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$XPHYF Former Australian Defense Chief Advocates for Psychedelic Drugs to Be Rescheduled

Advocates calling for psychedelic-assisted therapy had in 2020 applied to reschedule psychedelic drugs under controlled drugs from prohibited substances. The drugs include oxycodone, methadone and morphine.

Last month, the Therapeutic Goods Administration issued an interim decision to not revise the Poisons Standard, which would have allowed mental health professionals access to the drugs.

Retired Admiral Christopher Barrie, who was the Defense Forces Chief from 1998–2002, stated that psychedelic drugs such as MDMA and psilocybin should be reclassified so that they could be used to treat mental health conditions such as PTSD and depression.

Barrie is the director of Mind Medicine Australia, a not-for-profit organization that has been calling for psychedelic-assisted treatments to be used to manage various mental illnesses. He stated that many veterans faced difficulties with reintegrating into the community because of post-traumatic stress disorder, adding that studies conducted overseas had demonstrated that treatments with psychedelics could help with this. Barrie also noted that the evidence showed that psychedelics were more effective than any pills that might have been prescribed to help deal with PTSD.

Drugs classified under Schedule 9 are generally banned from use in Australia, but with approval from state and federal authorities, they can be used for prescribed purposes such as scientific or medical research. Barrie noted that reclassifying the drugs would broaden opportunities as present research options were limited.

Barrie explained that rescheduling the drugs would not render the laws useless, giving an example of the controls used to govern the use and supply of drugs classified under Schedule 8. Instead, he continued, reclassification would allow the drugs to be used by qualified experts and therapists, which would not only expand the research base but also afford researchers the opportunity to see whether they could be used to develop better treatments or even a cure.

The Royal Australian and New Zealand College of Psychiatrists (“RANZCP”) and the Australian Medical Association (“AMA”) have voiced their concerns about reclassifying the drugs, arguing that more research was still needed to evaluate their effectiveness and safety. In its statement, RANZCP also noted that appropriate training protocols and treatment methodologies were not in place, while the AMA added that there was a risk of hallucinations and psychosis, particularly in vulnerable groups.

In its provisional decision, the Therapeutic Goods Administration noted that while there was limited but arising evidence that psychedelic therapies may possess therapeutic benefits to treat various mental conditions, the present categorization of MDMA, which is commonly referred to as ecstasy, and psilocybin, was appropriate.

As Australia is debating whether to reclassify psychedelics or not, companies in North America are pressing ahead with their programs to develop medicines from these substances. For instance, XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) intends to launch a variety of programs aimed at developing psychedelic medicines that will be incorporated into the treatments of mental health conditions.

NOTE TO INVESTORS: The latest news and updates relating to XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) are available in the company’s newsroom at https://ibn.fm/XPHYF

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Thursday, March 18th, 2021 Uncategorized
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