You Aren’t Tripping – Oregon Legalized Psilocybin

Oregon voted in favor of legalizing medicinal psilocybin in 2020, otherwise known as magic mushrooms. Cities all around the US have begun decriminalizing psychedelics with Washington, D.C. being the latest to hop on board. Oregon is now home to legal adult-use and medicinal cannabis, but with the recent news of psilocybin legalization, more could be in store for the state. 

Back in August of 2020, Patent Forecast® highlighted a recently granted patent for a psilocybin and cannabinoid composition for treating psychological disorders. Assigned to Procare Beheer of Netherlands, U.S. Patent 10,729,706 discloses using a psilocybin:cannabinoid formulation to prevent and treat psychological disorders. What’s more, as of this writing patent ‘706 is the only granted patent for a psilocybin:cannabinoid treatment, paving the way for Procare Beheer to really make headway in the medicinal psychoactive and psychedelic drug industries, especially in Oregon.

Europe is already ahead of the curve with numerous medicinal psychedelic drug trials being conducted. After all, Europe is likely where magic mushrooms were first discovered and used.  

The future of psychedelic medications is bright with an expected market size of $6.85 billion by 2027, according to Data Bridge Market Research. Use of psychedelic medications to treat mental health disorders such as depression and PTSD are becoming more widely accepted in the US and could possibly even lead to a recreational market soon. With interest increasing, what could we expect to see in the future of psychedelics in the US? 

Psilocybin remains a Schedule I substance in the US, meaning no medicinal use for the compound has been realized. Surprising many, the FDA approved two psilocybin clinical trials back in 2019 for Compass Pathways and Usona Institute, labeling both as “breakthrough therapies” in order to expedite the trial process. Both clinical trials will explore psilocybin as a treatment for major depressive disorder (MDD) and should be completed by early 2021. If psilocybin can manage approval from the FDA, we could be closer to seeing the fruition of Procare Beheer’s invention especially since CBD medication has been approved by the FDA. 

2020 has been a major year for psychedelics as well. In October of 2020, Cybin, a Canadian pharmaceutical life sciences company raised $45 million Canadian dollars in its funding round to begin its clinical trials for a psilocybin sublingual film for treating MDD. In November of 2020, Johns Hopkins Medicine released promising results from a small study it conducted to test the effects of psilocybin in adults with major depression. 

2021 saw some key advances for psychedelics too. Small Pharma, Inc. received fast-track designation for a DMT-assisted treatment of major depressive disorder in the U.K. In May 2021, Texas officials gave the go-ahead for a study exploring the effects of psilocybin on veterans suffering from PTSD. Money is pouring into the psychedelics industry and it is going to be the patent holders that control how it shapes up.  

Looking at the ‘706 patent, the independent claims are broadly written for methods of treating psychological disorders using psilocybin in combination with at least one cannabinoid and at least one terpene administered separately, sequentially, or simultaneously to the psilocybin. A long list of disorders treatable by the composition is included in the dependent claims. A PCT application was filed before the ‘706 patent in which many product claims are directed to a psilocybin and/or psilocin composition in combination with cannabinoids and terpenes. Product claims may allow a patent holder rights to exclude competitors from selling or making a patented product outside of the US and then importing it. Whether this patent is enforceable and allows Procare Beheer exclusive rights to treating mental disorders using psilocybin in combination with a cannabinoid is uncertain; however, what’s certain is Procare Beheer remains the only patent holder for treating disorders using a psilocybin:cannabinoid combination. As of this writing, Procare Beheer has not filed any child applications in which it can strategically claim additional matter or inventions that were previously disclosed. 

This certainly won’t be the only mention of Procare Beheer and thanks to the Cannabis Patent Forecast®, we were able to gauge its US market potential much sooner. Learn how Patent Forecast can help you see into the future with a Patent Forecast Sector for your industry. Market and patent data are analyzed and combined to give you the competitive edge you need to get ahead of your space. Start your free trial today!