The group has obtained a long-term supply of psilocybin under a Drug Enforcement Administration schedule I license for psilocybin-based studies

The Vancouver-based company is positioning itself as a leader in the burgeoning psychedelic healthcare sector

Champignon Brands Inc ( ) (OTCMKTS:SHRMF) said Wednesday that it has advanced its clinical pipeline through a long-term supply of psilocybin for its ongoing traumatic brain injury (TBI) and post-traumatic stress disorder (PTSD) preclinical studies at the University of Miami’s Miller School of Medicine.

In a statement, the Vancouver-based company which is positioning itself as a leader in the burgeoning psychedelics space, said that its research partner and lead investigator, Dr Michael Hoffer, has secured “a sustainable supply” of psilocybin under a Drug Enforcement Administration (DEA) schedule I license, which will be used for ongoing psilocybin-based therapeutics studies.

“We hope to continue to make significant progress on our preclinical trial studying the effects of an oral combination of psilocybin and CBD on mild traumatic brain injury (mTBI) associated with PTSD,” Dr Hoffer said.

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“Since mTBI associated with PTSD is a combination disorder that affects more than 10 million individuals per year and has no proven medical treatment, our novel combination of medicines could be a breakthrough in treating these indications,” he added.

According to the company, the psilocybin will be provided by the same organization that has supplied both Johns Hopkins University and Yale University throughout their respective psilocybin research studies and trials.

Under a collaborative research agreement with the University of Miami's Miller School of Medicine, Champignon’s wholly-owned subsidiary Tassili Life Sciences Corp, is conducting preclinical studies and eventually human clinical trials aimed at demonstrating the potential and safety of a psilocybin and cannabidiol combo in treating mild traumatic brain injury with PTSD or stand-alone PTSD.

University of Miami’s Miller School of Medicine’s medical campus includes more than 500,000 square feet of research space, as well as an advanced 1.8-million-square-foot, lab-ready research park. Final results of the studies and eventual trials are expected in 2021.

Early studies are finding that psilocybin – the active agent in magic mushrooms – could treat addiction, depression, anxiety and mental health conditions like PTSD.

Champignon Brands is a research-driven company specializing in the formulation of a suite of medicinal mushroom health products, as well as novel ketamine delivery platforms for the alternative medicine industries. It is planning to roll out five unique ketamine clinics across Florida, California and the US Eastern Seaboard, with additional ketamine clinics projected to be fully operational by the fourth quarter of 2020.

Contact the author Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive