Vancouver cannabis processor Nextleaf applies for psychedelics licence

The Vancouver-based company wants to engage in range of activities related to psilocybin and psilocin.

Health Canada is reviewing the application by Nextleaf Labs Ltd. for a dealer’s licence over psychedelic substances. microgen/Getty Images

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Nextleaf Solutions Ltd. wants to enter the emerging market of psychedelics.

The Vancouver-based cannabis processor has announced that a subsidiary company has applied for a dealer’s licence with Health Canada.

If approved, the licence will allow Nextleaf Labs Ltd. to engage in a range of activities related to psilocybin and psilocin, the psychoactive substances found in magic or psychedelic mushrooms.

The world market for psychedelic drugs is anticipated to grow to billions of dollars in the next several years.

This comes as psychedelics are seen as an alternative to conventional medicines in the treatment of various mental health conditions, including depression and posttraumatic stress disorder or PTSD.

Nexleaf announced in a media release Wednesday (November 17) that the licence application of its subsidiary is currently “under review by Health Canada”.

The company hopes to conduct a variety of activities related to psilocybin an psilocin, including “sale and distribution of the psychedelic compounds to authorized individuals (or their compounding pharmacies), researchers and companies undertaking clinical trials”.

Nextleaf has a “full laboratory already operating under its existing Health Canada cannabis licences”.

The release indicated that this current site will “expand its capabilities in extraction and IP [intellectual property] development for psilocybin and other psychedelic materials upon the issuance of a Dealer’s Licence from Health Canada”.

Nextleaf started in 2017, and it operates as a major producer of cannabis oils.

Follow Carlito Pablo on Twitter at @carlitopablo

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