It may only be a matter of time before mind-altering drugs make their way into Big Pharma treatments for mental health issues, such as depression, anxiety, obsessive compulsive disorder, trauma, and addiction. If that happens, the industry could be worth well over $100 billion, as noted by analyst at Eight Capital, benefiting companies such as Silo Wellness (CSE:SINO), Field Trip Health Ltd. (CSE:FTRP)(OTC:FTRPF), Compass Pathways Inc. (NASDAQ:CMPS), HAVN Life Sciences Inc. (CSE:HAVN), and Tryp Therapeutics Inc. (CSE:TRYP).
Helping even more, a bill to decriminalize psychedelics in California is moving forward. In fact, according to Benzinga, “Introduced in February by Sen. Scott Wiener, SB 519 would remove penalties for the possession, personal use and social sharing of certain natural and synthetic psychoactive drugs including psilocybin, psilocyn, DMT, ibogaine, mescaline, LSD, ketamine and MDMA.”
Silo Wellness (CSE:SILO) is Trying to Reduce Trauma with Psychedelics
Early-mover Silo Wellness’ mission is to improve health and wellness through psychedelic medicine to reduce trauma and increase performance by destigmatizing the compounds and making their ingestion easier and more comfortable for the user.
In addition, the company just announced the appointment of its newest board member, Wayne Isaacs, a seasoned Jamaican-Canadian businessman and leader in natural, plant-based medicines. The appointment comes following the recent passing of board member, Maurice ‘Moe’ Colson, announced last week.
Wayne Isaacs joins the board of Silo Wellness following nearly two decades serving in key leadership roles from President to Chief Executive Officer of several Toronto, Canada-based mineral exploration companies including Forsys Metals Corporation, Augustine Ventures, Inc. and Delta Uranium, Inc. As one of the first movers in the legalized Jamaican cannabis industry, Mr. Isaacs presently serves as CEO of Green Stripe Naturals, which was formed to take advantage of the tremendous worldwide opportunities in medicinal cannabis via vertically integrated business efforts on the island nation. Isaacs has business interests in natural medical-based solutions companies in Spain as well as co-owning a medical clinic in Ontario, Canada.
“I couldn’t be more delighted to welcome Wayne Isaacs to the board of Silo Wellness,” stated Douglas K. Gordon, Chief Executive Officer of Silo Wellness. “I have known Wayne for the past few years as a leading entrepreneur who had the foresight and business acumen to succeed as an early mover in the legal cannabis movement in Jamaica. With his vast leadership experience in the public sector, Wayne brings a substantial degree of expertise in the plant-based wellness segment as well as direct knowledge building businesses in developed and emerging economies that will collectively add great value to Silo Wellness as we continue to expand globally.”
Jamaican born, Mr. Isaacs was educated at the prestigious Western University in Ontario and spent the majority of his career on Bay Street specializing in the resource sector both as a corporate executive of resource companies and as an investment banker. When not sitting on other corporate boards and serving as senior-most leader of both public and private companies, Isaacs chairs and participates in many international industry and thought leadership conferences as panelist, presenter and speaker.
“Shortly after entering the cannabis industry here in Jamaica, I had the great fortune of meeting Douglas Gordon, who was already active in the space driving thought leadership for this burgeoning category. While we became initially acquainted through our joint interests in cannabis and CBD, it was ultimately our shared belief in the benefits of Phytomedicine that expanded the conversation to include psilocybin and psychedelic mushrooms,” explained Mr. Isaacs. “What attracts me most to serving as board member for Silo Wellness is the opportunity to provide strategic consultation to the company’s unique product offering. I am committed to furthering the mission of Silo Wellness by helping to bring the positive benefits of psilocybin to a broader consumer audience, emerging markets as well as the medical community writ large.”
Other related developments from around the markets include:
Field Trip Health Ltd., a leader in the development and delivery of psychedelic therapies, reported its third fiscal quarter results for the three and nine months ended December 31, 2020. Joseph del Moral, Field Trip’s CEO, said, “We are making rapid progress maximizing value for shareholders by building out Field Trip’s complementary business lines that focus on both the development and the delivery of psychedelic therapies. Our deeply integrated platform combines drug and product developments, psychedelic-enhanced therapy and technology-enabled virtual care solutions. All the components work in concert with each other to increase our understanding of the therapeutic value of psychedelics and to deliver them to patients that need them most. With our early-mover advantage, a strong cash position, and a strong and growing reputation as thought leaders in the industry, we are well-positioned to propel our growth in the emerging market of psychedelic therapy.”
Compass Pathways Inc., a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, announced that it has been granted two new patents by the US Patent and Trademark Office (USPTO). These patents cover oral formulations of COMPASS’s synthetic psilocybin in the treatment of major depressive disorder (MDD), which includes treatment-resistant depression (TRD). US Patent No 10,954,259 was granted on 23 March 2021, with claims to COMPASS’s high-purity crystalline psilocybin (including the form used in its synthetic formulation, COMP360), pharmaceutical formulations containing crystalline psilocybin and methods of treating MDD with the crystalline psilocybin.
HAVN Life Sciences Inc., a biotechnology company pursuing standardized extraction of psychoactive compounds and the development of natural healthcare products, has entered into a letter of intent (LOI) with nutraceutical company Hypha Wellness Jamaica Psilocybin (HWJP) towards jointly researching and, subject to compliance with all applicable laws and regulations, producing standardized powdered homogenized psilocybin mushroom active pharmaceutical ingredient (API) products.
Tryp Therapeutics Inc., a pharmaceutical company focused on developing clinical-stage compounds for diseases with unmet medical needs, announced it has initiated quoting activity on the OTCQB® Venture Market and is eligible for settlement and transfer of its common shares in the United States with The Depository Trust Company. The Company's common shares are currently quoted on the OTCQB under the symbol "TRYPF" and will continue to trade on the Canadian Securities Exchange under the symbol "TRYP". DTC is a subsidiary of the Depository Trust & Clearing Corporation and manages the electronic clearing and settlement of publicly traded companies. DTC eligibility incorporates an electronic method of clearing securities that accelerates the receipt of stock and cash, reduces costs, and allows the stock to be traded over a much wider selection of brokerage firms by meeting their clearing and settlement requirements.
Field Trip Health Ltd., a leader in the development and delivery of psychedelic therapies, reported its third fiscal quarter results for the three and nine months ended December 31, 2020. Joseph del Moral, Field Trip’s CEO, said, “We are making rapid progress maximizing value for shareholders by building out Field Trip’s complementary business lines that focus on both the development and the delivery of psychedelic therapies. Our deeply integrated platform combines drug and product developments, psychedelic-enhanced therapy and technology-enabled virtual care solutions. All the components work in concert with each other to increase our understanding of the therapeutic value of psychedelics and to deliver them to patients that need them most. With our early-mover advantage, a strong cash position, and a strong and growing reputation as thought leaders in the industry, we are well-positioned to propel our growth in the emerging market of psychedelic therapy.”
Compass Pathways Inc., a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, announced that it has been granted two new patents by the US Patent and Trademark Office (USPTO). These patents cover oral formulations of COMPASS’s synthetic psilocybin in the treatment of major depressive disorder (MDD), which includes treatment-resistant depression (TRD). US Patent No 10,954,259 was granted on 23 March 2021, with claims to COMPASS’s high-purity crystalline psilocybin (including the form used in its synthetic formulation, COMP360), pharmaceutical formulations containing crystalline psilocybin and methods of treating MDD with the crystalline psilocybin.
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