TORONTO, Nov. 18, 2019 /PRNewswire/ -- iCAN: Israel-Cannabis, the world's premier cannabis technology incubator and owner of the CannaTech event platform, announced the formation of Psychedeli-Tech (PsyTech), a new and exciting conference and discovery platform for psychedelic medicine. While cannabis innovation aligns with the regulatory expansion over the past 5 years, the psychedelic therapy market is only just beginning with U.S., cities such as Portland, Chicago, Berkeley and Dallas in various stages of legalisation and decriminalisation. This rapidly developing new industry is paving the way for ground-breaking treatments utilizing psychedelic medicines.

Like cannabis, psychedelics have been used in traditional medical practice for thousands of years and only in the last century has the regulation prevented further study and benefit of these medicines.

Growing evidence points to the potential of psychedelics in the treatment of mental health disease and symptoms, including depression and anxiety disorders, obsessive-compulsive disorder, and alcohol and tobacco dependence. Clinical trials on psychedelic therapies are now underway in some of North America's most prestigious universities including Yale, John Hopkins, New York University and University of California, Los Angles.

In addition to the conference, PsyTech will help companies access capital, IP and incubation services allowing it to become the premier incubator and investor in psychedelic discovery. Psychedelics have the chance to impact mental health with the global market for mental health medications worth $88.3 billion in 2015, according to BCC Research.

Founder & CEO of iCAN: Israel Cannabis and CannaTech, Saul Kaye said: "For the past 5 years we have been building iCAN & CannaTech to drive the global cannabis ecosystem and to educate and innovate the best cannabis therapeutics and products around the world. I believe that the future of medical care will expand beyond traditional pharmaceuticals, and cannabis, as well as psychedelic treatments, will give patients access to a wider range of treatments. Similar to the cannabis industry, psychedelics and medicinal mushrooms will require an ecosystem to effectively drive education, regulation, safety, investment, research and development."

Ronnie Eshel, Director of Life Sciences at iCAN noted that: "Millions of people around the world suffer from depression, PTSD, anxiety, addiction and other debilitating chronic conditions, and there is growing evidence that psychedelics may have the potential to provide a better treatment path for many of these patients. I am thrilled that iCAN: Israel-Cannabis has formed PsyTech to build an ecosystem that will drive scientific discovery forward."

The first PsyTech conference will take place in Tel Aviv, Israel on March 29-30, 2020.

For more details and to apply for sponsorship or speaking opportunities or if you are interested in investing in this industry, please contact deborah@psytech.biz

About PsyTech:

PsyTech, a division of iCAN: Israel-Cannabis is a global events platform and innovation scout for psychedelic medicine. For the PsyTech website click here.

About iCAN: Israel-Cannabis

iCAN: Israel-Cannabis is building the Global Cannabis Ecosystem. iCAN is committed to accelerate Israel's Canna-Technology industry, capitalizing on Israeli innovation and a leading cannabis regulatory environment to bring premier products to market. iCAN is powered by CannaTech, the premier international cannabis summit held annually in Tel Aviv, and around the world, including London, Sydney, Hong Kong and Panama to date and upcoming in Cape Town in November 2019. Click here for more information about iCAN.

About CannaTech

CannaTech is the only Medical Cannabis event of its kind with a global focus that offers senior industry leaders, medical and scientific experts, and new ventures the platform to come together, drive innovation, form partnerships and promote knowledge exchange. For more information about CannaTech click here .

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SOURCE iCAN