The US is about to follow Australia's footsteps and approve psychedelics. Pic via Getty Images.
Health & Biotech
Earlier this year, Australia became the first country in the world to allow psychedelics be prescribed for certain conditions.
Starting on July 1st, the TGA allowed MDMA to be prescribed for treating post-traumatic stress disorder (PTSD), while psilocybin could be used for treatment-resistant depression.
The market could now grow even bigger as the US is about to follow Australia’s footsteps and announce whether they too will approve psychedelics for the same conditions.
At the heart of the decision is a recent survey conducted by the Multidisciplinary Association for Psychedelic Studies (MAPS) which is set to be published in the very near future.
In May, MAPS – a US-based non profit organisation organisation working to raise awareness and understanding of psychedelic substances – launched the online survey titled Global Psychedelic Survey.
It was co-sponsored by MAPS, SABI Mind, Tiny, and behold, the Mind Medicine Australia… with the goal of assessing psychedelic use amongst 5,000 English-speaking adults from around the globe.
The results are expected to provide policymakers including the FDA a better understanding of international psychedelic use, and associated impacts on physical and psychological health.
Experts have called the survey a ‘momentous moment for the cannabis sector’.
And as industry participants hold their breath, speculations are already running rampant about the anticipated readouts.
“So, the question then is, with the upcoming readouts from MAPS, is there hope for a positive turnaround in psychedelics for investors?” said cannabis expert, Shadd Dales.
“Will the readouts truly have a significant impact on the industry as a whole, or will only a handful of companies reap the benefits?
“And If the MAPS tide won’t lift all boats, will the sector eventually have bigger, institutional buyers? “ Dales asked.
Rick Doblin, founder of MAPS, has already proclaimed victory .
In his keynote speech to open the Psychedelic Science 2023 conference in Denver, Doblin shouted:
”Welcome to the psychedelic ’20s!”.
Here’s how the ASX weed stocks have performed, sorted by winners over the past week.
| Code | Company | Price | % Year | % Six Month | % Month | % Week | Market Cap |
|---|---|---|---|---|---|---|---|
| AVE | Avecho Biotech Ltd | 0.01 | -25.00 | -10.00 | 50.00 | 28.57 | $19,459,473 |
| MXC | Mgc Pharmaceuticals | 0.00 | -86.11 | -72.22 | -16.67 | 25.00 | $7,784,719 |
| EPN | Epsilon Healthcare | 0.03 | -27.78 | 13.04 | 4.00 | 23.81 | $7,208,496 |
| HGV | Hygrovest Limited | 0.05 | -16.92 | -22.86 | 8.00 | 14.89 | $10,515,530 |
| RNO | Rhinomed Ltd | 0.08 | -58.33 | -16.67 | 22.95 | 7.14 | $21,428,977 |
| IHL | Incannex Healthcare | 0.09 | -64.53 | -39.35 | -14.55 | 6.82 | $149,178,974 |
| AGH | Althea Group | 0.04 | -54.64 | -16.98 | -12.00 | 4.76 | $17,421,397 |
| LV1 | Live Verdure Ltd | 0.09 | -40.67 | -44.38 | 3.49 | 3.49 | $7,988,556 |
| DTZ | Dotz Nano Ltd | 0.18 | -38.98 | -23.40 | -26.53 | 2.86 | $89,305,671 |
| CAN | Cann Group Ltd | 0.12 | -55.90 | -27.36 | -2.00 | 2.08 | $55,286,916 |
| CTV | Colortv Limited | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | $1,236,985 |
| BP8 | Bph Global Ltd | 0.00 | -84.81 | -84.81 | -20.00 | 0.00 | $2,669,460 |
| EXL | Elixinol Wellness | 0.01 | -69.23 | -52.00 | -7.69 | 0.00 | $7,490,292 |
| TSN | The Sust Nutri Grp | 0.01 | -92.86 | -47.37 | 11.11 | 0.00 | $1,409,029 |
| WOA | Wide Open Agricultur | 0.33 | -46.28 | 54.76 | 0.00 | 0.00 | $46,566,576 |
