Psychedelics Archives - Green Market Report

Debra BorchardtDebra BorchardtJuly 7, 2020
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4min3260

Despite the continuing opportunities for the cannabis industry, many companies have decided that they don’t want to miss out on the emergence of the mushroom industry. The latest entry to the psilocybin race is CannaGlobal Wellness.

This company is a combination of CannaGlobal, Sansero Life Sciences, and Rise Wellness. The new company said it will focus on psilocybin and other natural compounds to promote emotional, mental, and physical wellness. The company believes that its assembled team of cannabis executives will prove to be a winner in the increasingly crowded space for psilocybin, which is still an illegal substance.

The Team

The company listed the following executives for CannaGlobal Wellness: Lorne Gertner, co-founder of Tokyo Smoke, Cannasat Therapeutics (now Cynapsus Therapeutics), and PharmaCan Capital (now The Cronos Group), will serve as Chairman. Leveraging his vast experience and extensive network in the global cannabis and wellness industries, he founded CannaGlobal to pursue the advancement of cannabis and global wellbeing. Steve Sadoff, co-founder of Sansero, will serve as CEO. Mr. Sadoff has 15 years of experience developing, launching, and growing brands and products within highly regulated environments including nutraceuticals, natural health, and cannabis.

Irie Selkirk will continue to lead Rise Wellness, leveraging her extensive experience as a retailer, patient support expert, and as an educator, facilitator, and leader in the cannabis and psychedelics industries. Dr. Darryl Hudson, Ph.D. Molecular Biology and Genetics, will take on the role of Chief Science Officer, bringing with him a deep understanding and unparalleled expertise in the areas of plant molecular biology, neuroscience, and genetics in cannabis and psychedelics.

“This is a major step forward for mental health in Canada and around the world,” said Gertner. “Psilocybin is proven to have real benefits for treating serious conditions that affect millions of people, and we are excited to be on the cutting edge of helping people improve their lives and making the world a better place, which I am passionate about and have spent the majority of my life pursuing.”

CannaGlobal Strategy

CannaGlobal Wellness said it will bring together Sansero’s science team and capabilities in the development of novel formulations and intellectual property in psilocybin-based treatments, Rise Wellness’ delivery of immersive healing experiences, and CannaGlobal’s network of natural wellness pioneers. The synergies created by this merger will enable the company to offer an extensive and scalable menu of wellness solutions in the short term, while also accelerating the development and commercialization of psilocybin-based neurotherapeutics.

“Three hundred million people worldwide suffer from depression, and one out of 13 people have an anxiety disorder,” Sadoff said. “Without effective treatment, these illnesses can be debilitating, and even life-threatening. But current treatments aren’t universally tolerated and always effective. Our formulations have indicated that psilocybin when combined with natural molecules and world-class immersive healing environments, offers a superior alternative to single-molecule drugs that merely suppress symptoms. This merger gives us the infrastructure and network to bring new, game-changing, neurotherapies to market with maximum efficiency.”


Julie AitchesonJulie AitchesonJuly 6, 2020
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5min4880

Medical cannabis legalization is a fait accompli in thirty-three states and counting and eleven states have legalized recreational marijuana, suggesting a brighter horizon for other restricted plant medicines as well. Enter psychedelic mushrooms, otherwise known as Psilocybe spp., and Susan Chapelle, co-CEO of the newly-launched Havn Life, a company dedicated to developing a range of standardized, quality-controlled psilocybin products to be used by researchers.

Chapelle (whose bio includes being the first female steel rigger in North America, a two-time elected politician, and boasts years spent lobbying for health policy change), launched Havn Life as part of a larger mission to build evidence-informed natural healthcare products that help people manage their own healthcare. 

Developing a reliable, safe, standardized supply of psilocybin, which does not currently exist, is a central part of this broader vision. “A concern that all companies must grapple with as we look to the future of psychedelic medicines is the future of the supply chain,” Chappelle explains. “Havn Life is developing two labs in the South Campus of The University of British Columbia (UBC), where we will develop methodology for growing and extracting Psilocybe spp. These compounds will be available to academics studying psychedelics until policy becomes informed by evidence, and the market opens up to these compounds as approved medication.” But Susan Chapelle and her team do not intend to stop there, she states. “Havn Life is diversified and looking at other psychoactive compounds for use in Natural Health products to get to market using evidence-informed formulations derived from fungus and plants.”

