Psychedelics went mainstream last year, with more than 20 firms in the psychedelics industry getting listed publicly. The industry has also moved forward with regard to federal legalization, with some substances having received breakthrough therapy designations from the FDA.
Many are excited to see what big things are in store for the young industry. Canopy Growth Corp.’s (TSX: WEED) (NYSE: CGC) founder and former CEO Bruce Linton stated that he expected that by this year’s end, the conversation on accessing psychedelic therapy will be global. He remarked that this year would start a proper conversation on psychedelic medicine.
Linton, who is on the boards of two public companies — Red Light Holland and MindMed — is also an early investor in the psychedelics industry. He reckons that new groups of therapies and molecules will be included in the 2022 Davos World Economic Forum conversation.
A few other professionals involved in the psychedelics industry have also shared their thoughts on the industry’s 2021 outlook. Chair, founder and CEO of Numinus Payton Nyquvest stated that public acceptance of psychedelics would increase, investment opportunities would grow and new R&D and clinical initiatives would surface.
Executive director and founder of MAPS Rick Doblin reported that the Veterans Administration (“VA”) will present research on MDMA-assisted therapy for post-traumatic stress disorder, citing its benefits. MAPS, he said, would report the results of the phase 3 trial for psychedelic-assisted therapy. Doblin added that the organization would also widen its research to look into psychedelic-assisted therapy for psychosomatic conditions and other mental health disorders such as eating disorders, as well as the feasibility of group therapy. JR Rahn, co-CEO of MindMed, expects financial media and equity analysts to proclaim psychedelics as a new biotech industry and class. Among the industry’s 2021 main themes is concentration of resources within companies, which will help speed up the regulatory process to legalization.
Despite these favorable expectations, Linton says that the industry has to experience its developmental years before it can get to the consolidation stage. Andrew Chadeayne, CaaMTech CEO, agrees with Linton. He explains that the industry is full of many opportunities, with many companies still cementing their places in the sector. He argues that to move from laboratory studies to a medical setting dispensing drugs to patients, a lot of collaboration will be needed.
Linton then states that there will be more naturally occurring compound derivatives that go beyond the usual MDMA, LSD and psilocybin; he added that the world may even witness the first-ever human studies on these novel compounds this year.
One can get a glimpse of the future of the psychedelics industry by looking at the work being done by Cybin Inc. (NEO: CYBN) (OTC: CLXPF). The company is hard at work developing novel psychedelic therapeutics, searching for new delivery methods for those therapeutics and thinking up new treatment regimens for neurological conditions.
NOTE TO INVESTORS: The latest news and updates relating to Cybin Inc. (NEO: CYBN) (OTC: CLXPF) are available in the company’s newsroom at https://ibn.fm/CYBN
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