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Canadian Psychedelic Trade Association Backs Senate Report Urging Research into Psychedelic-Assisted Therapy

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Canadian Psychedelic Trade Association Supports Senate Report on Psychedelic-Assisted Therapy Research

The Canadian Psychedelic Trade Association, known as PsyCan, has enthusiastically endorsed a recent report by the Senate of Canada Subcommittee on Veteran Affairs. The report urges federal, provincial, and territorial governments to initiate and fund a large-scale research program focused on psychedelic-assisted therapy. The report, titled "The Time is Now: Granting Equitable Access to Psychedelic-Assisted Therapies," recommends the immediate implementation of a robust research program, with funding from Veterans Affairs Canada (VAC) and the Department of National Defence (DND), in collaboration with Health Canada, the Canadian Institutes of Health Research (CIHR), and other relevant partners. The report highlights the efficacy and safety of psychedelic drugs in clinical trials for various mental health conditions, including Anxiety, Major Depressive Disorder (MDD), Treatment Resistant Depression (TRD), Alcohol Use Disorder (AUD), Tobacco Use Disorder (TUD), Post-Traumatic Stress Disorder (PTSD), and Opioid Use Disorder (OUD). Results from these trials have shown that psychedelic-assisted therapies can be more effective and faster-acting than current treatments. However, funding for clinical trials exploring the medical applications of psychedelic drugs has been limited, with most trials relying on charitable donations or self-funding by companies. PsyCan has been advocating for government funding into psychedelic-assisted therapy and publicly funded research. The association previously called for $50 million in funding over five years through the Canadian Institutes of Health Research. PsyCan fully supports the Senate report and urges the Government of Canada, including Health Canada and Veterans Affairs Canada, to swiftly implement its recommendations. The report emphasizes the need for immediate action to provide safe and effective treatments for mental health and chronic pain conditions, particularly for veterans and other critically or chronically ill Canadians. The endorsement of the Senate report comes at a time when psychedelic medicine and therapy are gaining recognition for their potential. Earlier this year, the Government of Canada allocated $3 million to study psychedelic-assisted psychotherapy using psilocybin through the Canadian Institutes of Health Research. While this initial investment demonstrates Canada's commitment to the science of psychedelic medicine, PsyCan's request for $50 million over five years would enable further grants for clinical investigations and research institutions. PsyCan is the not-for-profit trade association representing legally operating psychedelic medicine and therapy companies in Canada. The association is dedicated to advancing government regulation, scientific research, and the specific needs of the growing sector. Its member companies encompass research, development, manufacturing, and clinic operations. PsyCan's endorsement of the Senate report reflects its commitment to accelerating research and ensuring safe and legal access to psychedelic therapies for those in need. The endorsement by the Canadian Psychedelic Trade Association (PsyCan) of the recent Senate report advocating for psychedelic-assisted therapy research could have a significant impact on new businesses in the field. The report, which calls for a well-funded, large-scale research program, could pave the way for a surge in innovation and development within the sector. New businesses could benefit from the increased funding and attention, potentially leading to breakthroughs in treatments for a variety of mental health conditions. The report's emphasis on the efficacy and speed of psychedelic-assisted therapies over traditional treatments could also lead to a shift in public perception and acceptance of these therapies, further boosting the market. However, the current reliance on charitable donations and self-funding for clinical trials presents a challenge. PsyCan's call for $50 million in funding over five years is a bold move that, if successful, could provide much-needed financial support for startups and research institutions in the sector. The growing recognition of psychedelic medicine's potential, as evidenced by the Government of Canada's recent $3 million investment, suggests a promising future for new businesses in this field.
Story First Published at: https://financialpost.com/globe-newswire/canadian-psychedelic-trade-association-endorses-senate-report-calling-for-research-into-psychedelic-assisted-therapy
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