On this newest Trade To Black Podcast, TDR Founder Shadd Dales spoke with Payton Nyquvest, CEO of Numinus Wellness Inc. (TSE: NUMI) (OTCMKTS: NUMIF) about recent groundbreaking events that occurred on the other side of the globe. Specifically, we solicited Payton’s take on Australia’s decision to permit psilocybin and MDMA prescriptions by authorized psychiatrists for the treatment of certain mental health conditions; along with his big picture take on its impact on Numinus and North American mental care policy.
In case you missed it, in the late hours of February 2, Australia’s Therapeutic Goods Administration (TGA) announced that it will permit the prescribing of MDMA for the treatment of post-traumatic stress disorder and psilocybin for treatment-resistant depression. In the TGA’s opinion, both substances demonstrated “sufficient evidence” for potential benefits in certain patients.
With that, Australia becomes among the first nations to authorize these substances—designated as Schedule 1 drugs in many nations—for acute mental health conditions.
Regarding whether the TGA’s decision will expedite similar approvals by regulators in North America, the Numinus CEO answered in the affirmative:
Shadd Dales: Off of last week’s announcement, does this nudge the FDA and others to accept, I guess, this therapy. I mean, do we see timelines shortened and approval made quicker than people are anticipating?
Payton Nyquvest: I think so. And I think it opens up, you know, again, another potential possibility in regards to a regulatory pathway. Australia and Canada have very similar government structures—as I said, I think Health Canada is probably looking at this extremely closely.
Shadd Dales: You believe that?
Payton Nyquvest: I think so. And if you look at, you know, the United States, again, you’ve already got one state that’s legalized psilocybin. You have another one in Colorado that has announced the same. I think the pressure that is going to be on the Fed is going to be massive. And I think that might drive a lot of change…
Regardless of any peripheral effects the TGA’s decision will have in North America, it was a precedent-setting decision that could act as a catalyst for change.
To view our previous interview with Numinus Wellness CEO Payton Nyquvest, click here.