Earlier this week we had COO Damon Michaels at The Dales Report to discuss some of the recent news that’s come out for Mydecine (NEO: MYCO) (OTCMKTS: MYCOF). Continuing on with his interview, Michaels tells us about the addressable market for PTSD, how quickly the industry for psychedelics is moving, and how big pharma may get involved.
This is part two of the interview – you can catch the first part here. Here are some of the highlights.
Michaels says that psychedelics usage for PTSD market may grow rapidly, doesn’t just have to be for veterans
Michaels says that “we’re very familiar with it in the veteran community,” but PTSD can stem from a lot of things. Another way of describing PTSD is moral injury. It could happen to first responders, victims in car accidents, and other situations. There’s a lot of things that spark PTSD, he says, and the depressive trauma that prevents people from living their life.
Not only is Michaels hoping that psychedelics become a normalized treatment for the veteran community, hopes it becomes a protocol for others, too.
Texas Senate considering a bill to study the effectiveness of psychedelics in therapy – exciting news, says Michaels
Michaels acknowledges it’s not exactly surprising, but the news that Texas is considering permitting trials with psychedelics on PTSD is exciting. This is going to help pave the way and show that even people in government are starting to accept that psychedelics might be an acceptable way to treat people, he says.
Psychedelics industry moving 6-7x as fast as cannabis
In an interview The Dales Report had with Rob Roscow, the CSO of Mydecine, Roscow said that that psychedelics were moving through the legislation process 6 to 7 times as quickly; Michaels agrees this does seem to be the case.
The cannabis industry would have moved a lot faster if it started with scientific data the way that the psychedelics industry is doing, Michaels says. Instead of beginning as a recreational product for years before research happens, many places are doing studies and finding the medicinal value of psychedelics like psylocibin right off the bat.
Many universities such as John Hopkins, NYU, and Imperial College London have all already published “amazing studies” on that prove efficacy, safety and value of psychedelics, says Michaels. He predicts that once it becomes normalized in government, the medical community will very quickly see what he calls “a renaissance” and that big pharma will begin to adapt these medicines and protocols – because they work.