Havn Life’s supply development won’t only benefit their own bottom line, however. “Havn Life is developing a reliable and safe supply chain of psychedelic compounds,” Chapelle says, “an essential component that will enable other companies to move to human clinical trials.” When I asked about the ways in which Havn Life is navigating the regulatory landscape as part of this endeavor, Chapelle informed me that “psilocybin is currently scheduled as a restricted compound by most governments. It is a controlled compound in Canada; however, both animal and human trials can be conducted through an application process to Health Canada. There is still a hangover effect from the ‘war on drugs,’ but ultimately the regulators must absorb the evidence from five decades of clinical research, most of which is peer-reviewed and published.”

Chapelle is unfazed regarding other potential obstacles to realizing her team’s vision for Havn Life. “The amount of collective knowledge and the fact that we are all trailblazers that have worked in nascent industries such as cannabis, technology, and formulations is such an incredible benefit. We have an ability to look at obstacles as challenges to be solved.” With the partnership with the University of British Columbia firmly in place and a diverse team of dedicated professionals, Havn Life’s mission appears anything but impossible. “Civilization has been enjoying mushrooms in both cultural ceremonies and for recreational purposes for eternity,” Chapelle asserts. “Access to a safe, properly dosed, standardized drug supply is long overdue.”

 


StaffStaffJuly 2, 2020
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3min4030

A Florida based biotechnology company specializing in the clinical development of psychedelics and analogs is the latest to jump into the quickly growing plant-based medicine field. Psilera Bioscience was launched this month by co-founders Drs. Jackie Salm and Chris Witowski who have 20+ years of combined experience in natural product drug discovery, novel formulations, and are distinguished researchers within the cannabis industry.

“Problems relating to mental health are a growing concern, and the hardships created by COVID-19 have only exacerbated issues with depression, anxiety, and substance abuse,” said Dr. Chris Witowski, CEO of Psilera. “Therapeutic innovations have stagnated in these areas while cognitive disorders such as Alzheimer’s disease also lack effective treatment options. We are only scratching the surface of the medical potential for psychedelics and Psilera’s model of compassion-driven science will enable groundbreaking research to provide new therapies for patients in need.”

Psilera joins a slew of other new companies that have launched in the past couple of years as the excitement over psychoactive mushrooms grows. Psilocybin, the psychoactive ingredient found in some mushroom species, is seen as a treatment for drug-resistant depression. Only a few doses are needed for long-term benefits according to the anecdotal evidence. Psilera said it has accelerated research and development efforts and submitted a provisional patent covering new chemical entities and delivery methods relating to psychedelics.

“Psilera was built with the common goal to create mindful medicine with inspirations from nature and a foundation of innovative science,” said Dr. Jackie Salm, CSO of Psilera. “Our goal is to pave the way for a new era in psychedelics research and truly recognize the potential of these compounds as medicines. This requires detailed assessment of structure-activity relationships and novel ways of delivery. We hope to increase awareness and shift the paradigm to a place of knowledge rather than fear.”


Debra BorchardtDebra BorchardtJuly 2, 2020
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5min4330

The star of the quickly growing plant-based medicine field is currently the mushroom – specifically, the psilocybin mushroom. It’s being touted as a treatment for drug-resistant depression and addiction. Clinics are being discussed as places to administer doses of psilocybin, but it seems the non-medical use has been brushed under the rug. A new study explores the case for non-medical psilocybin.

The results published by Psychopharmacology (2020) and led by Carbonaro, T.M., Johnson, M.W. & Griffiths, R.R. studied the subjective features of the psilocybin experience that may account for its self-administration by humans. The test was a double-blind comparison of psilocybin and dextromethorphan (DXM).

Study Results

The researchers were determined to figure out why people wanted to take psilocybin for non-medical uses more than they wanted to take DXM. The study consisted of a single, acute oral dose of psilocybin (10, 20, 30 mg/70 kg), DXM (400 mg/70 kg), and placebo were administered under double-blind conditions to 20 healthy participants with histories of hallucinogen use.

According to the researchers, high doses of both drugs produced similar time courses and increases in participant ratings of peak overall drug effect strength. Nine subjective effect domains are proposed to be related to the reinforcing effects of psilocybin: liking, visual effects, positive mood, insight, positive social effects, increased awareness of beauty (both visual and music), awe/amazement, meaningfulness, and mystical experience.

