Press Release: Canadian Psychedelic Trade Association Endorses Senate Report Calling for Research into Psychedelic-Assisted Therapy

OTTAWA, Nov. 08, 2023 (GLOBE NEWSWIRE) — PsyCan — the not-for-profit trade association of legally-operating Canadian psychedelic companies — enthusiastically endorses a new report by the Senate of Canada Subcommittee on Veteran Affairs urging federal, provincial, and territorial governments to launch and fund a large-scale research program into psychedelic-assisted therapy.

The subcommittee’s report — The Time is Now: Granting Equitable Access to Psychedelic-Assisted Therapies — recommends the immediate implementation of a robust research program for treating mental disorders and other conditions — funded by Veterans Affairs Canada (VAC) and the Department of National Defence (DND) and in partnership with Health Canada, the Canadian Institutes of Health Research (CIHR), and other relevant partners.

Numerous landmark scientific articles demonstrate the efficacy and safety of psychedelic drugs in clinical trials in mental health conditions such as Anxiety, Major Depressive Disorder (MDD), Treatment Resistant Depression (TRD), Alcohol Use Disorder (AUD), Tobacco Use Disorder (TUD), Post-Traumatic Stress Disorder (PTSD), and Opioid Use Disorder (OUD). Results from most trials show psychedelic-assisted therapies can be more effective and faster than current treatments.1

However, clinical trials examining the medical applications of psychedelic drugs, such as psilocybin or MDMA, have been largely 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.

“This report echoes our calls for government funding into psychedelic-assisted therapy,” said PharmAla Biotech CEO and PsyCan Chair Nick Kadysh. “Our association has been relentlessly highlighting the vital importance of publicly funded research into psychedelic medicine and therapy in conversations with Veterans Affairs Canada, Health Canada, and Members of Parliament from all parties.”

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