Lucy Scientific Discovery Inc. (NASDAQ: LSDI) is a pioneer in
alternative mental health treatments and looking to grab its share
of the leadership mantle, as it uncovers alternative mental health
treatments.
From herbal remedies to psychedelics, like psilocybin and MDMA,
Lucy Scientific is working to provide the ingredients for
groundbreaking mental health therapies and are well positioned to
support this space as it continues to grow.
Mental Health Refocus
Mental health issues and treatments are nearly as old as
mankind, but, as mental health disorders reach epidemic
proportions, affecting millions of Americans every year, it seems
that the treatments are finally rapidly evolving.
While Selective Serotonin Reuptake Inhibitors (SSRIs) are
usually the go to prescription, they don’t work for everyone and,
as more experts recognize the debilitating side effects for many
users, they are falling out of favor and forced many of those
former patients to seek alternative treatments to fill the
therapeutic void.
According to The Business Research Company, the Global
Antidepressants market is growing at an annual rate of 5.9% and hit
US $17.4 Billion, in 2023. The market size for these drugs shows
not only the widespread medical prescription use, but the public
acceptance of these treatments.
The Centers for Disease Control and Prevention estimated that
more than 37 million Americans take antidepressants and SSRIs are
just one of the prescribed options, but they account for more than
45 million units dispensed in 2022.
The limitations of SSRIs
SSRIs function by manipulating serotonin levels in the brain and
can be effective for some, but, according to the Journal of
Affective Disorders, they consistently fail to address the
underlying issues for more than 30% of consumers. Complaints
include a range of side effects from sexual dysfunction to
emotional numbing for a significant percentage of users.
Giving rise to alternative medicine
solutions
Lucy is one of a handful of companies in this sector that are
garnering lots of attention, but the wealthy billionaire investors,
such as Peter Theil and Ryan Cohen, have recently put their money
to work in alternative mind medicines, bringing the credibility
needed to prove the industry is ripe for innovation and growth.
Theil invested in Compass Pathways; a company focused on
psilocybin research for treatment resistant depression, as reported
on CNBC, and is one of many famous investors whose support indicate
that this is nothing short of the beginnings of a new mega
trend.
Cannabis Legislation: The Gateway to Alternative
Treatments
The cannabis legalization wave continues to sweep across the
United States and has done more than just open doors for the
marijuana industry. Cannabis legislation has become a sort of
"gateway legislation", paving the way for a more widespread
acceptance and exploration of alternative mental health
treatments.
Many of the states that have led the way in cannabis
legalization are the same states pushing the legalization envelope
for other alternative medicines, such as psilocybin and MDMA. The
destigmatization of cannabis through legislative action set the
precedent, encouraging research and investment into other
psychoactive substances for medicinal use.
Legislative changes, like Oregon's Measure 109, are creating a
more welcoming environment for alternative treatments. The Food and
Drug Administration announced that several are even undergoing
FDA-approved clinical trials.
Accordingly, we witnessed completion of a second phase 3 study
on MDMA, or ecstasy, which was successful at meeting the endpoints
in treating PTSD. The MAPS study completion allows for the
application submission for approval from the FDA, which is expected
to be granted sometime in 2024.
Lucy Scientific Discoveries is positioned to provide authorized
support for many of these growing industries.
Another example, in California, where medical marijuana has been
legal since 1996, there are now active movements to decriminalize
psychedelics and Governor Newsom released a statement “California
should immediately begin work to set up regulated treatment
guidelines — replete with dosing information, therapeutic
guidelines, rules to prevent against exploitation during guided
treatments, and medical clearance of no underlying psychoses.”
The progress made in cannabis legislation has undeniably made it
easier for companies like Lucy Scientific and investors to approach
alternative therapies with a level of credibility and confidence
that was previously unattainable.
More States are exploring ways to turn this movement
into a Wave.
Legislation to allow research on the therapeutic benefits
psilocybin is under consideration in states across the political
spectrum this year, including Arizona, Hawaii, and Oklahoma.
The Associated Press reported that legislation to legalize
therapeutic use or create pilot programs is under consideration in
states including California, Connecticut, New York, Utah,
and Washington.
Will the Feds finally fix banking for Cannabis and
Alternative medicines?
The United States Senate Banking Committee voted 14-9 to pass
the Secure and Fair Enforcement Regulation Banking Act (SAFER
Banking Act). This bill will allow legal cannabis businesses access
to financial banking institutions, which, in turn, opens up access
to growth capital, insurance, and other much needed financial
services afforded to any other industry.
This bill is likely to pass, as the Biden administration
received support from some previously hostile bureaucrats to loosen
marijuana restrictions. The Department of Health and Human Services
asked the Drug Enforcement Agency to reclassify cannabis upon
a review of its classification under the Controlled Substances Act.
The DEA will consider moving marijuana down to a Schedule III drug,
alongside ketamine and other drugs that have moderate to low
potential for physical or psychological dependence. The
recommendation, however, will not de-schedule marijuana. A decision
is likely to come before the 2024 presidential election, Roth MKM
analyst Scott Fortune wrote in a Thursday note to clients
(CNBC).
Bridging The Gap
With more than 30% of patients who use SSRIs seeking alternative
treatments, the key is to be on the leading edge of safe and
effective replacement treatments or to serve as a complimentary
treatment for SSRI’s and other medicines.
With the backing of high-profile investors and an evolving
legislative landscape, companies like Lucy Scientific Discovery
Inc. (NASDAQ: LSDI) are poised to lead this revolution.
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Lucy Scientific Discovery (NASDAQ:LSDI)
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