Press Release — Jun 30, 2023
PsyCan — the not-for-profit trade association of Canadian psychedelic medicine and therapy companies — welcomed yesterday’s announcement by the Government of Canada of $3 million to study psychedelic-assisted psychotherapy through the Canadian Institutes of Health Research (CIHR).
Following PsyCan’s submissions and discussions with government officials for such an investment, the funding will support three clinical trials examining the medical use of psilocybin-assisted psychotherapy for the treatment of alcohol use disorder, treatment-resistant depression, and end-of-life psychological distress in advanced-stage cancer patients.
“This initial investment signals Canada’s commitment to the science of psychedelic medicine,” said Nick Kadysh, PsyCan Board Chair and CEO of PharmAla Biotech. “It is in keeping with PsyCan’s funding requests for research through the CIHR and strengthens our country’s leadership role in the clinical investigation of psychedelic compounds.”
“These treatments represent new hope for hundreds of thousands of Canadians living with common yet intractable mental health conditions,” said PsyCan Coordinator Liam Bedard. “Canadian funding will ultimately contribute to a growing body of research establishing the safety and efficacy of psychedelic therapies compared to current front-line approaches.”
Psychedelic drugs span different pharmacological classes of compounds. To date, most clinical trials examining the medical applications of classical psychedelic molecules, such as psilocybin or MDMA, have been paid for by charitable donations or directly self-funded by companies —leaving a significant funding gap. While Canada is a leader in developing these innovative treatments, many barriers remain to patient access, and government must play an active role.
For more information, please contact:
Liam Bedard, PsyCan Coordinator
PsyCan, incorporated as the Psychedelics Businesses Association, is the not-for-profit trade association of legally operating psychedelic medicine and therapy companies. PsyCan is dedicated to working collaboratively to advance government regulation, scientific research, and the specific needs of our sector. Our member companies represent research, development, manufacturing, and clinic operations. At the time of incorporation, PsyCan was the first national-level trade association for the legal psychedelic medicine and therapy sector anywhere in the world.
Liam Bedard, Coordonnateur