For most ratings, (1) psilocybin and DXM both produced effects significantly greater than placebo; (2) psilocybin showed dose-related increases; 3, DXM was never significantly higher than psilocybin; (4) the two highest psilocybin doses were significantly greater than DXM. These differences were consistent with two measures of desire to take the drug condition again.

Supported By Other Mystical Measurements

The nine subjective effect domains that psilocybin users experience has been supported by other studies. It was validated in an article published in 2015 by Johns Hopkins Researchers. The researchers took a 30-item revised Mystical Experience Questionnaire (MEQ30) that was previously developed within an online survey of mystical-type experiences occasioned by psilocybin-containing mushrooms. The rated experiences occurred on average eight years before completion of the questionnaire. Their work validates the MEQ30 using data from experimental studies with controlled doses of psilocybin.

The article read as follows: Data were pooled and analyzed from five laboratory experiments in which participants (n=184) received a moderate to high oral dose of psilocybin (at least 20 mg/70 kg). Results of confirmatory factor analysis demonstrate the reliability and internal validity of the MEQ30. Structural equation models demonstrate the external and convergent validity of the MEQ30 by showing that latent variable scores on the MEQ30 positively predict persisting change in attitudes, behavior, and well-being attributed to experiences with psilocybin while controlling for the contribution of the participant-rated intensity of drug effects.

These findings support the use of the MEQ30 as an efficient measure of individual mystical experiences. A method to score a “complete mystical experience” that was used in previous versions of the mystical experience questionnaire is validated in the MEQ30, and a stand-alone version of the MEQ30 is provided for use in future research.

Final Thoughts

Like marijuana legalization, the case for medical use will no doubt push forward the argument for decriminalization and legalization. It is far easier to convince lawmakers of a medical case for legislation versus a mystical experience argument. However, the industry would be remiss to dismiss the non-medical use for psilocybin.


Kaitlin DomangueKaitlin DomangueJune 15, 2020
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5min2120

Mydecine (MYCO.CN) (NLBIF) is quickly upping its fungi authority. The mycology-focused company has signed an agreement with Applied Pharmaceutical Innovation (API), a translational commercial drug institute at the University of Alberta’s Faculty of Pharmacy and Pharmaceutical Sciences. 

Mydecine is a fungi and mushroom cultivator/product development company offering unique research and expertise in their field. Their partnership with API will quickly upgrade their value and already existing knowledge in the mycology arena. API is a sea of experts in this field, and the collaboration will provide the company with the ability to fast track its product development. The experts are knowledgeable in areas like pharmaceutical analysis, discovery, drug action, clinical development, and formulation. The Faculty of Pharmacy of Pharmaceutical Sciences consistently ranks in the top 15 for research citations (essentially the strength of the research) by international QS rankings in pharmacy and pharmacology. In addition, Mydecine will be able to utilize further talent and research capabilities by accessing API’s collaborating institute, Alberta Machine Intelligence Institute. 

The partnership allows the company to commence fungal discovery investigations immediately with varietal mushrooms and their extracts, including scheduled substances. Mydecine is GMP and Health Canada eligible, able to conduct R&D, and perform clinical trials. This allows the company to launch research and work that will take others in their field years to achieve. Research and development are set to begin with a significant focus on extracting, analyzing, determining the effects from various compounds of fungi, and researching dosage forms. This is likely to position the company as a leader in the space for years to come. 

Mydecine entered a two-year contract with API and will be paying a total $1,099,345 in year one and $1,136,249 in year two ending February 1, 2022, with year three and beyond being a right of refusal to either party. 

“We see this agreement as a core component of our work as a company,” says Mydedine CEO Josh Bartch “the API team at the Faculty of Pharmacy and Pharmaceutical Sciences gives us the ability to rocket our product development ahead by years, providing the know-how, facilities, and licenses to quickly establish Mydecine as a leader in naturally sourced therapies for a wide variety of indications. The research division also provides a phenomenal synergy with our other recent acquisitions, giving us a dedicated team to explore myco-inspired treatments particularly for areas of high need such as mental health.”

“Back to the fungal future,” Dr. Neal Davies , Dean, Faculty of Pharmacy and Pharmaceutical Sciences “Pharmaceutical activity of fungal metabolites have been known for at least 15 centuries and contemporary research has discovered some novel molecule leads for unique mycological medications for nature-inspired treatments in the new millennium. This bodes very well for the program developing promising treatments.”

