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Friday, May 24, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Psychedelics

Oregon authorities give Kaya Holdings license for psilocybin treatment clinic

Magic mushroom therapy with a designated facilitator has been legal in the state since 2020

Portland authorities give Kaya Holdings license for new psilocybin treatment facility
Portland's Sacred Mushroom treatment facility. Photo credit: Kaya Holdings

Kaya Holdings, Inc. (OTCQB: KAYS), a multinational psychedelics and medical cannabis outfit, received an operating license for its expansive new psilocybin treatment centre in Portland, Oregon.

The company announced Tuesday that The Sacred Mushroom would begin providing fungi-assisted therapy to guests within the next 30 days. It will be run by the company’s subsidiary Fifth Dimension Therapeutics.

“The introduction of legal psilocybin treatments in Oregon marks the beginning of perhaps the most disruptive force in the mental health sector, transforming treatment protocol and redirecting resources,” chief executive Craig Frank said. Psilocybin therapy became legal within the state in the fall of 2020 before clinics started opening their doors last summer.

The downtown Portland facility spans 11,000 square feet. It features an indoor garden, a “Microdosing Cafe,” areas where yoga and other activities can be practised and private rooms. The company will be cultivating psilocybin mushrooms on-site.

Kaya says that synthetic psilocybin drugs developed by companies like COMPASS Pathways plc (Nasdaq: CMPS), ATAI Life Sciences NV (Nasdaq: ATAI) and Cybin Inc. (NYSE American: CYBN) will eventually become available at the facility.

Oregon authorities give Kaya Holdings license for psilocybin treatment clinic

The Sacred Mushroom sits on the top floor of Portland’s Falcon Building. Photo credit: Kaya Holdings

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

Read more: DEA permits Arizona church to import ayahuasca for religious purposes

Over 20 facilities now licensed in Oregon

Kaya’s is not the first, but the company is one of the first public operators in the U.S. to open a certified psychedelic treatment centre of this variety. Oregon is the first state to ever legalize the therapeutic usage of magic mushrooms.

The Oregon Health Authority has licensed over 200 facilitators to provide psilocybin therapy sessions.

California aims to follow Oregon’s example in the near future. The state introduced a bill in March that would permit regulated psychedelic therapies involving substances like psilocybin, MDMA and mescaline.

“We know psychedelic therapy saves lives and safe and controlled access to these innovative treatments will be transformative for so many Californians seeking relief from mental health and addiction challenges,” Senator Scott Weiner, the man who introduced the bill, said last month.

 

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