These findings support descriptions of 2C-B being non-ego threatening in nature, working more on the visual and tactile domains, and entering the categorization of a psychedelic with some entactogenic properties.

Continue reading HERE.

Revolutionizing Mental Health: Filament Health CEO Discusses The Future Of Psychedelic Medicine

Cannabis enthusiasts and industry insiders alike will find the latest episode of Benzinga's Cannabis Insider show both informative and engaging. In this episode, co-hosts Javier Hasse and Elliot Lane interviewed Benjamin Lightburn, the CEO and co-founder of Filament Health Corp FLHLF 

Filament Health is a Canada-based company focused on advancing psychedelic therapy through research and development.

During the interview, Lightburn shared his perspective on the intersection between cannabis and psychedelics, and how the two industries are becoming increasingly intertwined. He explained how Filament Health's mission is to use psychedelic medicine to help those facing mental health issues.

Lightburn also discussed the challenges associated with investing in the psychedelics industry, which he believes is still in its early stages. 

Lightburn's insights provided a fascinating look into the world of psychedelic medicine, offering valuable information for both seasoned investors and those new to the industry.

Watch the interview video HERE.

[Video] Tech Millionaires Brock Pierce, Jeremy Gardner Venture Into Psychedelics, Seek To Address Mental Health Issues

Jeremy Gardner and Brock Pierce, managing partners at Mystic Ventures stopped by Benzinga Cannabis Insider where hosts Javier Hasse and Elliot Lane asked them about their trajectory, from crypto to psychedelics, investment prospects in the sector and the next key catalyzers for their legalization in the U.S.

Mystic Ventures is proceeding to series a venture fund focused on the merging psychedelic medicine market and more broadly “the elevation of consciousness,” Brock, actor, economist, and entrepreneur said. “We have a pretty wide-ranging mandate from our investors to invest in a variety of different types of startups from drug development to software as a service and CPG brands.”

“We're seed and pre-seed and we've done 20 deals in the last 14 months. I think making us the most active investor in the psychedelic space,” added Brock, who is also the founder of the first Venture Capital Fund in the crypto space dedicated to psychedelics.

When it comes to commonalities between crypto and psychedelics Gardner and Brock coincide in that they are pioneering sectors, breaking down stigmas. Likewise, they argued both are highly regulated industries that require people that understand the regulatory frameworks they are betting on potentially new compounds.

Watch the interview video HERE.

The Milestone Round

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

Business update: 

  • Irwin Naturals IWINF continued expanding its clinics network with a new center in Kentucky.

  • Awakn Life Sciences AWKNF inked its first European licensing deal with Portuguese partners.

  • Cybin CYBN presented a new organizational plan making the clinical stage as a priority.

  • Three new provisional patent applications by the duo Clearmind CMND and SciSparc SPRC for next-gen psychedelic compounds.

  • Algernon Pharmaceuticals AGNPF launched a new program with the goal of treating traumatic brain injuries with psychedelics

  • PharmaDrug LMLLF and PharmaTher Holdings PHRRF have partnered to develop a microneedle patch for the delivery of DMT.

  • HYTN Innovations Incbegan cultivating psilocybin mushrooms following the grant of a dealer’s license by Health Canada

Check out the new online version of Viridian’s exclusive, years-old tool for investors and entrepreneurs in the space.

See also: Last Week's Edition Of 'Psyched'

Psychedelics ETFs Weekly Performance

This is how the sector’s major ETFs performed in the week spanning Feb. 21-24.

  • AdvisorShares Psychedelics PSIL opened Tuesday, Feb. 21 at $2.15, the same as the prior week. The shares then slowly descended to a Friday, Feb. 24 low closing at $2.07, considering prior weeks’ closings rounding $2.18.
    For this ETF, the yearly price range was once between $6.26 and $1.82, and after gradual changes in the past month when the range was set between $5 and $1.79, it is now again redefined to the highest as $4.56 and lowest $1.79

  • The Elemental Advisors PSYK ETF PSYK opened Tues. Feb., 21 at $17.32, a considerable fall from the prior week’s closing at $18.10 and certainly the lowest opening price in the past months. After a mild recovery at $17.40 on Wednesday, Feb. 22, the stock closed on Friday, Feb. 24 at $17.05, a long distance away from the Friday, Feb. 17 closing at $18.10 and the lowest closing price in the past months.

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

  • Join us at our second edition of the Benzinga Psychedelics Capital Conference at the Fontainebleau Miami Beach Hotel in Florida on April 13.

This is THE place to get DEALS DONE, raise money, jumpstart M&A and meet investors and key partners.

Secure your tickets now. Prices are going up very soon.

Interested in speaking? Sends us a note.

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