Challenges Facing European Psychedelics Industry
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Posted On: 04/28/2023 5:36:32 PM
Challenges Facing European Psychedelics Industry
Psychedelics are hallucinogenic drugs that induce temporary alterations in mood, perception and mental processes in an individual when ingested. These drugs can occur naturally, such as psilocybin, or be manufactured in a lab, such as LSD, which was first synthesized by Albert Hoffman in 1938.
Before psychedelics were classified under Schedule 1 of the 1971 UN Convention on Psychotropic Drugs, the drugs were used to manage various symptoms and psychiatric issues. This classification was brought on mainly by the growing hostility of sociopolitical views regarding the use of drugs as well as the covert and unethical use of said drugs.
Substances under schedule 1 are said to have limited or no medicinal value and cannot be administered by registered practitioners without appropriate approval.
Despite this setback, which restricts access, interest in the therapeutic potential of psychedelics has grown significantly these last few years. Different studies have shown that the substances may be useful in the treatment of a range of mental health ailments, including anxiety, depression, substance use disorder and PTSD, among many other conditions.
While psychedelic treatments may be an exciting frontier in mental health, there are regulatory and legal hurdles that may inhibit this industry’s growth. For starters, researchers wishing to study substances under Schedule 1 need approval from the government, which hinders scientific research as well as commercial development.
The different approaches to drug criminalization in Europe as a result of the leeway allowed by the Convention on Psychotropic Drugs is also an issue, because it makes it hard to ensure the law is being observed.
There are also calls to recategorize psychedelics under the convention following the United Nation’s reclassification of marijuana.
Additionally, psychedelic firms are required to acquire regulatory approvals where they intend to conduct studies or market their products. On their applications, psychedelic companies must show that any possible risks are dwarfed by the medicinal benefits of their products.
All things considered, however, Europe has been making progress on the psychedelic front with a few trials being conducted. It still lags behind in the way it is handling this field in comparison to other countries, such as the United States, which recently opted to fast-track the use of psilocybin to treat depression. Some states in Canada and the United States have also decriminalized or legalized the use of psilocybin mushrooms.
Furthermore, Australia recategorized psilocybin to allow the drug to be used to manage treatment-resistant depression by qualified practitioners and MDMA to treat post-traumatic stress disorder.
These changing laws in different jurisdictions could help startups such as Delic Holdings Corp. (CSE: DELC) (OTCQB: DELCF) grow their footprint faster as enabling laws are passed and implemented.
NOTE TO INVESTORS: The latest news and updates relating to Delic Holdings Corp. (CSE: DELC) (OTCQB: DELCF) are available in the company’s newsroom at https://ibn.fm/DELCF
Please see full terms of use and disclaimers on the PsychedelicNewsWire website applicable to all content provided by PNW, wherever published or re-published: https://www.PsychedelicNewsWire.com/Disclaimer
Psychedelics are hallucinogenic drugs that induce temporary alterations in mood, perception and mental processes in an individual when ingested. These drugs can occur naturally, such as psilocybin, or be manufactured in a lab, such as LSD, which was first synthesized by Albert Hoffman in 1938.
Before psychedelics were classified under Schedule 1 of the 1971 UN Convention on Psychotropic Drugs, the drugs were used to manage various symptoms and psychiatric issues. This classification was brought on mainly by the growing hostility of sociopolitical views regarding the use of drugs as well as the covert and unethical use of said drugs.
Substances under schedule 1 are said to have limited or no medicinal value and cannot be administered by registered practitioners without appropriate approval.
Despite this setback, which restricts access, interest in the therapeutic potential of psychedelics has grown significantly these last few years. Different studies have shown that the substances may be useful in the treatment of a range of mental health ailments, including anxiety, depression, substance use disorder and PTSD, among many other conditions.
While psychedelic treatments may be an exciting frontier in mental health, there are regulatory and legal hurdles that may inhibit this industry’s growth. For starters, researchers wishing to study substances under Schedule 1 need approval from the government, which hinders scientific research as well as commercial development.
The different approaches to drug criminalization in Europe as a result of the leeway allowed by the Convention on Psychotropic Drugs is also an issue, because it makes it hard to ensure the law is being observed.
There are also calls to recategorize psychedelics under the convention following the United Nation’s reclassification of marijuana.
Additionally, psychedelic firms are required to acquire regulatory approvals where they intend to conduct studies or market their products. On their applications, psychedelic companies must show that any possible risks are dwarfed by the medicinal benefits of their products.
All things considered, however, Europe has been making progress on the psychedelic front with a few trials being conducted. It still lags behind in the way it is handling this field in comparison to other countries, such as the United States, which recently opted to fast-track the use of psilocybin to treat depression. Some states in Canada and the United States have also decriminalized or legalized the use of psilocybin mushrooms.
Furthermore, Australia recategorized psilocybin to allow the drug to be used to manage treatment-resistant depression by qualified practitioners and MDMA to treat post-traumatic stress disorder.
These changing laws in different jurisdictions could help startups such as Delic Holdings Corp. (CSE: DELC) (OTCQB: DELCF) grow their footprint faster as enabling laws are passed and implemented.
NOTE TO INVESTORS: The latest news and updates relating to Delic Holdings Corp. (CSE: DELC) (OTCQB: DELCF) are available in the company’s newsroom at https://ibn.fm/DELCF
Please see full terms of use and disclaimers on the PsychedelicNewsWire website applicable to all content provided by PNW, wherever published or re-published: https://www.PsychedelicNewsWire.com/Disclaimer
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