| RGI | Roto-Gro Intl Ltd | 0.22 | 0.00 | 0.00 | 1900.00 | 0.00 | $4,333,920 |
| ME1 | Melodiol Glb Health | 0.01 | -80.56 | -50.00 | -26.32 | 0.00 | $20,228,243 |
| AC8 | Auscann Grp Hlgs Ltd | 0.04 | -4.76 | 0.00 | 0.00 | 0.00 | $17,621,884 |
| MDC | Medlab Clinical Ltd | 6.60 | -49.19 | 0.00 | 0.00 | 0.00 | $15,071,113 |
| EVE | EVE Health Group Ltd | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | $5,274,483 |
| CGB | Cann Global Limited | 0.02 | -12.50 | 0.00 | 0.00 | 0.00 | $5,436,345 |
| WNX | Wellnex Life Ltd | 0.05 | -38.37 | -22.06 | 0.00 | 0.00 | $22,704,470 |
| VIT | Vitura Health Ltd | 0.41 | 14.08 | -20.59 | -19.00 | -2.41 | $217,047,508 |
| BOD | BOD Science Ltd | 0.08 | -21.82 | 10.96 | -10.99 | -2.41 | $14,029,799 |
| BOT | Botanix Pharma Ltd | 0.19 | 140.51 | 150.00 | 40.74 | -2.56 | $277,133,379 |
| ECS | ECS Botanics Holding | 0.02 | -21.43 | -18.52 | -4.35 | -4.35 | $24,348,075 |
| IDT | IDT Australia Ltd | 0.06 | -52.59 | -8.57 | -9.86 | -5.88 | $22,485,578 |
| NTI | Neurotech Intl | 0.04 | -56.00 | -12.00 | -15.38 | -6.38 | $38,452,017 |
| LGP | Little Green Pharma | 0.18 | -48.53 | -2.78 | -2.78 | -7.89 | $50,930,018 |
| IRX | Inhalerx Limited | 0.04 | -39.39 | -29.82 | 11.11 | -9.09 | $8,539,513 |
| ALA | Arovella Therapeutic | 0.05 | 88.00 | 51.61 | -4.08 | -11.32 | $42,286,596 |
| EMD | Emyria Limited | 0.08 | -69.82 | -63.11 | -29.36 | -11.70 | $27,751,438 |
| EOF | Ecofibre Limited | 0.19 | -36.21 | -27.45 | 15.63 | -11.90 | $66,350,765 |
| WFL | Wellfully Limited | 0.00 | -91.67 | -80.00 | 0.00 | -25.00 | $1,478,832 |
| ZLD | Zelira Therapeutics | 1.10 | -32.93 | -0.90 | -38.89 | -26.17 | $12,708,814 |
MXC rose after the successful completion of of its pre-clinical Chronic Toxicology Evaluation of CimetrA study.
Results supported previous pre-clinical and clinical data, and demonstrated full chronic safety and toxicology profile of CimetrA in large animals.
The trials were performed under animal EC approval in the GLP certified Lab Science in Action, Ness Ziona, Israel.
MCX says this study was an important step in the IND submission preparation for the FDA.
The specialist investment company, which also invests in cannabis, has appointed HD Capital Partners as its investment manager.
Hygrovest says HD is a value-oriented, fundamental bottom-up stock picker focussing on opportunities in listed small cap equities markets.
The appointment is for a term of five years.
The wearable nasal and respiratory technology company has received a Notice of Allowance from the US Patent Office relating to the company’s Mute nasal dilator technology.
This application was filed in December 2016, and the approval will now provide further protection to Rhinomed’s family of medical devices that deliver improved sleep, less snoring and better breathing during sleep and aerobic activity.
Incannex received US FDA approval to open IND for Pivotal Phase 2/3 trial of IHL-42X into obstructive sleep apnoea (OSA).
This pivotal trial builds on positive results released in 2022 from Phase 2 proof of concept clinical study, whereby the drug halved the patient’s AHI measure.
Separately, Incannex’s subsidiary Psychennex is preparing an investigational new drug application for the US FDA.
This application is crucial to moving forward psilocybin assisted psychotherapy (Psi-GAD) trial in the US.
At Stockhead we tell it like it is. While MGC Pharma and Incannex Healthcare are Stockhead advertisers, they did not sponsor this article.
Health & Biotech
Health & Biotech
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