Researchers Delve Into Psychedelics in Search of Novel Therapies

Psychedelics are not legal for recreational use in Canada or the United States, yet medical research on the efficiency of such products may help reduce some of the stigma associated with them. For example, the company Mind Med owns the intellectual property around a drug known as 18-MC, a synthetic form of the hallucinogenic drug Ibogaine. Clinical trials looking at the effectiveness of 18-MC in treating opioid and nicotine addiction are currently in early stages in the U.S. “The first psychedelics company I sat down with was maybe two or three years ago, so they’ve been around for a while. But in the last maybe three or four months, we’ve had several companies come through our door raising capital,” said Elizabeth Staltari, Managing Director of health-care investment banking at Eight Capital Corp. according to an article by The Globe and Mail. “Whether they all end up going public or not, I don’t know. But there are certainly companies out there looking for money, and it looks like there’s people willing to fund them.”