(MENAFN- Baystreet.ca) Psilocybin, or 'magic' mushrooms may be just what the doctor ordered. It's become so popular Netflix's The Goop Lab, starring Gwyneth Paltrow do an entire episode on the psychedelic drug and its potential benefits.
Outside of Hollywood, research has suggested mushrooms have sizable psychological benefits. For example, a 2014 Johns Hopkins University study found that psilocybin helped smokers kick the habit. In fact, according to Science 101 , 80% of a study's participants remained smoke-free after six months.
It's even been found to reduce obsessive compulsive disorder (OCD), anxiety, and depression because it "appears to disrupt the sorts of engrained brain activity patterns that are the hallmark of those diseases," says Business Insider . Other studies are looking at psilocybin mushroom's effect on PTSD, and alcoholism. Researchers at New York University found psilocybin mushrooms caused a "rapid and sustained" reduction in anxiety and depression in patients with cancer, as reported by the Financial Post , for example.
As the mushroom story gets underway, it's already creating sizable opportunity for companies such as The Yield Growth Corp. (CSE:BOSS)(OTC:BOSQF), The Supreme Cannabis Company Inc. (TSX:FIRE) (OTC:SPRWF), Trulieve Cannabis Corp. (CSE:TRUL) (OTC:TCNNF), and OrganiGram Holdings Inc. (NASDAQ:OGI)(TSXV:OGI).
The Yield Growth Corp. (CSE:BOSS)(OTCQB:BOSQF) BREAKING NEWS : The Yield Growth Corp. announced subsidiary Flourish Mushroom Labs is executing on its strategy that is strongly aligned with the growing media recognition around psilocybin research. This includes films, books and international legislative action. Netflix recently launched a new series featuring Gwyneth Paltrow called The Goop Lab, and the season kicked off with episode one focused on psilocybin and psychedelic research for health and healing. In the episode, Paltrow's team collaborated with the Multidisciplinary Association for Psychedelic Studies (MAPS).
Multiple films have also been released to tremendous accolades including Fantastic Fungi (released August 30, 2019), which showcases fungi's power to heal, sustain and contribute to the regeneration of life on Earth. Another film, Dosed (released December 14, 2019), was filmed in Vancouver and focuses on a woman overcoming serious addiction with the help of psychedelics.
Renowned author Michael Pollan's book, How to Change Your Mind (released May 15, 2018) became a #1 New York Times bestseller. The book focused on the investigation into the medical and scientific revolution taking place around psychedelic drugs and the story of his own life-changing psychedelic experiences.
Joe Rogan, the celebrated comedian and personality has also touted the benefits of mushrooms, both medicinal and psychedelic, on multiple episodes of his show.
"Awareness is growing, not just here in Canada but on the international stage - driven partly by the increased media attention on all of these fronts, but ultimately by the health results that people have achieved with the support of psychedelics," said Yield Growth CEO Penny White. "The public is working to push this agenda forward, and legislators are taking notice."
The issue has even made it onto the ballot and the state of Oregon will vote in 2020 on whether to legalize psilocybin.
"Our team at Flourish is working closely with leaders who are part of this movement and laying the groundwork to serve this industry. We are starting with non-psychedelic, medicinal mushroom coffee and soup, and hope to move into offering psilocybin-based products as well," added White.
Flourish has already achieved several key milestones including Filing a U.S. provisional patent application for the use of psychedelic mushroom actives for weight loss; Entering into a binding letter of intent with Acres Agricultural Canada Corp. to jointly form a company in Saint Vincent and the Grenadines to build a laboratory for the cultivation of and research and development into compounds and therapeutic use of psychedelic mushrooms; Entering into an agreement to acquire approximately 18% of Translational Life Sciences Inc., which aims to develop proprietary formulations using restricted substances to focus on unmet medical needs in opioid dependence, psychotic illness, pain management and traumatic brain injury, including concussion. The company also offers services to design and oversee clinical trials of restricted substances such as psilocybin based formulations for third parties.
Other related developments from around the markets include:
The Supreme Cannabis Company Inc. (TSX:FIRE)(OTC:SPRWF) announced its Board of Directors has named Colin Moore, Director of the Company and former President of Starbucks Coffee Canada, as Interim President and Chief Executive Officer, effective immediately. Mr. Moore succeeds Navdeep Dhaliwal, who has departed the Company. The Company is in the process of engaging a leading, nationally recognized search firm to identify and evaluate a new CEO to lead Supreme Cannabis in its next phase of profitable, long-term growth. Today, with Supreme Cannabis firmly established as one of the world's fastest-growing, premium plant driven-lifestyle companies and our industry entering its second phase, the Board determined that the Company would benefit from leadership with the skills and experience to accelerate our growth and transformation into a leading cannabis CPG company," Supreme Cannabis Board Chairman, Michael La Brier said. "We are fortunate to have Colin Moore stepping up to serve as our Interim CEO and lead our efforts to drive long-term, profitable growth and shareholder value during this transitional period."
Trulieve Cannabis Corp. (CSE:TRUL)(OTC:TCNNF) announced it is set to open the doors of their latest Florida dispensary on Friday, January 10th. The Fort Walton Beach location will be the company's 43rd in Florida and their 45th nationwide. The Northwest Florida location joins Trulieve's 42 other dispensaries statewide, including in the nearby communities of Pensacola, Destin, and Panama City. Located on Mary Esther Cut Off, the storefront is part of the company's mission to expand and ensure safe, reliable patient access statewide. "Trulieve is focused on creating a strong customer-centric experience, and that starts with ensuring that patients across Florida have access to the medications they've come to rely on," said Trulieve CEO Kim Rivers. "Expanding our reach inside the Florida Panhandle is just one of the ways we're doing that. Our well-trained staff is ready and willing to assist patients during every step of the process, from exploring medical cannabis for the first time to transitioning into a new treatment process."
OrganiGram Holdings Inc. (NASDAQ:OGI)(TSXV:OGI) announced products from its premium adult recreational Edison Cannabis Co. brand have been awarded top honours in the consumer-driven Leafly Readers Choice Awards. The Company's Edison Cannabis Co. products took first-place position in four key product categories: Top THC-Dominant Flower, Top Pre-Roll, Top THC Oil and Top CBD Oil. "These products, chosen the finest in Canada by those who know cannabis best, are validation for all the hard work, thought and dedication applied to the development of the Edison Cannabis Co. brand and the quality of its products," said Greg Engel, CEO, Organigram. "We're incredibly proud of our teams and thank those who support our work. A special thanks to the team at Leafly for this celebration of cannabis in Canada."
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