Brian Weiss’ Post

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Founder of TickHive Gallery + Business Development Consultant

"Money is pouring into the fledgling #psychedelicmedicine industry, with dozens of startup companies vying to be among the first to sell mind-expanding drugs for #depression#addiction and other #mentalhealth conditions. While #psychedelics are still illegal under federal law, companies are jostling to try and patent key ingredients found in #magicmushrooms, ayahuasca and other substances that have been used underground for decades or — in some cases — for millennia by indigenous cultures. Wall Street’s sudden exuberance for hallucinogens has rankled longtime #advocates and #philanthropists, who dreamed of making low-cost psychedelics widely available for mental health and personal growth. Instead, many now see a very different future for drugs like #psilocybin and #LSD: as expensive, specialty medications controlled by a handful of biotech companies. “It’s disappointing,” said Carey Turnbull, an investor and philanthropist who sits on the board of several psychedelic nonprofits. “All the air is getting sucked out of the room by these for-profit companies who say, ‘Wow, this stuff is awesome, if I could patent it I’d make a fortune.’” Since 2010, Turnbull and his wife have donated millions to fund psychedelic research at New York University, Yale University and other top academic centers. Promising results from those studies have sparked a wave of popular interest in psychedelics, amplified by #books, #documentaries and articles touting their potential to reshape care for mental illness, trauma and end-of-life care. But in recent years, Turnbull has pivoted to challenging what he and other advocates consider frivolous patents filed by companies entering the field. Most psychedelic #startups are backed by venture capitalists or tech investors looking for the next industry “disruptor.” Behind one of the biggest companies, Atai Life Sciences, is PayPal billionaire Peter Thiel, whose enthusiasm for psychedelics is shared by many in #SiliconValley." The Associated Press

As investors pile into psychedelics, idealism gives way to pharma economics

As investors pile into psychedelics, idealism gives way to pharma economics

apnews.com

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