Although the first thing that probably comes to mind when you think of magic mushrooms is their recreational use, the benefits of the drug have been proven to be much more than just tripping out.
A growing body of research is proving that magic mushrooms can ease mental health symptoms. And in a time where mental health is more important than ever, the market couldnât be taking off at a better time.
Excitingly, the psychedelic space looks set to mimic to the pot stock surge we saw a few years ago. But, like the cannabis industry in its infancy, the burgeoning space is still facing the hurdles of legalization.How psychedelics are helping patientsâand doctors
A study conducted with cancer patients in 2016 by John Hopkins University found that psilocybin provided long-term relief for patients with depression and anxiety, with 78% reporting a lower rate of depression and 83% saying they experienced less anxiety.
Luckily, though, Canada is starting to see support from the government. In 2020, Health Canada has been increasing its trials with mushrooms containing psilocybin. The research was conducted on a small sample of mentally or terminally ill patients and another 16 healthcare professionals.
A group of firms including non-profits and publicly traded companies are working with Health Canada to create more access to medicinal mushrooms and other psychedelics.
One way of helping those who are seeking out mushrooms for medicinal use is for patients to apply for exemptions. There is also the route of changing policy so that doctors are permitted to seek out access for restricted drugs on their behalf.
In addition to providing access to medicinal mushrooms for patients, in a controversial move, Health Canada has also made progress to allow consumption from doctors. Health Minister Patty Hajdu said the decision to approve the move makes sense for the medical community.
âThe doctors that prescribe this therapy wanted to understand what it would feel like and how to best use it to help their patients.âHow to capitalize on the booming psychedelic space
Thereâs no doubt that the psychedelic space is gaining momentum, and for investors this presents a perfect time to get in before the industry takes off.
If youâre looking for a Canadian-based company that is at the forefront of the psychedelic space, Vancouver-based HAVN Life Sciences (CSE:HAVN, OTC:HAVLF) should be on your radar. The companyâs mission is to âunlock human performance using evidence-informed researchâ and it went public just last year.
Working out of its lab at the University of British Columbia in Vancouver, HAVN has developed a line of naturally-derived formulations to help those with PTSD and other trauma-related disorders. It extracts psychoactive compounds from plants and fungi using standardized, quality-controlled processes, and has developed seven natural health formulations launching in retailers in Canada and US this spring.
With the mental health industry in the spotlight at the moment and the rise in research proving the effectiveness of medical mushrooms, it seems that there couldnât be a better time to get psyched about psychedelics.