EXCLUSIVE: AMA Moves Toward Psychedelic Therapy Reimbursement, Filing A Gap In Regulations
The American Medical Association (AMA) is expected to issue the first code for psychedelic therapy reimbursement, following the approval of a joint application submitted by MAPS PBC and COMPASS Pathways CMPS.
On March 3, the AMA published its Panel Actions summary which included the approval of the new Current Procedural Terminology (CPT) III code.
These types of codes are temporary and allotted to emerging technologies, services and procedures aimed at data collection to substantiate more widespread usage or to provide documentation for Food and Drug Administration (FDA) approval process. Read more HERE.
Amanita Muscaria Mushrooms Are Taking The Lead In Markets As Research Ramps Up
Amanita Muscaria is the only kind of mushroom currently legal. As its health benefits are regularly being confirmed in studies, demand for related products is rapidly growing.
This scenario has compelled Colorado-based Panacea Life Sciences PLSH to conduct research and formulation design for product development expansion.
Amanita Muscaria contains ibotenic acid, muscarine, muscazone and muscimol. Their pharmacology is “psychoactive” in the sense that it produces sedative and hallucinogenic effects as well as nausea, which is why it has been used for analgesic, anti-inflammatory and anxiolytic purposes at different doses, as well as in high concentrations to produce altered states of consciousness or inebriation. Read more HERE.
Lawsuit: GBB Drink Lab Seeks $53M From FSD Pharma For Nondisclosure Contract Breach & Trade Secret Misappropriation
GBB Drink Lab, which makes the world’s first formulated drink that aids in rapid blood alcohol detoxification, has filed a lawsuit against the psychedelics biotech company FSD Pharma HUGE.
Why? As a result of FSD Pharma’s failure to comply with a Cease-and-Desist letter sent by GBB on April 14th, 2023, GBB Drink Lab filed a $53 million complaint for material breach of a mutual nondisclosure agreement and trade secret misappropriation.
Filed on May 1st, 2023, in the U.S. District Court for the Southern District of Florida, the complaint alleges that after seven months of exploring a business opportunity of mutual interest and benefit revolving around GBB’s blood alcohol detoxification drink, FSD Pharma publicly announced the misappropriation of GBB’s trade secrets to current and prospective investors in one of its press releases. Read more HERE.
Psychedelics Reform Update
Check out the latest on the state-level policy reform front, plus Washington’s Jefferson County’s approved local psychedelics decriminalization measure, Colorado’s regulatory framework for legal psychedelics services implementation heading for the governor’s desk for a signature, the nation’s- first licensed psilocybin service center and statements by National Institute for Drug Abuse (NIDA)’s director Nora Volkow at a recent Senate hearing.
The Milestone Round
See Also: Last Week’s Edition Of ‘Psyched’
Psychedelics ETF Weekly Performance:
AdvisorShares Psychedelics ETF PSIL opened Monday, May 8 at $1.74 after prior opening at $1.71. The week saw a similar downward trend as the prior, with the lowest point achieved on Wed. 3 at $1.70. For this ETF, the yearly price range is set between $4.35 and $1.65.
Image and article originally from www.benzinga.com. Read the original article here.