NEW YORK, Feb. 25, 2021 /PRNewswire/ -- The emergence of psychedelics as a mental health solution and as a legitimate industry has been one of the most radical market developments that we have seen in decades. Far from being a fleeting trend, the global psychedelics market is primed to grow at a healthy CAGR of 16.3% up to 2027 to $6.85 billion. This market is being driven by changing public attitudes and perceptions towards psychedelics, accelerating research and understanding on these substances' medical utilities, and an urgent need for more effective mental health solutions. These are all trends that are likely to continue driving this market forward in the years to come, as companies like Pure Extracts Technologies Corp. (CSE:PULL) (OTCPK:PRXTF) (XFRA: A2QJAJ), Revive Therapeutics (CSE:RVV) (OTCPK:RVVTF), Mydecine Innovations Group Inc. (CSE:MYCO) (OTCPK:MYCOF), Aikido Pharma Inc (NASDAQ:AIKI), and Compass Pathways (NASDAQ:CMPS) push to become leaders in this emerging space.
Pure Extracts Prepares For Dealers Licence With Psychedelic Drug Research
Canadian extraction company Pure Extracts Technologies Corp. (CSE:PULL) (OTC:PRXTF) (XFRA: A2QJAJ) is in the process of becoming a leader in pharmaceutical psychedelic innovation. The Company is currently compiling its application with Health Canada for a Dealer's Licence under the Controlled Drugs and Substances Act with plans to produce pharmaceutical-grade psilocybin extracts out of the Company's fully built out EU-GMP compliant extraction lab located north of Whistler, British Columbia. Pure Extracts' cutting edge CO² and ethanol extraction technology is ideal for producing accurately dosed and reliable psilocybin products for use with psychedelic assisted psychotherapy.
Once Pure Extracts obtains its Health Canada Dealer's Licence, the Company will be able to produce, distribute, and sell commercial psilocybin and psilocin products in Canada. In the meantime, the Company is working to advance research into psilocybin extracts for pharmaceutical purposes. On January 14, the Company delineated the timetable and milestones for a previously announced study on the formulation and manufacturing of psilocybin-based active treatments for oral tablets, capsules, and a nasal gel. The study will be conducted at the Toronto Institute of Pharmaceutical Technology by Pure Extracts scientific advisor Dr. Alexander MacGregor and focus on formulating, manufacturing, and clinical bioavailability testing of rapid onset psilocybin dosage forms.
"We are excited about the R&D progress we are going to make with TIPT over the next 6 to 8 months while waiting to receive our Dealer's License from Health Canada," Pure Extracts CEO Ben Nikolaevsky said in the Company's release. "We will be well prepared for our move into the controlled substances world of psychedelics and will have advanced knowledge regarding psilocybin and its associated novel delivery mechanisms."
Biotech Companies Position Themselves in Emerging Psychedelics Market
As the psychedelics industry begins to gain steam, biotech and life sciences companies are rushing to position themselves in the emerging market. Revive Therapeutics (CSE:RVV) (OTCPK:RVVTF) announced on February 17 that the company had entered into an asset purchase agreement to acquire PharmaTher Inc.'s psilocybin-related intellectual property. The company says that the acquisition will solidify its position in the psychedelics industry with a leading psychedelics pharmaceutical platform and that the company will use this technology to advance its psilocybin program for treatment of clinical needs in mental health, cancer, and neurological disorders.
Also on February 17, Mydecine Innovations Group Inc. (CSE:MYCO) (OTC:MYCOF) announced that the company's subsidiary, Mindleap Health, had filed a provisional patent for its technology platform in both The United States Patent and Trademark Office and the Canadian Intellectual Property Office. Mindleap Health is the world's first telemedicine application purpose-built to support psychedelic medicine.
On January 6, biotechnology development company Aikido Pharma Inc (NASDAQ:AIKI) announced that it had executed a patent license agreement for technology related to psilocybin for cancer treatment and treatment of cancer side-effects. Aikido's announcement is noteworthy for the psychedelics sector because Aikido has been an established player in the cancer treatment space for decades, and the company's interest in psychedelics signals momentum for these treatments in the broader biotech space. The company's CEO says that the company sees psychedelics as an expanding area of treatment.
Compass Pathways (NASDAQ:CMPS) announced on February 9 that the company has expanded its Discovery Center through collaborations with laboratories at UC San Diego, School of Medicine, and Medical College of Wisconsin. Compass's Discovery Center is a research network dedicated to developing new, optimised psychedelic compounds to address unmet medical needs. The company says that it intends to expand its research network nationwide.
The psychedelics market is just getting started, and as the industry grows and matures, first movers like Pure Extracts could be set up to become leaders in a game changing pharmaceutical space.
Click here to find out more about Pure Extracts.
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