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Tuesday, Jun 6, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Lucy Scientific partners with TheraPsil to facilitate patient access to psilocybin

The partnership also enables Lucy to introduce natural psilocybin products into the Canadian market

Lucy Scientific partners with TheraPsil to facilitate patient access to psilocybin
Psilocybin mushroom capsules. Photo via TheraPsil

Lucy Scientific Discovery Inc. (NASDAQ: LSDI) and the non-profit TheraPsil have partnered to streamline access to medical psilocybin in Canada.

The partnership was announced Thursday and will involve offering compassionate care with psychedelic-assisted therapy while collecting live data to support research. It will enable Lucy to introduce natural psilocybin products into the Canadian market, gain early consumer feedback and build recognition in the country.

Lucy is a psychedelics producer with a controlled drug and substances dealers license granted by Health Canada. Its subsidiary LSDI Manufacturing Inc. is able to develop, sell, deliver, and manufacture pharmaceutical-grade active pharmaceutical ingredients (APIs) used in controlled substances.

“We are thrilled to collaborate with TheraPsil, as it provides us with a unique opportunity to bring natural psilocybin products to market in Canada,” Lucy Scientific CEO Chris McElvany said.

“By leveraging TheraPsil’s expertise and our shared commitment to patient well-being, we aim to gain valuable insights, build brand recognition, and positively impact the lives of individuals seeking alternative therapies.”

Read more: Lucy Scientific and Wesana Health partner to develop CBD and psilocybin-based drug

Read more: Lucy Scientific Discovery applies for Health Canada approval to produce cocaine and heroin

TheraPsil is a non-profit that advocates for legal access to psilocybin for medical purposes. The organization launched Project Solace which aims to streamline psilocybin access via the Special Access Program which allows doctors to prescribe prohibited or scheduled substances not available in Canada when no other treatment has worked.

“Canadians are in urgent need of compassionate access to psilocybin,” said TheraPsil CEO Spencer Hawkswell.

“Having Lucy join the project is going to help thousands of patients connect with doctors and therapists who will be able to support their SAP exemptions to help them access psilocybin,” he added.

Lucy Scientific stock went up by 7.53 per cent on Thursday to US$1 on the Nasdaq stock exchange.


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