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Thursday, Jul 25, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Psychedelics

Optimi Health gets psychedelics import permit for Mind Medicine Australia shipment

BC’s mushroom expert got an MDMA export permit for shipments to Israel this month too

Optimi Health obtains psychedelics import permit from Mind Medicine Australia
Psilocybin mushrooms grown at Optimi's facility in Princeton, BC. Photo: Rowan Dunne

British Columbia’s psychedelics and natural health products company Optimi Health Corp. (CSE: OPTI) has been making significant progress toward achieving its international distribution goals.

This week, the company obtained a permit to send MDMA and psilocybin capsules to the non-profit charity organization Mind Medicine Australia. The drug developer has had a partnership with the outfit since early last year when they wrote up a distribution agreement. Australia’s charity in discussion legally dosed patients in the country with psychedelic drugs, outside of clinical trials, for the first time in over 50 years in January.

Australia’s Authorized Prescriber Scheme, which came into force last July, has enabled physicians to prescribe it to patients suffering from certain mental health conditions. The first legal psychedelic therapy clinic, run by Incannex Healthcare Inc (Nasdaq: IXHL), subsequently opened in early 2024. As of now, 10 authorized prescribers of psychedelic drugs operate within the nation.

“This initial export will fulfil early demand from authorized prescribers in Australia and is a significant milestone that our shareholders should take immense pride in,” Founder JJ Wilson said.

Optimi is currently preparing to send 160 doses of the drugs to start with and has not specified when they will be shipped. An export permit is still required and the company’s application for it is currently pending.

“We are excited to be on this journey with Optimi of helping Australians suffering from major mental illnesses gain access to these transformative therapies,” Mind Medicine Australia’s Chair Peter Hunt said.

Health Canada provided Optimi with an export permit for MDMA shipments to Tel Aviv University earlier this month as well. The Israeli school’s Institute for Psychedelic Research will use the drug for studies aimed at treating alcohol use disorder.

Read more: Oregon authorities give Kaya Holdings license for psilocybin treatment clinic

Read more: U.S. invests millions in psychedelics research to treat chronic pain in older adults

Optimi closes C$1.5M financing; initiates supply deal with ATMA Journey Centers

On Friday, the company closed the third and final tranche of a substantial private placement to help fund its activities. Optimi’s stock has performed well so far this year, rising by over 43 per cent since Jan. 1.

On another note, the mushroom cultivator recently initiated a psilocybin supply agreement with Alberta’s ATMA Journey Centers. A binding/definitive deal will be finalized in July.

“This collaboration underscores ATMA’s commitment to therapeutic advancement and highlights Optimi’s supply advantage, solidifying the alliance’s position at the forefront of psychedelic therapy innovation,” the companies said in a joint statement on May 22.

2024 has yielded some interesting research from reputable organizations on the therapeutic value of psychedelics like psilocybin. Today, the American Psychological Association released an extensive report discussing benefits of the mushroom compound and other drugs for treatment-resistant mental health disorders.

 

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