- The Psyence Group (PSYG) has entered the Jamaican psychedelics market with the incorporation of its wholly-owned subsidiary, Psyence Jamaica Limited
- Psyence Jamaica will focus on naturally derived psilocybin for patients in palliative care
- Given the potential for its indigenous psychedelic mushrooms, Jamaica facilitates psilocybin research and development for medicinal use
- The Psyence Group uses natural psilocybin to treat psychological trauma and its mental health consequences during palliative care
- The Psyence Group (PSYG) is down by 2.94 per cent and is currently trading at $0.33 per share
The Psyence Group (PSYG) has entered the Jamaican psychedelics market with the incorporation of its subsidiary, Psyence Jamaica Limited.
The Psyence Group has been operating in Jamaica since 2019.
As a result of its many initiatives in the country, it established Psyence Jamaica on May 11th, 2021, to develop standardized nutraceutical and pharmaceutical psychedelic products to treat psychological trauma.
In particular, Psyence Jamaica will focus on naturally derived psilocybin for patients in palliative care.
The subsidiary will be led by Dr. Amza Ali, Psyence Group’s Global Medical Director, and Dr. Dingle Spence, Oncologist, Palliative Care Specialist and Psyence Jamaica’s Medical Advisor.
Psyence Jamaica is currently collaborating with clinical research company LONACAS to ensure compliance on product development, manufacturing and clinical trials.
The subsidiary is also engaged in a research project with MycoMeditations that includes both retrospective and observational studies of psilocybin-based products.
The incorporation is in line with Psyence’s plans for global expansion and strong commercial growth in countries with attractive cultural, scientific and clinical strengths.
A significant number of plants with scientifically established medicinal properties are endemic to Jamaica.
Given the potential for its indigenous psychedelic mushrooms, Jamaica also encourages and facilitates psilocybin research and development for medicinal use.
Dr. Justin Grant, Psyence Group’s Chief Scientific Officer, commented,
“We are honoured to advance our drug development work in Jamaica and to deepen our scientific relationships with Jamaican academic scientists, clinicians and institutions. We look forward to further engaging in collaborative research with our Jamaican partners.”
The Psyence Group uses natural psilocybin to treat psychological trauma and its mental health consequences during palliative care.
The Psyence Group (PSYG) is down by 2.94 per cent and is currently trading at $0.33 per share as of 1:48 pm ET.