Authorised psychiatrists will be allowed to prescribe psilocybin, found in mushrooms, for treatment-resistant depression after July 1.abc.net.au/news/psychedelics-therapies-insurers-suppliers-cannabis-companies/102477606Medicinal cannabis companies are trying to get a foothold in Australia's new psychedelics market, with therapies using MDMA and psilocybin to treat severe mental health conditions permitted from next month.
Several companies involved in Australia's medicinal cannabis industry are investing in the new psychedelics market. Rodney Cocks co-founded Vitura Health, which operates an online platform which distributes medicinal cannabis. Mr Cocks said the plan was for Cortexa to eventually manufacture MDMA and psilocybin under a licence in Australia.
Mr Duffy said his company eventually wanted to produce pharmaceutical-grade psilocybin, from mushrooms, in Australia. HIF will also undertake a health economics study at the clinic to understand the role of insurers in funding these treatments in future. In an announcement to the ASX, Incannex suggested the estimated Australian market for psychedelic-assisted psychotherapy was anticipated to be more than $2 billion per annum, and globally, closer to $60 billion.