The move would allow the company to manufacture cocaine and heroin in addition to its current portfolio of psychedelic medicines.
BYBENJAMIN M. ADAMS FEBRUARY 16, 2023
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Forget ketamine- and MDMA-assisted therapies: A psychedelics manufacturing company is moving forward with cocaine and heroin—with an end goal to fight fentanyl overdoses and drug addiction.
British Columbia-based Lucy Scientific Discovery, a psychedelics manufacturing company focused primarily on emerging psychotropics-based medicines, announced today in a press release that it has filed an amendment to its current Dealer’s License with Health Canada. The amendment would add cocaine and heroin to its existing list of approved substances the company is authorized to manufacture.
Lucy already is authorized through Health Canada to manufacture several controlled substances, including the psychedelics psilocybin, MDMA, LSD, psilocin, N,N-DMT, mescaline, and 2C-B. Adding cocaine and heroin to the portfolio could lead to treatments to fight addiction.
“We look forward to a time when Lucy can safely supply harm reduction programs globally, aiming to reduce lethal and or negative consequences associated with adulterated drug supply, particularly considering that fentanyl overdose is the leading cause of deaths among 18 to 45-year-olds in the United States,” said Lucy CEO Chris McElvany. “It’s time to realize that the failed war on drugs has caused additional harm to the masses worldwide, and harm reduction programs will lead to less death and more treatment options in the long term.”
It reflects a sea of change in the way controlled substances are being explored for potential benefits in the field of medicine. With more focus on a public health response to the drug crisis, the company can provide more opportunities for people who use substances to gain access to more harm reduction and treatment options.
Lucy’s Dealer’s License under Part J of the Food and Drug Regulations of the Food and Drugs Act (Canada) was issued by Health Canada’s Office of Controlled Substances.
The license enables Lucy to develop, sell, deliver, and manufacture via extraction or synthesis certain pharmaceutical-grade ingredients. The company also works with active pharmaceutical ingredients (APIs) that are used in controlled substances as raw material precursors.
The company works with raw materials, crude extracts, targeted formulations, single-molecule fractions, as well as white label and private label products.
Alternative therapies to control overdoses are needed now more than ever: The National Center for Health Statistics (NCHS) at the Centers for Disease Control and Prevention collects data on deaths involving drugs commonly associated with fatal overdoses.
Over 106,000 people in the U.S. died from drug-involved overdoses in 2021, mostly due to prescription opioids as well as illegal drugs, the CDC says, according to the latest available data.
Lucy Launches IPO
Lucy commenced trading on the Nasdaq Capital Market on Feb. 9 under LSDI. Lucy announced the closing of its IPO on Feb. 13 for gross proceeds of approximately $7.5 million. After going public with an IPO, Lucy’s leadership believes the company can impact the field of psychedelic medicine.
Lucy also announced today that McElvany, Richard Nanula, Executive Chairman of Lucy, and other members of the company’s board of directors and leadership team will ring the Nasdaq closing bell to celebrate its new IPO.
“We are excited to celebrate this victory at Nasdaq’s iconic bell ringing ceremony, as today marks an important milestone for the Company,” McElvany stated. “We are pleased to celebrate many months of hard work and team effort that led to the successful completion of our IPO. Seeing Lucy, a pioneer in psychedelics manufacturing, take the next step in its development by becoming the first psychedelics manufacturing company to be listed on NASDAQ is a huge accomplishment. This milestone marks a significant step in the company’s growth and plans for expansion. We look forward to the opportunities ahead of us to continue working on improving mental health and finding sustainable solutions for treatment.”
Stay tuned to see where Lucy goes in this latest development.
Disclaimer: High Times is an affiliate of Lucy Scientific Discovery, Inc.