This Week in Psychedelics

This week: psychedelic stocks took a nosedive on Tuesday, and Novamind secures insurance coverage for ketamine from four major providers.

November 12, 2021

This Week...

Psychedelics stocks across the board took a nosedive on Tuesday after Compass Pathways (NASDAQ: CMPS) reported that a strong dose of its psilocybin helped reduce depression in treatment-resistant patients after three weeks in a Phase 2b trial. Analysts are still searching for the catalyst for the sell-off, given the results were positive. Some have suggested that concerns regarding the treatment’s durability twelve weeks out may have been the culprit, but most are simply chalking it up to investors not fully understanding the significance of the data. Certainly something that will weigh on the sector as the investment community particularly retail investors climb a very steep learning curve. Here’s more:

Novamind announced this week that it was able to get approval for direct billing of intravenous ketamine for treatment-resistant depression from four major health insurance providers: Blue Cross Blue Shield, the University of Utah, PEHP Health & Benefits and MBA Benefit Administrators. This is a very big deal, as one of the most concerning impediments to acceptance is the ability for patients to have their psychedelics-related treatments covered. There will be more announcements like this coming soon, but here’s more about Novamind’s latest accomplishment:

You know the wheels of progress are in motion when mainstream media starts covering the psychedelics space. From 60 Minutes to Vice exclusives, psychedelics continue to gain the attention of big media gatekeepers, with the latest being the Today Show. Check it out:

Did You Know?

Did you know the co-founder of Alcoholics Anonymous believed LSD could cure alcoholism?  He even noted that LSD helped him with his own recovery.  In a letter sent to science writer Gerald Heard, Wilson wrote, "I find myself with a heightened color perception and an appreciation of beauty almost destroyed by my years of depression.”  These words were written more than 60 years ago in 1957.