Incannex Healthcare’s subsidiary Clarion Clinics will be the first dedicated psychedelic-assisted psychotherapy business in Australia and is expected to open its doors to patients later this year.

Medicinal cannabis and psychedelic therapies company, Incannex Healthcare (ASX:IHL) has progressed its plans for its psychedelic-assisted psychotherapy business Psychedelic Clinics.

IHL has announced that its subsidiary company, Clarion Clinics Group, has entered a lease for riverfront premises in Melbourne’s inner north suburb of Abbottsford.

The premises will be used to provide psychedelic-assisted psychotherapy and is expected to be ready before September 2023 to facilitate first patient treatments shortly after this time.

Partnerships with clinical professionals

From July 1 this year, medicines containing the psychedelic substances psilocybin and MDMA (3,4-methylenedioxy-methamphetamine) can be prescribed by authorised psychiatrists in Australia for treating depression and PTSD.

IHL has been developing commercialisation plans for psychedelic clinics well before a landmark decision by the Therapeutic Goods Administration (TGA) making Australia the first country in the world to recognise psychedelics as medicines.

Psychedelic Clinics have been developed under the leadership of Peter Widdows, a long-standing IHL director.

IHL has also entered partnerships with Australia’s leading clinical psychedelic professionals, who all have extensive experience within clinical psychedelic research, treatment, and training.

Commercial scale prototype

The clinic is designed as a commercial scale prototype, which can be scaled up and replicated to other locations.

It will have capacity to treat more than 600 patients annually during normal working hours and substantially more in extended hour operations.

IHL has ordered an initial supply of psilocybin and MDMA, through an arrangement with PharmalaBiotech, to facilitate the commencement of clinical operations.

Pioneering venture

 Clarion Clinics Group plans to open multiple psychedelic-assisted  psychotherapy clinics in Australia and overseas.

“The initial clinic is a pioneering venture that will implement best practice in psychedelic treatment and aims to positively impact the lives of many people suffering with intractable mental health conditions,” Widdows said.

“It alone is a substantial business opportunity and has the potential to expand into a very sizable venture with the subsequent planned roll-out of numerous clinics.”

Widdows said the estimated Australian market for psychedelic-assisted psychotherapy is anticipated to be more than $2 billion per annum and the global market closer to $60 billion.

“Clarion Clinics Group is uniquely placed to be a significant player in this market by entering early, having the treatment model, business model and the best qualified people in place.” Key people include highly-respected psychiatrist Professor Suresh Sundram, and Dr Paul Liknaitzky, a neuroscientist and psychedelics clinical trial researcher.

IHL CEO and managing director Joel Latham said Clarion Clinics will be the first dedicated psychedelic-assisted psychotherapy business in Australia.

“We’re delighted to be at the forefront of an industry that has the potential to change the lives of thousands of people who have been living with conditions for which there have been no adequate treatment options,” he said.

This article was developed in collaboration with Incannex Healthcare, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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