The medical psychedelics industry is not typically sought out after in the financial services sector— especially in the insurance industry. The lingering associations with medical psychedelics are no doubt apparent in society, however, this does not mean it should be neglected in the insurance industry. It can be hard to find a credible broker to guide you in the right direction when it comes to your insurance needs. Luckily, our expert brokers at Fuse Insurance offer customized solutions and dedicated support for several different business types within the medical psychedelics industry.
Both science and technology are advancing and continuing to develop to help Canadians with their mental health. The primary issue is the public perception of medical psychedelics. Learn more about the medical psychedelic industry by understanding the fundamentals involved in psychedelic therapy. Resulting from the increase in demand for alternative mental health services, twelve successful partnerships have been formed across the country to provide psychedelic and psychotherapy support to individuals.
Medical Psychedelics Overview
The official name for medical psychedelics is hallucinogens. There are different classes of hallucinogens including lysergic acid diethylamide (LSD), mescaline, PCP, cannabis, ecstasy and ketamine. These substances can alter a person’s sense of touch, smell, taste, vision and hearing. Hallucinogens can also affect a person’s behaviour, mood and thought.
It was not until recently when the safety and treatment of mental and physical disorders through the controlled use of medical psychedelics started to gain momentum in North America. Psychedelic medicines can treat panic disorders, opiate addictions, depression and other mental disorders. Although there is a clear stigma around treating mental disorders with hallucinogens, the Canadian Psychedelic Association conducted a research study that showed positive signs of change in perception. 82 percent of Canadians approved the use of psilocybin-assisted therapy for individuals suffering from palliative and terminal illnesses and 78 percent supported legalizing similar treatments.
New Businesses in Canada’s Medical Psychedelics Industry
The government has made accessibility to medical psychedelics difficult for all but a few approved cases, and there is still major pushback on these services. Even though it was only recently that psychedelics including MDMA and psilocybin were approved by Health Canada through their Special Access Program (SAP) for medical purposes, a national business association has already picked up steam. Psychedelics Canada announced their launch in May 2022 with 12 companies across Canada that came together to form the first national trade association for the psychedelic medicine and therapy industry. Psychedelics Canada works to advance government regulation and scientific research of the legal psychedelics industry. This organization believes that psychedelic molecules used for therapeutic treatments are beneficial for Canadians experiencing a range of health conditions.
There has been interest in moving forward with implementing psychedelics into contemporary medicine as treatment for mental disorders. There is a big push into using the healing properties of psychedelic molecules to be a catalyst for novel medications in psychedelic drug-assisted psychotherapy. This process involves the professionally supervised use of approved MDMA, psilocybin and LSD to elevate psychotherapy or in other words, talk therapy programs.
Current members of Psychedelics Canada include:
- Absolem Health
- Bloom Psychedelics
- PharmaAla Biotech
- Psyched Wellness
- SABI Mind
- Filament Health
- 5D World
Substances used in Psychedelic Therapy
The amount and type of substance used for your treatment will depend on the following factors: age, method, environment and any pre-existing medical or psychiatric conditions. Psilocybin and MDMA (ecstasy) are the most commonly used substances in psychedelic therapy treatment. Additional common psychedelic substances are LSD and Ayahuasca.
Psilocybin: This substance is found in “magic mushrooms” and is often used in spiritual rituals, recreationally and as medicine. In addition to psilocybin treating addiction, depression and other mental disorders, it has hallucinogenic effects. This can be found in both fresh and dried mushrooms and can be created in a lab.
MDMA: There are different classes of psychedelics and although MDMA is not part of this classification, it produces psychedelic effects including feelings of euphoria, transfiguration of perception, libido and sociability. It has shown positive signs in treating anxiety associated with post-traumatic stress disorder (PTSD).
LSD: A potent hallucinogen that transfigures the mood, perception and consciousness. It is found in fungus that grows on rye and other grains. Often taken orally or held on the tongue or swallowed.
Ayahuasca: A hallucinogen originated in South America to help with addiction, anxiety and depression. This substance can possibly instill serotonin syndrome and medication interactions.
Since there is no standardized method, each practitioner would need to evaluate their own methods for administering psychedelic therapy depending on the patient to ensure a safe practice. Understanding the process of each session is important when designing the method to choose for each patient. If the patient is not relaxed or in the right mindset, this can increase their chances of risks in the treatment. Psychoactive substances are only one part of the psychedelic-assisted psychotherapy method and there is more to be understood. After the experience, the patient is then focused on psychotherapy to help process and find meaning in the psychedelic experience.
If you are a Canadian business in the medical psychedelics industry, make sure you read our blog post on the insurance you need to protect your business.
Read more: Insurance for the Medical Psychedelic Industry in Canada
Our brokers at Fuse Insurance will work with your business to choose the right insurance coverage to help your business recover from unforeseen events while ensuring you experience minimal interruption and financial impairment to your operations. Our online quote application is quick and easy and provides the information we need to get your insurance policy in your hands as soon as possible. To start your quote now, fill out our online application or call 1-866-387-FUSE (3873).