Codebase Ventures Inc (CSE:CODE) (OTCMKTS:BKLLF), a venture capital company investing in early-stage technology and cannabis companies, announced Thursday that it has formed a wholly-owned subsidiary named Titan Shrooms & Psychedelics Inc to spearhead its investments into the exciting, emerging market for mental health treatments using mushrooms and psychedelics.
"Mushrooms and psychedelics fit our mandate as an emerging sector with tremendous potential for those suffering from certain mental health issues, as was well documented on 60 Minutes at the end of December," said Brian Keane, a director with Codebase Ventures.
For most, psychedelic drugs conjure up images of the 1960's, hippies tripping out on LSD or magic mushrooms. However, CBS correspondent Anderson Cooper’s 60 Minutes program drills deep into how cancer patients with painful anxiety over their illness have found more peaceful acceptance after participating in a study that involved intensive therapy and being given a drug that was once a symbol of the 60's counterculture.
Early studies are finding that psilocybin – the active agent in magic mushrooms could treat addiction, depression and anxiety.
Some of the country's leading medical research centers are looking to see if psychedelic drugs and intense therapy can help people quit smoking and worry less.
"We are encouraged by the fact that the FDA has granted breakthrough therapy status for trials into psilocybin, the naturally occurring psychoactive compound in psychedelic mushrooms,” noted Keane.
Bodes well for psilocybin therapies
“This bodes well for innovative therapies that can help millions of people with mental health conditions ranging from treatment-resistant depression to anxiety and addiction — and there are indications that the treatments could become approved at some point in 2021 as reported in Rolling Stone," he added.
According to Rolling Stone magazine, for the first time in US history, a psychedelic drug is on the fast track to getting approved for treating depression by the federal government. Last October, Compass Pathways, a UK-based company that researches and develops mental health treatments, announced the US Food and Drug Administration granted it what’s called a “breakthrough therapy designation” for its trials into psilocybin, the psychoactive ingredient in psychedelic mushrooms.
If Compass is successful, psilocybin will be approved by the FDA for patients with treatment-resistant depression, or patients who have not responded to traditional anti-depressants.
Strong investment mandate
Codebase’s subsidiary Titan Shrooms & Psychedelics will focus on identifying investment opportunities that meet with the company's investment mandate. The company may invest up to C$2 million in such opportunities.
The company said Titan Shrooms & Psychedelics is “actively seeking” investment opportunities at the forefront of the mushroom and micro-dosing psychedelic healthcare sector. Codebase is not averse to taking management positions in companies in which they are investing, added the company.
Codebase Ventures, which consists of a small, hands-on team of financial and technology experts, invests in emerging technologies. It makes strategic investments in ambitious founders who aim to upend large markets.
Contact the author Uttara Choudhury at email@example.com
Follow her on Twitter: @UttaraProactive