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.

Gilgamesh has received a $14 million grant from the National Institute on Drug Abuse to advance the clinical development of their novel cardiac-safe ibogaine.