“We’re thrilled to be working with Mydecine,” says API CEO , Andrew MacIsaac , “we see their focus as one of growing importance and high potential that will serve them well. By developing a world-class R&D program that discovers potential new lead compounds, synergistic effects, and increased therapeutic indications for mushroom-derived products, Mydecine will stand out in this burgeoning sector.”


Debra BorchardtDebra BorchardtMay 12, 2020
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4min9590

Psychedelic medicine company Champignon Brands Inc.   (OTCQB: SHRMF) is acquiring California based ketamine treatment company Wellness Clinic of Orange County Inc. It is a cash and stock deal with Champignon paying  $600,000, plus 1 million common shares of Champignon and 500,000 common shares of Champignon payable only if the Wellness Clinic collects top-line revenue of at least $1,500,000, over the 18-month period.

“We are thrilled to begin executing on our North American expansion strategy by acquiring our first U.S. based, revenue-generating ketamine center- Wellness Clinic of Orange County,” said Dr. Roger McIntyre, Chief Executive Officer, Champignon. “This acquisition represents a major milestone as we begin to accelerate our vision of establishing significant scale and a sizable footprint of integrated ketamine centric clinics committed to providing innovative care and therapeutic options to improve the quality of life of patients suffering from chronic disease states that have failed conventional treatments.”

McIntyre was just appointed the company’s new CEO on May 11. He is a Professor of Psychiatry and Pharmacology at the University of Toronto and Head of the Mood Disorders Psychopharmacology Unit at the University Health Network, Toronto, Canada. Dr. McIntyre is also Executive Director of the Brain and Cognition Discovery Foundation in Toronto; Director and Chair of the Scientific Advisory Board of the Depression and Bipolar Support Alliance (DBSA) in Chicago, Illinois.; Professor and Nanshan scholar at Guangzhou Medical University; and Adjunct Professor at the College of Medicine at Korea University.

The Wellness Clinic owns and operates a state-of-the-art ketamine infusion treatment center located within the Mission Hospital’s Laguna Beach campus. This clinic is actively involved in research and complementary treatment protocols. Supported by a breadth of peer-reviewed studies, as well as clinical trials, intravenous ketamine has emerged as a promising treatment option for many chronic diseases, such as depression, anxiety, post-traumatic stress disorder, fibromyalgia, and certain other pain disorders.

Dr. Michael Bronson of Wellness Clinic of Orange County said, “This is an exceptional opportunity to both collaborate and scale with Dr. McIntyre and the world-class team at Champignon; with the objective of remaining at the forefront of innovation in this burgeoning field.  We are excited for our patients, both current and future, as we work to provide them with the therapeutic options that they deserve.”

Terms

According to the company statement, the Initial Share Issuance shall be paid upon closing of the Acquisition, subject to a 12-month escrow, with 500,000 common shares released 6 months following the closing of the Acquisition and the remaining 500,000 shares released 12-months following the closing of the Acquisition. Each of the Initial Share Issuance and the Second Share Issuance are to be issued at a price per share determined using the average trading price of the common shares in accordance with the Canadian Securities Exchange (CSE) policies and applicable securities law. 

 


Debra BorchardtDebra BorchardtApril 29, 2020
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7min5510

Specialty life science company Revive Therapeutics Ltd. (CSE: RVV) has said that it will investigate novel oral dosage forms of psilocybin, such as oral dissolvable thin films or tablets, based on its wholly-owned patent-pending psilocybin formulations and its exclusive licensed drug delivery technology from the Wisconsin Alumni Research Foundation.

“We are expanding our psilocybin-based pharmaceutical portfolio with unique oral dosage and drug delivery forms that will target and have the potential to treat diseases and disorders currently not investigated with psychedelic compounds,” said Michael Frank, Revive’s, Chief Executive Officer. “We are combining our robust intellectual property portfolio in both psychedelic formulations and our drug delivery technology which is unique within the industry, and leveraging our research partnership with the University of Wisconsin-Madison to establish a specialty portfolio of psilocybin-based pharmaceuticals that we can advance to clinical trials and partnerships with other life sciences companies.”

The company said in a statement that through initial evaluations with its research team, it has found there are several unique parallels between the company’s intellectual property portfolio of psilocybin-based formulations and delivery mechanism and the drug delivery technology, which is comprised of tannin-chitosan composites that have been studied with cannabidiol in the past.  Revive said it intends to research both delivery mechanisms in parallel as each provides its own unique qualities such as the potential of rapid onset of action and time-release compositions.

