Lucy Scientific Discovery (NASDAQ:LSDI) stock is rallying about 30% after the company announced that it had launched a new partnership that would enable it to introduce “natural psilocybin products into the Canadian market.”
Details About Lucy Scientific and the Partnership
Lucy Scientific specializes in developing psilocybin-based drugs. According to Medical News Today, “Psilocybin is a hallucinogenic chemical in certain mushrooms known as magic mushrooms.”
Lucy announced today that would partner with TheraPsil. A Canadian non-profit organization, TheraPsil backs the right of some Canadian patients to be treated with psilocybin-based drugs.
The alliance will help Lucy obtain data about consumers’ views on its drugs and help it increase the power of its brand in Canada, the company stated.
“Canadians are in urgent need of compassionate access to psilocybin. Having Lucy join the project is going to help thousands of patients connect with doctors and therapists who will be able to support their SAP exemptions to help them access psilocybin,” said TheraPsil CEO Spencer Hawkswell in a statement.
Lucy also believes that the alliance will help advance “psychedelic medicine” in general.
TheraPsil’s Project Solace
The non-profit’s project seeks to enable eligible Canadian patients to more easily obtain psychedelic drugs through Canada’s Special Access Program. Project Solace also accumulates data on the impact of the drugs in order to ” document [their] clinical effectiveness, safety, and clinician and patient reported outcomes.”
The project is in a “pilot” phase and will be fully launched “in the coming months,” Theasil noted.
The Performance of LSDI Stock
Heading into today, LSDI stock had dropped 3.6% in the last five trading days. It has been down 63% in the previous three months.
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On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.