Victoria British Columbia’s Lucy Scientific Discovery Inc. (NASDAQ: LSDI) announced on Thursday it has filed an application to amend its current dealers license with Health Canada so it can manufacture heroin and cocaine.
The move is intended to reduce harm from low-grade drugs that have been cut with other substances, particularly fentanyl, and to offer a safe supply to harm reduction programs globally.
Lucy is an early stage company primarily concerned with the production of psychedelic drugs for research purposes including MDMA, mescaline, DMT and psilocybin.
The news follows the Government of B.C. announcing it would be decriminalizing the possession of small amounts of opioids, cocaine and methamphetamine — legislation that came into effect on January 31.
Lucy also celebrated its initial public offering yesterday by ringing the Nasdaq Exchange’s closing bell at Times Square in New York City.
👋 Meet Lucy Scientific Discovery, a mind science company.
Joining us for the @NasdaqExchange Closing Bell, $LSDI seeks to become the premiere manufacturing and research development organization in the emerging psychotropics-based medicines industry. #NasdaqListed pic.twitter.com/6vxqehpjXB
— Nasdaq Exchange (@NasdaqExchange) February 16, 2023
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Lucy says it’s time to admit that the failed war on drugs has caused unneeded suffering on a global scale and that harm reduction programs with properly manufactured drugs will benefit society in the long term and save lives.
“We look forward to a time when Lucy can safely supply harm reduction programs globally, aiming to reduce lethal and or negative consequences associated with adulterated drug supply, particularly considering that fentanyl overdose is the leading cause of deaths among 18 to 45-year-olds in the United States,” said Chris McElvany, CEO of Lucy.
According to the B.C. government’s Public Safety and Solicitor General Mike Farnworth, over 1,600 people died from overdoses linked to illicit drug use in the province within the first nine months of last year — particularly opioids. The majority of them were from Vancouver, Surrey and the greater Victoria area.
Fentanyl is a synthetic opioid that is 50-100 times stronger than morphine, according to the United States Drug Enforcement Administration. Many who purchase drugs like cocaine or heroin from illegal sources are unknowingly buying fentanyl-laced merchandise that can often be fatal.
Approximately 52.5 per cent of all fatal drug overdoses in members of the United States military between 2017-2021 were attributed to fentanyl, according to data from the U.S. Department of Defense.
It is currently uncertain when or if Lucy will receive approval from Health Canada to manufacture cocaine and heroin.
Lucy’s stock value dropped by 7.64 per cent today to US$2.90 on the Nasdaq Exchange.