Psychedelic Business Spotlight – May 27

CB Therapeutics Granted New Psychedelic Patent

This week in psychedelic business news, CB Therapeutics has obtained a patent covering the use of microorganisms to produce tryptamines and their analogs, such as psilocybin and various other molecules found in psychedelic mushrooms. CEO Sher Ali Butt says this patented process to produce these molecules is “more environmentally sustainable” than other industry methods, which can create significant amounts of toxic waste, CO2 and other byproducts that negatively impact the environment. CB Therapeutics’ cellular agriculture platform enables the conversion of cheap feedstocks into high-value compounds, resulting in a scalable and eco-conscious supply chain, carried out by precision fermentation.

Braxia Scientific Gets Health Canada SAP Approval to Provide Psilocybin-Assisted Therapy for Depression in Ontario

Braxia Scientific (CSE: BRAX) (OTC: BRAXF) (FWB: 4960) is the latest psychedelic company to score approval from Health Canada’s Special Access Program to treat a patient with psilocybin-assisted psychotherapy for Major Depressive Disorder in Ontario. “To our knowledge, this is the first Health Canada SAP approval for psilocybin-assisted therapy for a person with Major Depressive Disorder in Ontario,” said the company’s Chief Medical and Scientific Officer Dr. Joshua Rosenblat. “Health Canada was very responsive to this request, promptly providing the Letter of Authorization. This rapid approval stands in contrast  to the previously required Section 56 exemptions that could take years to fully process. Allowing use of the SAP will be incredibly beneficial for patients in need of this treatment that are unable to receive it through psychedelic clinical trials.” Although this is Braxia Scientific’s first psilocybin-assisted therapy treatment approval through SAP, the company was first to receive Health Canada approval for a multi-dose psilocybin-assisted therapy clinical trial in July 2021, dosing its first participant in November 2021, and since providing psilocybin-assisted therapy to 16 individuals living with depression.