In May of this year, Senate Bill 519 successfully passed in the California State Senate. The bill, if made into law, will legalize many psychedelic substances for adults over the age of 21 including psilocybin as well as expunge prior criminal offenses for use and possession of these substances.
Bill Fleming, founder and CEO of Halucenex, considers this to be a sign of “shifting acceptance” of the use of psychedelic substances as an alternative treatment option for every-day and life-altering mental health issues.
Because of this legal breakthrough, Halucenex is seeking to accelerate their market entry strategy in California. The company is partnering with HeteroGeneity, a Washington, DC-based consultancy and scientific management organization, with hopes to get their botanical psilocybin products on the California market as soon as possible.
Creso Pharma, an Australian pharmaceutical company, paid $10.3 million in an acquisition of Halucenex earlier this year making it the first psychedelic medicine company listed on the Australian stock market. Fleming is optimistic about the strengths Creso brings to the table and the huge advantage of being the first players in what is expected to be a huge market.
According to Johnson & Johnson, one third of adults who suffer from major depressive disorders do not respond at all to currently offered treatments. This, on top of the fact that many individuals are unable or unwilling to seek treatment at all for their mental health, illustrates that vast market opportunity for an alternative (and effective) treatment option.
