Australia has made history by importing its first shipment of psychedelics specifically intended for use outside of clinical trials.
On Tuesday, PharmAla Biotech Holdings Inc. (CSE: MDMA) (OTC: PMBHF) announced that it had delivered a package of psilocybin and MDMA to its joint venture (JV) partner based in the country Vitura Health Limited (ASX: VIT).
PharmAla says this is the first time that psychedelic molecules have been imported to the country to be used specifically under its Authorized Prescriber Scheme enacted in July this year. Physicians in the country can now subscribe the psychedelics for treatment of certain conditions.
“As PharmAla’s JV partner in Cortexa, we at Vitura Health are proud to continue to lead the industry in the provision of both of GMP grade psilocybin and MDMA, which will be used in treating patients as soon as possible,” said Vitura’s CEO Rodney Cocks.
For the Cortexa 50:50 JV, PharmAla says it has provided Vitura with intellectual property needed for domestic production of the psychedelics in Australia. This will enable Vitura to be self-sufficient in production of the molecules rather than relying on imports.
The JV was established at the beginning of May this year to provide psychedelics to authorized medical practitioners in the country and for clinical trials there.
PharmAla sent a shipment of its LaNeo MDMA to the Australian charity Mind Medicine Australia and the University of Melbourne in August for clinical studies. The psychedelic drug producer also provided the University of Sydney with a quantity of the LaNeo compound for clinical research last year.
The company recently listed its shares on the OTCQB middle-tier venture market, a move intended to attract more trading volume in the United States.
Psilocybin and MDMA have been steadily gaining interest in the medical community throughout the world for their potential to help treat an assortment of conditions and disorders.