Canada banned psychedelics more than 30 years ago, outlawing the production, sale and use of psychedelics, including psilocybin, for decades. Most countries around the world followed suit and banned psychedelics. However, psychedelic drugs were still quite popular despite being prohibited due to their mind-altering effects.
In recent years, this mainstream popularity has reached an explosive level, especially regarding psychedelics’ ability to treat mental health conditions, resulting in a surge in psychedelic research.
A new psilocybin lawsuit in Canada now has the potential to spur a wave of psychedelics reform not only in Canada but in the United States as well. The lawsuit was filed against the Canadian federal government with the help of Victoria-based nonprofit TheraPsil on behalf of eight people suffering from conditions such as chronic pain, cancer and depression in late July.
The suit argued that current laws violate the rights of patients who would like to access psilocybin and challenged the government to increase access to the psychedelic. Although the case won’t go to trial for at least another year, it will have major consequences if it succeeds. Canada will have to create a legal framework to govern the sale of medical psilocybin if the lawsuit is successful. And since the country’s move to legalize medical cannabis back in 2001 precipitated the wave of cannabis reform in the U.S., we can expect psilocybin legalization in Canada to have an effect on the American market.
TheraPsil is a nonprofit that helps patients looking to access psilocybin via the country’s bureaucratic application process. The organization’s board was responsible for the legal challenge against the government. TheraPsil CEO Spencer Hawksell said in an interview that the board currently consists of healthcare practitioners and patients who raised the question of how to accelerate psilocybin access for terminal patients.
According to the nonprofit, there are approximately 900 palliative care patients who have put in requests seeking help from TheraPsil. For example, 54-year-old Thomas Hartle notes that psilocybin is a great way to manage the anxiety caused by his stage-four colon cancer. However, he’s had a hard time accessing psilocybin recently after getting it four times via Canada’s legal system.
Should the lawsuit be successful and Canada is compelled to create a framework for psilocybin, Hartle and other patients in Canada, America and other countries stand to gain a great deal. Canadian entrepreneur Sanjay Singhal stated that the lawsuit could be influential because every step forward in the psychedelics space anywhere on the globe helps every other territory that is looking to legalize psychedelics.
You can bet that leading companies in the psychedelics space such as Cybin Inc. (NYSE American: CYBN) (NEO: CYBN) will probably be keeping tabs on how this lawsuit pans out since it could have an impact on the trajectory of the entire psychedelics industry.
NOTE TO INVESTORS: The latest news and updates relating to Cybin Inc. (NEO: CYBN) (NYSE American: CYBN) are available in the company’s newsroom at https://ibn.fm/CYBN
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