Wellbeing Digital Sciences (NEO:MEDI.AQN, OTCQB:KONEF) and its wholly-owned subsidiary KGK Sciences Inc have announced that they applaud the efforts by the Alberta government to draw up a plan to regulate the administration of psychedelic drugs in anticipation of this growing mental health treatment field.
Alberta's new regulations would require that the administration of psychedelic drugs as an adjunct to psychotherapy take place in licensed facilities, and clinics will be required to apply for a license before treating patients with psychedelic-assisted psychotherapy for mental health disorders.
In addition, a psychiatrist must act as medical director and staff be appropriately qualified and trained.
The regulations are planned to take effect in January 2023.
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"Alberta's new regulations aim to set minimum standards for the safe administration of psychedelic-assisted psychotherapy," said Najla Guthrie, CEO of Wellbeing and KGK Sciences in a statement.
"This is a necessary and progressive step towards the clinical adoption of these ground-breaking treatments and a clear signal of the medical establishment's acceptance of psychedelics as a legitimate therapy.
She continued: “I applaud the goal of the program in providing a treatment standard, however, it's important to recognize that access is still limited by Federal regulations and remain hopeful in further progress being made on that front.
“Hopefully other provinces will now follow Alberta's lead and establish guidelines that may help facilitate expanded access nationally."
Although psychedelic drugs are illegal in Canada, doctors and researchers can apply to Health Canada to use them in clinical trials, get special access for therapy, or seek an exemption that is in the public interest.
Wellbeing Digital is an evidence-based mental healthcare company focused on the development and implementation of innovative clinical treatment solutions, including psychedelic medicine and digital therapeutics, as supported by clinical research.
A subsidiary of Wellbeing Digital, KGK is a leading North American contract research organization based in London, Ontario that primarily provides high-quality clinical research trials with a focus on nutraceutical and emerging health care products.
Contact the author at jon.hopkins@proactiveinvestors.com