Global Psychedelic Therapeutics Market Expected to Reach $8-10 Billion by 2028.
FT. LAUDERDALE, FL / ACCESSWIRE / August 3, 2022 / Kaya Holdings, Inc., (‘KAYS’ or the ‘Company’) (OTCQB:KAYS), the first U.S. publicly traded company to hold and operate cannabis licenses in all ‘touch the plant’ categories, announced today that it has initiated the process to seek the requisite licenses for psilocybin manufacturing and facilitation service centers in Oregon.
In November 2020 Oregon became the first state in the United States to legalize and license the supervised use of psychedelic therapeutics for treatment of a range of physical and mental health issues. The Oregon Health Authority (‘OHA’) is expected to begin issuing licenses in January 2023. The OHA also launched Oregon’s medical cannabis program in 2014, giving KAYS critical experience in comprehending and complying with OHA mandates.
The psilocybin opportunity is a logical extension for Kaya Holdings,’ commented Craig Frank, KAYS CEO. ‘The purpose, customer, regulations, and operations, as well as our familiarity with Oregon regulators, are synergistic with our current mission, and can be leveraged within our current operational infrastructure. We anticipate being able to respond to market demand rapidly, upon licensing.’
Psilocybin, a naturally occurring compound found in ‘magic mushrooms,’ is one of an emerging class of psychedelic medicines that contain potent psychoactive chemicals that can serve to affect human perception, emotions, and other cognitive functions. Psychedelic medicines have been found to have ground-breaking potential in treating a range physical and mental disorders including anxiety and panic disorder, resistant depression, opiate addiction, adult attention deficit hyperactivity disorder (‘ADHD’), opioid addiction, post-traumatic stress disorder (‘PTSD’), and acute and chronic pain.
A 2020 study in the Journal of the American Medical Association Psychiatry found that 71% of the patients with severe, previously treatment-resistant depression, showed ‘clinically significant improvement’ that lasted at least four weeks and with ‘low potential’ for addiction. Speaking on the study one of the study’s co-authors, Alan Davis, a neuroscience researcher at Ohio State University and adjunct professor at the Johns Hopkins Center for Psychedelic and Consciousness Research stated, ‘I would say at this stage the research is showing that in safe settings, this provides relief from debilitating mental health problems for some people.’