Last Tuesday, a pharmaceutical company traded on the New York Stock Exchange announced a grant to Manhattan’s prestigious Lenox Hill Hospital to launch a new psychotherapy treatment clinic focused on serving marginalized and underserved communities.
If that all sounds a little anodyne, the story gets a little more interesting when one missing detail is filled in. The company, Cybin, is one of roughly a dozen public companies that specialize in developing psychedelic drugs like psilocybin and MDMA for therapeutic use. Psychedelic-based medicine isn’t big business yet, but it’s headed in that direction. And a small number of law firms that have already built a reputation advising clients in the booming cannabis field are getting in on the ground floor.
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