New Interest in Psilocybin

Psilocybin is being viewed as a treatment for several conditions including drug-resistant depression. Studies have been performed to illustrate the efficacy of psilocybin for this specific purpose. One completed study found that psilocybin produced substantial and sustained decreases in depression and anxiety in patients with life-threatening cancer. The study was published in 2016, and wrote that “At 6-month follow-up, these changes were sustained, with about 80% of participants continuing to show clinically significant decreases in depressed mood and anxiety. Participants attributed improvements in attitudes about life/self, mood, relationships, and spirituality to the high-dose experience, with >80% endorsing moderately or greater increased well-being/life satisfaction.”

According to the World Health Organization, almost 350 million people worldwide were affected by depression in 2016. Common antidepressant drugs help maintain the balance of various hormones and chemicals in the brain, which assists in the treatment of depression.

The Center for Disease Control and Prevention (CDC), reported that the percentage of people above the age of 12 years using antidepressants in the U.S. rose to 12.7% in 2011-2014. According to MedGadget, the antidepressant drug market was valued at $13.69 billion in 2018 and is expected to reach $15.88 billion by 2025. The CDC said that in the U.S., antidepressants were the most commonly prescribed drugs in 2013 and from over 16 million long term users, around 70% are female.

Psilocin Acquisition

In March, Revive completed its acquisition of Psilocin Pharma Corp., a specialty psychedelic sciences company focused on the development of Psilocybin-based therapeutics for significant unmet medical needs including rare and orphan indications. Psilocin developed patent-pending formulation and production solutions for the active compound Psilocybin.  The process encompassed with its intellectual property cover methods of production of Psilocybin-based formulations.

In a statement, the company noted that Psilocin has also developed formulations to date which include the Hydroxy Line.  The line will include PSY-0.1 -Capsules- PSY-0.2 -Sublingual Spray- PSY-0.3 -Gel Cap- PSY-0.4/0.5 -Effervescent Tablets-and PSY-0.6 -Breath Strips.  The precisely dosed formulations will work with both natural and synthetically derived Psilocybin which will be targeted for clinical research and subject to U.S. Food and Drug Administration (“FDA”) approval in the treatment of depression, anxiety, bi-polar disorder, bulimia and anorexia nervosa, and a number of other diseases.  Psilocin’s range of products have been engineered to work synergistically with the body’s own natural pathways of absorption while offering a contemporary approach to consumption

Best Delivery Method

Revive believes that the most optimal delivery method to deliver psilocybin will be in the form of both an oral dissolvable tablet and an oral thin film strip, commonly recognized as a ‘Breath Strip’.  The company said that it is preparing its formulation development plans to pursue clinical studies for indications currently not being evaluated with psilocybin.

The company reported that it has key provisional patent applications with the U.S. Patent and Trademark Office that cover methods of production of psilocybin-based formulations, including sublingual sprays, effervescent tablets, hard-shell capsules, sublingual and transmucosal delivery systems (i.e. gum drops, oral strips, dosing pens). In addition to those patent applications, Revive has a patent-pending portfolio that includes Psilocybin extraction and crystallization methodologies.

The delivery technology is a natural, non-toxic, biodegradable, and biocompatible composite that combines a tannin material, which is derived from a plant group having antibacterial, antifungal, antioxidant and wound healing properties, and a chitosan material, which is derived from the crustacean group having blood-clotting and antimicrobial properties. The delivery technology has a rapid onset of action and controlled or sustained release potential capabilities and may allow combining multiple extracts from mushrooms in one formulation.

Revive is also exploring the use of Bucillamine for the potential treatment of infectious diseases, with an initial focus on severe influenza strains including COVID-19.


StaffStaffApril 22, 2020
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5min7770

The Campaign to Decriminalize Nature DC (DNDC) released the results of a new poll on April 21 that showed support for mushroom decriminalization in Washington DC. The “Initiative 81, the “Entheogenic Plant and Fungus Policy Act of 2020,” has enough support to pass in the District of Columbia according to a survey completed by Fairbank, Maslin, Maullin, Metz & Associates (FM3).

The poll sponsored by the New Approach PAC demonstrated that a majority of DC voters support Initiative 81, a measure that would make enforcement of existing restrictions on plant medicines or entheogens among the Metropolitan Police Department’s lowest law enforcement priorities. Of those polled, 51% support the initiative based on the text of the measure alone. When presented with a plain-language explanation, that support grows to 60% and continues to increase and solidify as voters learn more.

