Pharmadrug Inc. (CSE:BUZZ) is pleased by Germany’s Federal Institute of Drugs and Medical Devices’ approval of a study evaluating Safety and Efficacy of Psilocybin in Treatment-resistant Depression.
First psilocybin study in Germany
This is an important milestone considering it is the first psilocybin depression study in the country in almost five decades. It also serves to show further the growing acceptance toward possible use of psychedelics in treating different ailments. The Germany Government is funding the study which will commence enrolment of patients in January with treatment expected to begin in March 2021.
The approval is a result of two years’ work led by the Central Institute of Mental health Mannheim’s Dr. Gerhard Grunder. The Mannheim team will partner with researchers from the MIND Foundation and Charite Campus Berlin Mitte’s Psychiatry and Psychotherapy Department. Grunder said that the approval of the study is a significant milestone for psychiatry in Germany from which they expect impulses for treatment research and insights into mental illness natures as well as consciousness foundations. The Germany Government, through the Education and Research Ministry, has offered funding for the study over €2 million, which is a huge success itself.
Pharmadrug to leverage market opportunities in Germany
If psilocybin gets approval in Germany for medical purposes, Pharmadrug will be in a better position to leverage possible market opportunities in the adult-use psilocybin operations and medical cannabis business. Pharmadrug currently has a Schedule 1 Narcotics Distribution License enabling it to import narcotics into the country. It also has GMP certification enabling it to allow third-party produce and package narcotics under its brand. The company is also getting ready to roll out a recreational psychedelics model brand currently under piloting in the Dutch market.