(MENAFN - Baystreet.ca) People are quickly waking up to the potential benefits of psilocybin. In fact, former Texas Gov. Rick Perry just threw his support behind a bill that could create a study to look at psilocybin and its potential impact on veterans with PTSD. While Perry has said he's "historically been a very anti-drug person," as quoted by the Texas Tribune, he said he "has seen through his longtime advocacy for veterans how psychedelic drugs can provide relief to former service members who have exhausted other options." In addition to PTSD, psilocybin has also been found to help with anxiety, depression, and addiction. Support for psilocybin is also beneficial for related companies, such as Silo Wellness (CSE:SILO), Seelos Therapeutics Inc. (NASDAQ:SEEL), Tryp Therapeutics Inc. (CSE:TRYP), Field Trip Health Ltd. (CSE:FTRP)(OTC:FTRPF), and Compass Pathways Inc. (NASDAQ:CMPS).
Helping, "As patents on many conventional antidepressants begin to expire - and public and regulatory opinion regarding psychedelics is changing - 2021 will be the time that psychedelic therapy casts a spotlight on the limitations of current mental-health care treatments, and highlights a bold alternative," reports Wired UK.
Look at Silo Wellness (CSE:SILO) for example
Early-mover Silo Wellness' mission is to improve health and wellness through psychedelic medicine to reduce trauma and increase performance by destigmatizing the compounds and making their ingestion easier and more comfortable for the user.
In addition, the company just announced that through its wholly-owned subsidiary, it has a signed a binding Letter of Intent (LOI) for a multi-year patent licensing agreement with Jungle Med Inc., a human health and wellness company with operations in Latin America, to exclusively manufacture, promote, advertise, distribute and sell the patent-pending, metered-dosing psilocybin nasal spray created in the countries of Colombia and Brasil. This marks the Company's first commercial transaction of its new-to-world intellectual property.
"Silo Wellness was created to enhance wellness through psychedelics and functional foods. The Company's patent-pending nasal spray makes psilocybin easier to access, administer and ingest. One of the inherent challenges with ingesting psilocybin mushrooms orally is the discomfort it can cause to one's digestive system; however, our nasal spray solves this problem through bypassing the digestive system and entering the bloodstream through the nasal membranes," stated Douglas K. Gordon, Chief Executive Officer of Silo Wellness. "The precise metered-dosing format allows for a measured amount of psilocybin to be administered, ensuring a higher degree of safety and consistency. Entering into this exclusive strategic licensing agreement with Jungle Med takes our intellectual property beyond Jamaica and marks our expansion to Latin America."
"Jungle Med believes in unlocking the therapeutic power of plants, fungi and psychedelics so partnering with Silo Wellness, a leader in the global psychedelics category, was a natural decision," stated Dr. Beverly Richardson, Chief Executive Officer of Jungle Med. "This breakthrough opportunity to become the first company to license the novel psilocybin metered-dosing nasal spray and introduce an effective psilocybin experience in both Colombia and Brasil is an amazing opportunity for consumers of these two Latin American countries to realizing a more natural and fulfilling approach to self-healing and well-being."
Metered-dosing ingestion alternatives with faster uptake speed are important to prevent accidental high-dosage experiences (also known as "stacking," when the consumer takes a second dose before the first dose takes effect). Smaller ‘sub-psychedelic, sub-perceptual to perceptual doses' of psychedelic mushrooms may give the consumer spiritual, medical and therapeutic benefits without sending the user into a psychedelic ‘trip' as with high doses of mushroom biomass.
The exclusive LOI stipulates an upfront licensing fee of USD $250,000, five-year term with automatic renewal provisions, providing sales, distribution and marketing expectations are delivered upon and/or exceeded and royalty provisions. The parties will work expeditiously towards entering a definitive licensing agreement to reflect the terms of the LOI. Today's LOI disclosure with Jungle Med follows the global announcement made mid-March in which Silo Wellness announced it had acquired the exclusive worldwide rights to collaborate with the Family of Bob Marley to brand, market and sell a distinct line of functional and psychedelic mushrooms.
Other related developments from around the markets include:
Seelos Therapeutics Inc., a clinical-stage biopharmaceutical company focused on the development of therapies for central nervous system (CNS) disorders and rare diseases, announced the signing of an agreement between Seelos and AptarGroup, Inc. for the co-exclusive use and supply of Aptar Pharma's Bidose (BDS) Liquid System device for Seelos' intranasal ketamine product candidate, SLS-002, in the investigational development programs for the treatment of suicidality, depression, and Post-Traumatic Stress Disorder (PTSD). Under the terms of the agreement, Seelos has certain rights to add other undisclosed indications to the Strategic Device Partnership.
Tryp Therapeutics Inc., a pharmaceutical company focused on developing clinical-stage compounds for diseases with unmet medical needs, announced it has initiated quoting activity on the OTCQB Venture Market and is eligible for settlement and transfer of its common shares in the United States with The Depository Trust Company. The Company's common shares are currently quoted on the OTCQB under the symbol "TRYPF" and will continue to trade on the Canadian Securities Exchange under the symbol "TRYP". DTC is a subsidiary of the Depository Trust & Clearing Corporation and manages the electronic clearing and settlement of publicly traded companies. DTC eligibility incorporates an electronic method of clearing securities that accelerates the receipt of stock and cash, reduces costs, and allows the stock to be traded over a much wider selection of brokerage firms by meeting their clearing and settlement requirements.
Field Trip Health Ltd., a leader in the development and delivery of psychedelic therapies, reported its third fiscal quarter results for the three and nine months ended December 31, 2020. Joseph del Moral, Field Trip's CEO, said, "We are making rapid progress maximizing value for shareholders by building out Field Trip's complementary business lines that focus on both the development and the delivery of psychedelic therapies. Our deeply integrated platform combines drug and product developments, psychedelic-enhanced therapy and technology-enabled virtual care solutions. All the components work in concert with each other to increase our understanding of the therapeutic value of psychedelics and to deliver them to patients that need them most. With our early-mover advantage, a strong cash position, and a strong and growing reputation as thought leaders in the industry, we are well-positioned to propel our growth in the emerging market of psychedelic therapy."
Compass Pathways Inc., a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, announced that it has been granted two new patents by the US Patent and Trademark Office (USPTO). These patents cover oral formulations of COMPASS's synthetic psilocybin in the treatment of major depressive disorder (MDD), which includes treatment-resistant depression (TRD). US Patent No 10,954,259 was granted on 23 March 2021, with claims to COMPASS's high-purity crystalline psilocybin (including the form used in its synthetic formulation, COMP360), pharmaceutical formulations containing crystalline psilocybin and methods of treating MDD with the crystalline psilocybin.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Silo Wellness has paid three thousand five hundred dollars for advertising and marketing services to be distributed by Winning Media. Winning Media is only compensated for its services in the form of cash-based compensation. Winning Media owns ZERO shares of Silo Wellness. Please click here for full disclaimer.
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.