Psyence Group Inc (CSE:PSYG) announced the incorporation of a wholly-owned subsidiary Psyence Jamaica Limited and its operational kick-off in the third-largest Caribbean island country in the Greater Antilles.
The Toronto-listed life science biotechnology company is pioneering the use of natural psilocybin to heal psychological trauma and its mental health consequences, especially in palliative care. And, Psyence believes that Jamaica is the right country, and this is “the right time” for a breakthrough in psilocybin research and development.
READ: Psyence is finalizing agreements with partners in Jamaica to develop its natural psilocybin-based formulations
“We are honoured to advance our drug development work in Jamaica and to deepen our scientific relationships with Jamaican academic scientists, clinicians and institutions,” Psyence Chief Scientific Officer Justin Grant said in a statement. “We look forward to further engaging in collaborative research with our Jamaican partners.”
The Psyence Group has been working in Jamaica since its inception in 2019. As a result of its many initiatives in the Caribbean island nation, Psyence Jamaica was established on May 11, 2021. The firm said the move demonstrated the Psyence Group’s “commitment” to the development of “standardized nutraceutical and pharmaceutical psychedelic products in Jamaica for the treatment of psychological traumas.”
The company said that Psyence Jamaica will initially focus on naturally-derived psilocybin for the treatment of patients in a palliative care setting, led by Dr Dingle Spence, an oncologist and palliative care specialist and Psyence Jamaica’s medical advisor, and Dr Amza Ali, the Psyence Group’s global medical director. Dr Ali is a Jamaican neurologist and is a board member of both the Psyence Group and Psyence Jamaica.
Jamaica is known for its plant-based remedies and of the plants scientifically established as having medicinal properties, many are not only in Jamaica but a significant percentage are endemic, said the company. Jamaica is keen to further develop its plant medicine industry. “Given the potential for its indigenous psychedelic mushrooms, Jamaica encourages and facilitates R&D of psilocybin for medicinal use,” noted the company. Thus, Psyence’s new Jamaican entity is poised to support its parent company tap this emerging market, which is expected to reach US$10.75 billion by 2027.
Psyence Jamaica also has a collaboration with LONACAS Inc to ensure compliance on product development, manufacturing and clinical trials. LONACAS is a noted Kingston, Jamaica-based, clinical research company with a track record in clinical, scientific and epidemiological research.
In addition, Psyence Jamaica has an ongoing research collaboration with MycoMeditations, a psilocybin wellness destination experience in Treasure Beach, Jamaica, that includes both retrospective and observational studies of psilocybin-based products.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive