Lucy applies to Health Canada to manufacture cocaine and heroin

Forget ketamine- and MDMA-assisted therapies: A psychedelics maker is making strides with cocaine and heroin — with the ultimate goal of tackling fentanyl overdoses and drug addiction.

British Columbia-based Lucy Scientific Discovery, a psychedelics manufacturer primarily focused on emerging psychotropic-based medicines, announced in a press release today that it has filed an amendment to its current commercial license with Health Canada. The change would add cocaine and heroin to its existing list of approved substances that the company is authorized to manufacture.

Lucy is already authorized by Health Canada to manufacture several controlled substances including the psychedelics psilocybin, MDMA, LSD, psilocin, N,N-DMT, mescaline and 2C-B. The addition of cocaine and heroin to the portfolio could lead to anti-addiction treatments.

“We look forward to a time when Lucy can safely offer harm reduction programs around the world aimed at reducing the fatal and/or adverse consequences associated with the supply of adulterated medicines, especially considering that an overdose of Fentanyl is the leading cause of death among 18-45 year olds in the United States,” said Chris McElvany, CEO of Lucy. “It’s time to recognize that the failed war on drugs has inflicted additional harm on the masses worldwide, and harm reduction programs will lead to fewer deaths and more treatment options in the long term.”

It reflects a major shift in the way controlled substances are evaluated for their potential use in medicine. With a stronger focus on the public health response to the drug crisis, the company can provide more opportunities for people who use substances to access more harm reduction and treatment options.

Lucy’s dealer license under Part J of the Food and Drug Regulations of the Food and Drugs Act (Canada) was issued by Health Canada’s Office of Controlled Substances.

The license allows Lucy to develop, sell, supply and manufacture certain pharmaceutical grade ingredients through extraction or synthesis. The Company also works with active pharmaceutical ingredients (APIs) used in controlled substances as precursors to raw materials.

The company works with raw materials, crude extracts, targeted formulations, single molecule fractions, as well as white label and private label products.

Alternative therapies to control overdoses are needed now more than ever: The Centers for Disease Control and Prevention’s National Center for Health Statistics (NCHS) is collecting data on drug-related deaths, which are commonly associated with fatal overdoses.

Over 106,000 people in the US died from drug overdoses in 2021, mostly from prescription opioids as well as illicit drugs, the CDC said, according to the latest available data.

Lucy launches IPO

Lucy began trading on the Nasdaq Capital Market on February 9th under LSDI. Lucy announced the closing of its IPO on February 13 for gross proceeds of approximately $7.5 million. After going public with an IPO, Lucy’s leadership believes the company can impact the field of psychedelic medicine.

Lucy also announced today that McElvany, Richard Nanula, Lucy’s executive chairman, and other members of the company’s board of directors and executive team will ring the closing bell at Nasdaq to celebrate the new IPO.

“We are delighted to celebrate this win at Nasdaq’s iconic bell ringing ceremony as today marks an important milestone for the company,” said McElvany. “We are delighted to celebrate many months of hard work and team effort leading to the successful completion of our IPO. To see Lucy, a pioneer in psychedelics manufacturing, take the next step in her evolution by becoming the first psychedelics manufacturing company to get listed on the NASDAQ is a major accomplishment. This milestone marks a significant step in the company’s growth and expansion plans. We look forward to the opportunities that lie ahead to continue working to improve mental health and find sustainable treatment solutions.”

Stay tuned to see where Lucy is going in this latest development.

Disclaimer: High Times is a subsidiary of Lucy Scientific Discovery, Inc.