• by Les Luchter , April 3, 2023

Lucy Scientific Discovery, a Canadian-based psychedelic drug manufacturer, has teamed with High Times magazine and publishing company for the former’s first self-branded product, “Mindful by Lucy,” described as a psychoactive compound made from amanita muscaria mushrooms.

Lucy, founded in 2017, has previously been mainly a manufacturer of private-label products, but chief executive officer Chris McElvany tells Marketing Daily that the company hopes to market more of its own products in the future.

Mindful by Lucy will be distributed and marketed in the U.S. starting in Q2 2023, initially through High Times’ websites and social channels, the company said. In January, the two firms had entered into a strategic investment agreement in which Lucy received $2.5 million in ad credits to be used in High Times channels and experiential events.

“This is a separate deal to use those credits to help promote a specific product,” McElvany explains.

As to Mindful by Lucy’s health benefits, McElvany points to “some research” showing “potential benefits” in the areas of anti-anxiety, anticonvulsant, anti-inflammatory, pain relief, neuroprotective, sedative, and addiction treatment.

Amanita muscaria, also known as fly agaric or fly amanita, is a psychoactive mushroom with the active compounds ibotenic acid and muscimol, McElvany says.

While Mindful by Lucy doesn’t require approval by the U.S. Food & Drug Administration, the company does have a Controlled Drugs and Substances Dealer’s License from Health Canada’s Office of Controlled Substances, and two weeks ago announced the purchase of U.S.-based Wesana Health’s assets for SANA-013, a CBD/psilocybin drug for Major Depressive Disorder and other indications that will be going through the FDA regulatory process.

The price was 1 million common shares of Lucy stock and $570,000 in cash. Lucy began trading on NASDAQ just last month (February).

The global psychedelic drugs market, which was $2.4 billion in 2021, is expected to grow at 13.3% a year to reach $6.4 billion by 2029, according to Data Bridge Market Research.