Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Empower Clinics Inc (CSE:CBDT) is set to establish a division of psychedelic subsidiaries
  • The company has been conducting research on the industry amid increasing public interest
  • Empower Clinics plans to use its existing clinical network and patient database to boost market entry
  • The U.S. FDA has found that psychedelic medicines may offer greater benefits over existing forms of treatment
  • Empower Clinics Inc (CBST) was up 14.29 per cent, with shares trading for 4 cents

Empower Clinics (CSE:CBST) has revealed its plans to enter the emerging psychedelics industry.

The cannabis-based health and wellness brand has been researching potential medical uses for psilocybin, as well as other psychedelics.

According to the announcement, the company is looking to leverage its existing assets to achieve an immediate market share.

Empower Clinics currently has 165,000 patients, as well as an active product development branch.

Empower Clinics’ Chairman and CEO, Steven McAuley, believes the research could help combat the emerging the mental health crisis around the world.

“Empower is uniquely positioned to immediately impact research, develop new products and bring advancements to plant-based therapies, under a framework of rapidly increasing awareness and a movement toward decriminalisation of psychedelic treatment options,” he said.

Medical studies have shown that psychedelics, in particular psilocybin, could be used to treat number of chronic conditions and illnesses.

Their purported safety and efficacy could make them prime candidates to treat addiction, depression, anxiety and end-of-life distress.

Dustin Klein, Senior Vice President of Business Development at Empower Clinics, considers psilocybin treatment as the company’s logical next step.

“Over the past seven years, we have assisted over one hundred thousand patients obtain access to alternative health care and medicinal cannabis.

“The provision of legal access to psilocybin therapies is perfectly in line with our philosophy of providing a scientific approach to alternative medicine,” Klein said.

Information published by Future Market Insights indicated that the global behavioural health market is set to reach $207 billion by 2028.

Additionally, the US Food and Drug Administration (FDA) determined that psilocybin and other psychedelics may offer significant improvements over traditional forms of treatment.

As a result, the FDA has now designated psilocybin as a “breakthrough therapy” for treatment-resistant depression.

Empower Clinics Inc (CBST) was up 14.29 per cent, with shares trading for 4 cents at 12.31pm EST

More From The Market Herald

" Entourage Health (TSXV:ENTG) and LiUNA Pension Fund close on $15M debt financing

Entourage Health Corp. (ENTG) has successfully closed the second $15 million tranche of its upsized credit facility.

" The Market Herald’s Weekly Cannabis Report – Jan 27, 2023

Luff Enterprises (LUFF) has changed its name to Herbal Dispatch Inc.

" IM Cannabis (CSE:IMCC) closes third tranche of private placement

IM Cannabis (IMCC) has closed a third tranche of its ongoing non-brokered private placement.

" Centurion Minerals (TSXV:CTN) provides corporate update and announces $750K financing

Centurion Minerals (CTN) has outlined the plans for its assets this year and announced a $750,000 private placement.