DENVER, Oct. 18, 2023 (GLOBE NEWSWIRE) -- 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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