Creso Pharma Ltd (ASX:CPH, OTCQB:COPHF) subsidiary Halucenex Life Sciences Inc has been invited by Health Canada to become a potential supplier of psychedelics like psilocybin under the new Special Access Program (SAP) in Canada, unlocking potential revenue-generating opportunities.
The SAP announced on January 5, 2022, creates a framework of regulatory changes that allow medical professionals to request access to previously restricted drugs such as psilocybin for emergency treatment purposes.
This regulatory shift marks a distinct change in direction compared to the 2013 decision by Health Canada to ban the use of psychedelic substances, an opportunity Creso and its wholly-owned subsidiary intend to take full advantage of.
The SAP approval process for Halucenex is now progressing, with a range of data to support the safety and efficacy of its good manufacturing practice (GMP) grade psilocybin provided for Canada Health’s assessment.
Simultaneously, Halucenex is advancing discussions with medical professionals and clinics and leveraging established relationships to prepare for potential supply agreements.
“Strong upward trajectory”
Halucenex founder and CEO Bill Fleming said: “Psychedelic medicines remain on a strong upward trajectory for both research and compassionate use purposes and this recent shift from Health Canada shows the potential direction towards more liberal policies as public demand increases.
“Halucenex is well-positioned to capitalise as a supplier to the SAP upon regulatory approval. If successful in the application process, Halucenex has a large supply of GMP grade, synthetic psilocybin which can be sold to doctors and patients.
“Further, we continue to work through growing protocols for botanical psilocybin, which can also be supplied in the future.
“Post-approval, we anticipate a number of revenue-generating opportunities to materialise as Halucenex progresses its transition to a leading drug development and supply company.”
Access to the PTSD therapeutic sector is potentially a major market opportunity for Creso, with the sector expected to grow to US$10.5 billion in value by 2025.
About Creso Pharma
Creso Pharma plans to bring the best of cannabis to better the lives of people and animals through its pharmaceutical expertise.
The company uses GMP (Good Manufacturing Practice) compliant development and manufacturing standards for its products as a reference for quality excellence with initial product registrations in Switzerland.