NEW YORK, Dec. 15, 2020 /PRNewswire/ -- The psychedelics market is currently navigating a similar legal situation to the one the cannabis market found itself in for many years. Psychedelics are not legal for recreational use in Canada or the United States, yet medical research on the efficiency of such products may help reduce some of the stigma around them. In fact, some major developments have already begun to change the landscape for the better in this market. For example, earlier in 2019, the state of Colorado became the first state to decriminalize Magic Mushrooms (mushrooms containing psilocybin), taking the substance on a similar path to legalization as that of cannabis.
Then, in November 2019, the FDA awarded the second Breakthrough Therapy designation to non-profit Usona Institute, which is studying the effects of psilocybin as an anti-depressant. Currently, despite the obstacles imposed by the legal status for such products, the psychedelic drugs market is expected to expand with a CAGR of 16.3%, reaching USD 6,859.95 Million by 2027, according to Data Bridge Market Research. Mydecine Innovations Group Inc. (OTC: MYCOF) (CSE: MYCO), Havn Life Sciences Inc. (OTC: HAVLF), Revive Therapeutics Ltd. (OTC: RVVTF), Mind Medicine (MindMed) Inc. (OTC: MMEDF), Hollister Biosciences Inc. (OTC: HSTRF)
In recent years, there has been a significant flow of new information describing the effects of psychedelic compounds on the brain. For instance, Proceedings of the National Academy of Sciences published data that helped explain that, under the influence of psilocybin, one of such active compounds often found in various types of mushrooms, the brain creates a feedback loop of neuron activity and neurotransmitter release (the chemical messengers that neurons use to communicate). According to the study, this provides an understanding of why psilocybin is showing considerable promise as a therapeutic intervention for neuropsychiatric disorders including depression, anxiety, and addiction. "Using this model will be crucial for truly understanding how psilocybin can rebalance neuropsychiatric disorders such as treatment-resistant depression and addiction," Morten Kringlebach, the study's first author and a senior research fellow at the University of Oxford, explained according to Inverse.
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