A Canadian psychedelic producer run by the son of Lululemon founder Chip Wilson has cleared a big regulatory hurdle, despite using mushrooms with names like “Albino P**** Envy.”
Driving the news: Per Bloomberg, Vancouver-based drug manufacturing startup Optimi Health has received a licence from Health Canada to ship its MDMA and psilocybin pills to Australia for patient use, putting the company among a select group of legal suppliers.
- Australia was the first country to regulate MDMA and psilocybin as medicine, allowing the two psychedelics to be prescribed to treat PTSD and severe depression.
Why it matters: Countries including Canada and the U.S. are warming up to the idea of psychedelics being used as legitimate medical treatments. Optimi is betting that as regulations ease globally, demand for MDMA and psilocybin treatments will balloon.
- In the U.S., a version of ketamine has been approved for treating severe depression, and the FDA is currently deliberating on whether to approve using MDMA to treat PTSD.
In Canada: As of now, doctors can prescribe psilocybin and MDMA only to patients with life-threatening conditions, but with the feds investing millions in psychedelic research and clinical trials showing promising results, access could be expanded soon.—LA