Press Release: This is the FIRST Public Psychedelics Company to Notch a Patent for Extracting Natural Psilocybin

CANNANNEW REPORT

Psychedelics are quickly emerging as alternative methods of treatment for mental illnesses and neurodegenerative conditions — particularly in countries such as Canada. Although the overarching market is still relatively new, much like the cannabis boom a few years ago the psychedelics space is growing at an unprecedented rate. Over the next several years, the psychedelics industry is expected to grow at a compound annual growth rate of 16.3 per cent to reach US$6.86 billion in 2027, up significantly from $2.07 billion in 2019. Contributing to market growth will be an increase in the drug’s usage in treating major depressive disorders, treatment-resistant depression, panic disorders, post-traumatic stress disorder and opiate addictions among others. What’s more, over the coming years psychedelics will continue to gain acceptance for treating these conditions which will also contribute to that market growth. In comes companies like Filament Health Corp. (NEO:FH, Forum), an exclusively natural psychedelic drug development company. Based out of Vancouver, BC Filament Health aims to treat mental health conditions through the discovery and delivery of pure natural psychedelic medicines. To support its mission, the company has a robust portfolio of extraction and purification methods, a botanical extraction management team, a Health Canada psilocybin Dealer’s License, and in-house GMP manufacturing capabilities. On August 3, the company notched a significant milestone to its belt by being the first publicly traded company to be issued a patent for the extraction of natural psilocybin. Filament Health notches patent In a press release, the patent, which was issued by the Canadian Intellectual Property Office, is for the extraction and standardization of natural psilocybin and related psychoactive compounds. Additionally, the technology backed by the patent will be essential for transforming variable psychedelic raw materials into pharmaceutical-grade standardized extracts. Filament Health has been developing the technology in order to extract and standardize a stable…

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Source : Press Release: This is the FIRST Public Psychedelics Company to Notch a Patent for Extracting Natural Psilocybin

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