Little Green Pharma Ltd (ASX:LGP) has been granted a Schedule 9 licence from the Western Australia Department of Health for the supply of psilocybin that is used in treating addiction, depression, anxiety and post-traumatic stress disorder (PTSD).
The licence grants the company the right to supply psilocybin to eligible holders under the Medicines and Poisons Act 2014 (WA).
This is a key element in LGP’s entry into the burgeoning international field of psychedelic drugs, used to treat mental illness.
Special purpose subsidiary
Little Green Pharma (LGP) has established a special purpose subsidiary to conduct its Psychedelic business with Shaun Duffy as CEO.
Classified as a Schedule 9 drug, psilocybin induces a psychedelic state through its action on the brain’s 5HT-2A serotonin receptors and when combined with psychotherapy, is the subject of extensive global research for the treatment of mental illness.
The treatment program is known as ‘Psychedelic-assisted psychotherapy’ and is being applied to various mental health conditions including depression, PTSD and anxiety.
“Fit with long-term stated goals”
LGP managing director Fleta Solomon said: “The field of psychedelics is a logical fit with our long-term stated goals of solving real patient problems and transforming their lives.
“We have developed so much experience over the years through the cannabis industry and we genuinely believe we can now bring that to bear on the development of the psychedelics field in Australia.
“The existing investment in our West Australian cannabis cultivation and manufacturing facility means we can meaningfully enter the field with minimal incremental capital spend.”
The company has been extensively investigating global developments in psychedelic medicine and the special-purpose subsidiary has been actively following evolving regulatory and policy environment in Australia.
In April this year, the company appointed Shaun Duffy as the subsidiary’s CEO and has been vigorously advancing LGP’s strategy in this space.
Duffy is a former senior managing director with FTI Consulting and the head of that firm’s Australian strategic communications practice and a member of its Australian Leadership Group.
He has also been involved in providing strategic consultancy and corporate advisory services to LGP since 2020.
Clears a major hurdle
According to the company, the grant of a Schedule 9 licence for psilocybin clears a major hurdle for LGP to enter this field.
The company has an extensive history producing and managing Schedule 9 drugs through its current cannabis operations and now plans to leverage its existing investment in cultivation and drug manufacturing infrastructure in Western Australia in cultivating psilocybin mushrooms for use in medical research.
The company is engaged in extending its GMP licence to cover psilocybin manufacture.
Sponsoring research
LGP is also deeply engaged with the West Australian medical research community and is planning to sponsor a ground-breaking Perth-based clinical trial into psilocybin assisted psychotherapy.
Besides this Dr Stephen Bright, a prominent and highly respected voice in the field of psychedelic medicine, has joined the LGP subsidiary’s clinical advisory board as its founding member.
He is also the co-founder and vice president of PRISM, an entity dedicated to the advancement of psychedelic research, and is working as a senior lecturer in addiction at Edith Cowan University.