Here’s the initial language that didn’t have as positive of a response:

ENTHEOGENIC PLANT AND FUNGUS POLICY ACT OF 2020. If enacted, this Initiative would: Make the investigation and arrest of adults for non-commercial planting, cultivating, purchasing, transporting, distributing, possessing, and/or engaging in practices with entheogenic plants and fungi among the Metropolitan Police Department’s lowest law enforcement priorities; and codify that the people of the District of Columbia call upon the Attorney General for the District of Columbia and the United States Attorney for the District of Columbia to cease prosecution of residents of the District of Columbia for these activities

Here’s the easier to understand language:

It would change current law having to do with plant medicines known as entheogens, which include substances
like psilocybin, the active ingredient in “magic mushrooms”; cacti which contain mescaline, iboga, which contains
ibogaine and ayahuasca, which contains DMT. The measure would make investigation and arrest of adults for
non-commercial growing, gathering, and gifting of these plant medicines among the lowest law enforcement
priorities for the District of Columbia. The measure instructs the DC Attorney General to not prosecute people
arrested for entheogens. The measure does not legalize these substances, allow their retail sales, or permit
marketing of any products containing these substances

One issue that was identified was the lack of knowledge about the products. The survey determined that fewer than one-quarter have a close tie to someone who has used psilocybin; very few have personally used ayahuasca, mescaline or iboga, or know someone who has. Having said that, many DC voters have a connection to
someone who has experienced the type of mental health issues the substances can treat.

Among the more than 800 likely DC voters reached by phone as part of this poll, prioritizing law enforcement’s role in reducing violent crime and protecting personal freedom were consistently cited as top reasons for supporting Initiative 81.

These results come as the DNDC faces unprecedented challenges due to the COVID-19 coronavirus pandemic. Necessary social-distancing measures, including DC Mayor Murial Bowser’s stay-at-home order, have made traditional in-person petitioning and signature collection impossible. To preserve ballot access during this public health emergency, DNDC has requested that the DC Board of Elections and DC Council find alternatives to the in-person petition process. Time is running out for DNDC to qualify for the November ballot with 30,000 signatures needed by Monday, July 6th.

“This poll demonstrates the broad support for Initiative 81 in the District of Columbia and reaffirms the importance of putting the “Entheogenic Plant and Fungus Policy Act of 2020,” on the November ballot,” said Melissa Lavasani, the proposer of Initiative 81. “Despite the current public health crisis, DC voters have made clear that they are ready to change how DC approaches entheogens. Now our campaign must make sure that voters have the opportunity to do so.”


Debra BorchardtDebra BorchardtApril 14, 2020
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4min17781
Biotech holding company Orthogonal Thinker, Inc. said that it has completed filing a provisional application for the Company’s flagship natural product, Psilly. The provisional application is a legal document filed in the United States Patent and Trademark Office (USPTO), that establishes an early filing date. It does not mature into an issued patent unless the applicant files a regular non-provisional patent application within one year.
“Filing this application allows us to move forward with expanding access to an improved version of psilocin that is not yet available on the market,” said Jason Hobson, CEO of Orthogonal. “This provides us further opportunity to strengthen relationships with organizations across the world who are on the forefront of psychedelic research as we continue to seek partners aligned with our mission to provide holistic wellness solutions. We look forward to sharing our cutting-edge technology to further therapeutic and medical innovations in healthcare. ”
Psilly is Othogonal’s proprietary psilocybin product. The company says that Psilly differs from other psilocybin products in development as it consists of a proprietary formula that uses natural, rather than biosynthetic, alkaloids. According to Wikipedia, alkaloids are produced by a large variety of organisms including bacteria, fungi, plants, and animals. Alkaloids possess psychotropic effects like psilocin and stimulant effects like caffeine.  Although alkaloids act on a diversity of metabolic systems in humans and other animals, they almost uniformly evoke a bitter taste.
The company said that some of the more than $5 million in total seed capital that the company recently raised were allocated to pursue the development and intellectual property protection on Psilly. PsillyLife is the Orthogonal’s lifestyle brand and was conceived to promote education and awareness surrounding the benefits of psilocybin to a worldwide audience.
Potential Patient Population
According to the Centers for Disease Control and Prevention (CDC), antidepressant use in the U.S. continues to grow. Nearly eight percent of the U.S. population took antidepressants between 1999–2002. Between 2011–2014, that number increased to almost 13% of the U.S. public. The global antidepressant and anti-anxiety drugs market is estimated to have reached $12.16bn in 2018. In 2018, the SSRIs segment held 26% of the global antidepressant and anti-anxiety drugs market.

Debra BorchardtDebra BorchardtApril 10, 2020
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5min11570

Mushroom company Champignon Brands Inc. (OTC:SHRMF) has entered into a definitive agreement to acquire Canadian ketamine clinic operator AltMed Capital Corp. Champignon said that AltMed has a suite of assets that will hasten Champignon’s anticipated rollout of new clinics to be opened across the United States and Canada. Five new clinics in key markets, including New York, Florida and California, are anticipated to be fully operational by Q4 2020.

Deal Terms

Champignon will buy all the shares of AltMed for a total consideration of 55,124,000 common shares, common shares that are currently selling at roughly $0.59 placing a value on the deal of approximately $32 million. 16,522,000 shares will be subject only to applicable hold periods under securities legislation and 38,602,000 will be subject to voluntary resale restrictions and released in five equal tranches every three months with the first release commencing thirty days following closing.

AltMed Clinics

AltMed owns 75% of the CRTCE, a fully operational ketamine clinic located in Mississauga, Ontario, with over 18 months of operating history. The CRTCE was licensed in 2018 by the College of Physicians and Surgeons Ontario under OHPP (Out of Hospital Premise Program) to administer ketamine treatments for indications including but not limited to depression, bipolar disorder, post-traumatic stress disorder (PTSD) and obsessive-compulsive disorder (OCD).

The clinic has been licensed by Health Canada to dose eligible patients with psilocybin and is the only clinic in Canada to perform psilocybin doses under Health Canada approval. AltMed’s chief executive officer, Dr. Roger McIntyre, is a professor of psychiatry and pharmacology at the University of Toronto and head of the Mood Disorders Psychopharmacology Unit at the University Health Network, Toronto, Canada.

“Founded and operated by Dr. McIntyre, the CRTCE has the human capital and unmatched R&D capabilities, with respect to rapid onset treatments such as ketamine, to revolutionize the treatment of depression, PTSD and substance use disorders,” said Gareth Birdsall, CEO of Champignon. “Champignon and AltMed will leverage Dr. McIntyre’s expertise, alongside the CRTCE’s existing SOPs, data-driven research sets and practitioner education modules, to roll out five unique ketamine clinics across Florida, California and the U.S. Eastern Seaboard. Our additional ketamine clinics are projected to be fully operational by Q4 2020. Furthermore, having previously completed funding rounds, our acquisition of AltMed will further bolster our corporate treasury.”

Study Trials

With this acquisition, Champignon will now have three trials in the Phase I stage and three trials in the preclinical stage during 2020. The company will also have seven IP patents for its ketamine/psilocybin delivery platforms and formulations.

In the second half of 2020, AltMed said it will start both comprehensive R&D campaigns as well as clinical trials, to be led and administered by leading M.D.s, clinicians, and researchers targeting the following indications:

  • Treatment-Resistant Depression (Dr. Roger McIntyre)
  • Addiction (Dr. Peggi Shepherd DeGroote)
  • PTSD/Traumatic Brain Injury (Dr. David Greenberg and Dr. Michel Rathbone)
  • Aging/Dementia (Dr. DW Molloy)
  • Anxiety/Obsessive-Compulsive Disorder (Dr. Michael Van Amerigan)

Pat McCutcheon, director of AltMed, said in a statement: “Together with Champignon’s existing novel ketamine delivery platforms, associated patents/IP and now advanced clinical infrastructure, we will look to deliver approved, point-of-care psychedelic treatments in clinics throughout Canada and the United States. Ketamine, psilocybin and MDMA have all been fast-tracked by the FDA and Health Canada with respect to R&D in DPS, and we will look to monetize our capabilities and human capital within this domain. Led by our accomplished operational team, comprised of experienced clinicians, academics and thought leaders within dynamic, blue-sky industries, we will be the global leader with regard to the application of rapid onset treatments and will continue to be a first-in-class, vertically integrated center that champions R&D, clinical research, knowledge translation, vocational rehabilitation, and psychotherapeutics, offering patient populations a wholesome and comprehensive treatment ecosystem.”



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