MindMed (NASDAQ: MNMD) has officially begun dosing the first patients in their Phase III clinical trial for MM120 ODT for the treatment of generalized anxiety.

The United States Department of Veterans Affairs has announced they are committing $1.5M USD to funding a new study focused on MDMA assisted therapy for PTSD.

Cybin (NYSE: CYBN) is launching their Phase III clinical trial for their novel psychedelic therapeutic CYB003 for the treatment of major depressive disorder.

PharmAla Biotech Holdings (CSE: MDMA) has been selected to be the official supplier of MDMA for an upcoming clinical trial to be conducted at Yale University.

MIRA Pharmaceuticals (NASDAQ: MIRA) has announced new pre clinical data validating that their novel oral ketamine analogue has shown efficacy reducing pain.

Google (NASDAQ:GOOG) co-founder Sergey Brin has backed psychedelic medicine startup Soneira with a $15 million investment to advance their ibogaine research.

Optimi Health (CSE:OPTI) has been awarded a Drug Establishment License from Health Canada to manufacture and sell psilocybin and MDMA capsules.

Pharmaceutical giant AbbVie (NYSE: ABBV) has announced a new partnership with psychedelic drug developer Gilgamesh Pharmaceuticals to develop psychedelic drugs.

Psychedelic drug developer Compass Pathways (NASDAQ:CMPS) has announced early clinical validation for their novel synthetic psilocybin compound.

Psychedelic drug developers have been on a rapid rise, with multiple new Breakthrough Therapy designations from the FDA and significant venture capital raises.