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Tuesday, May 30, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Incannex Healthcare to launch psychedelic clinic in Melbourne

The first clinic is set to open in the third quarter of 2023

Incannex Healthcare to launch psychedelic clinic in Melbourne
Abbotsford, Melbourne. Photo via Mapcarta.

Incannex Healthcare Ltd. (Nasdaq: IXHL) (ASX: IHL) is positioning itself to be at the forefront of Australia’s emerging psychedelic therapy industry.

The Melbourne-based company announced Wednesday that its subsidiary, Clarion Clinics Group Pty Ltd., has signed a lease for a clinic located in riverfront premises in Abbotsford, Melbourne.

The space will be used to provide psychedelic-assisted psychotherapy. Renovations and commissioning of the premises will begin shortly and are expected to be complete in August 2023 and the clinic is expected to open shortly thereafter.

The clinic is designed as a prototype that can be scaled up and replicated in other locations. It will have the capacity to treat more than 600 patients per year during normal business hours and substantially more with extended hours.

Incannex has ordered an initial supply of psilocybin and MDMA to facilitate the start of clinical operations. Last April it announced a purchase order for PharmAla Biotech Holdings Inc (CSE: MDMA)’s psilocybin and MDMA.

Read more: Incannex orders psilocybin and MDMA from PharmAla Biotech
Read more: PharmAla Biotech and Vitura Health form joint psychedelics venture in Australia

“The initial clinic is a pioneering venture that will implement best practice in psychedelic treatment and aims to positively impact the lives of many people suffering with intractable mental health conditions,” said Peter Widdows, director of Incannex’s psychedelic clinics business.

“It alone is a substantial business opportunity and has the potential to expand into a very sizable venture.”

Widdows said the estimated Australian market for psychedelic-assisted psychotherapy is anticipated to be more than $2 billion per year. The global market is estimated to be closer to $60 billion.

“Clarion Clinics will be the first dedicated psychedelic-assisted psychotherapy business in Australia,” said Joel Latham, CEO of Incannex. “We’re delighted to be at the forefront of an industry that has the potential to change the lives of thousands of people.”

Clarion Clinics Group, through Incannex, plans to open multiple psychedelic-assisted psychotherapy clinics in Australia and overseas. The first clinic is set to open in Melbourne in the third quarter of 2023.


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