Shroom Shmooz
From ancient rituals to modern medicine. Psilocybin is a natural psychedelic compound contained in more than 200 species of (magic) mushrooms that grow in diverse natural environments worldwide, from humid tropical forests to grassy meadows to urban green spaces. Psilocybin has a long history of use in religious rituals and divinatory ceremonies of indigenous cultures going back millennia, but in more modern times has attracted a growing interest from modern medicine for its potential therapeutic effects on the neural pathways. The properties of psilocybin and its active form psilocin closely resemble serotonin. Serotonin, a neurotransmitter, binds with 5-hydroxytryptamine (5-HT) receptors to influence CNS functions such as mood and memory and regulates multiple other critical biological functions. Psilocybin mainly binds to the 5-HT2A receptor, which triggers all the changes in neural circuitry that promote improvements in mood and relief in compulsive behaviors. A bifurcated regulatory landscape. While psilocybin remains a Schedule I substance and is not expected to be rescheduled before 2026 at the earliest, no other banned psychedelic substance has seen more of a grassroots effort to push it toward legalization than psilocybin. Two states, Oregon and Colorado, recently legalized supervised use of psilocybin, with several other states considering legislation to allow regulated access. High clinical research interest. Psilocybin-focused trials make up 60% of active clinical trials that are investigating Schedule I psychedelic substances for treatments of various mental health disorders. The leading focus of the psilocybin studies is for major depression. There are currently three psilocybin-based therapy programs targeting the treatment of depression that are in or preparing for Phase III clinical trials. The most advanced of these, Compass Pathways’ COMP360 candidate for treatment-resistant depression (TRD), could be on the market by 2026. Leading publicly traded psilocybin plays. In terms of the most direct therapeutic psilocybin plays, at the tip of the spear are UK-based Compass Pathways (NASDAQ: CMPS) and Canada’s Cybin (NASDAQ: CYBN), which are leading the drug development effort. Filament Health (CBOE CA: FH/OTCQB: FLHLF), with a psilocybin drug formulation currently authorized for investigation in 30 clinical trials worldwide for 13 indications, offers investors unique exposure to naturally derived psilocybin-based therapeutics.
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