Steve Cohen Donates $5M for MDMA’s Push to Go Mainstream

June 24, 2023 · Green Market Report

A significant player in the psychedelics industry has received a $5 million infusion from hedge-fund billionaire and New York Mets owner Steve Cohen and his wife, deepening the couple’s efforts to bring mind-altering therapies into the mainstream.

The Steven & Alexandra Cohen Foundation is donating the funds to MAPS, or the Multidisciplinary Association for Psychedelics Studies, a nonprofit that has pushed for more research on psychedelic drugs since 1986. The organization is engaged in a financially-intensive push to get the U.S. Food and Drug Administration to approve MDMA, also known as ecstasy or molly, for use against post-traumatic stress disorder.

MAPS’ public-benefit-corporation subsidiary plans to submit a new-drug application to the FDA later this year, the foundation said in a statement Wednesday. If the agency approves an MDMA-assisted therapy for PTSD, MAPS and the foundation will create a patient-assistance fund to ease access to the treatment for needy individuals, backed in part by revenue generated by the public-benefit corporation.

If the FDA doesn’t approve MDMA, the $5 million will serve as a simple grant in support of MAPS’ work.

Alexandra Cohen, the president of the foundation, said in the statement that millions of Americans, including veterans and first responders, suffer from PTSD. “Psychedelic compounds represent a new opportunity to address these often treatment-resistant conditions and bring hope to patients,” she said.

The Cohens’ foundation describes itself as one of the largest private backers of U.S. psychedelic projects, having pledged a total of $60 million in delivered and promised grants—including an earlier $5 million to MAPS. The Cohens have mostly declined to discuss their support of psychedelic research in detail, but the foundation’s website outlines an array of ailments that could benefit from such therapies, including depression, anxiety, addiction and Alzheimer’s disease. (Full Story)

Tags:
Next Post

Metrc renews cannabis track-and-trace contract with Ohio

Cannabis software company Metrc renewed its contract with the state of Ohio to provide seed-to-sale tracking services for the state’s medical marijuana program. Financial terms were not disclosed. The Florida-based software maker was first contracted by the Ohio Department of Commerce in…
Read
Previous Post

Congressional Committee Approves GOP-Led Marijuana ‘Pilot Program’ And Psychedelics Study Amendments To Military Bill

A congressional committee has approved a large-scale defense bill that includes GOP-led provisions to create a medical marijuana “pilot program” and require a study into the therapeutic potential of psychedelics for active duty military members under the U.S. Department of…
Read
Random Post

New Jersey Marijuana ‘Seed Equity’ Grants Program Launches Application Portal For $8 Million In Aid To Entrepreneurs

New Jersey has opened applications for the second phase of a marijuana social equity funding program, which will make $150,000 grants to awardees and offer eight weeks of technical assistance. The New Jersey Economic Development Authority (NJEDA) says the round…
Read
Random Post

CBoD: Sports Great Jackson's Promise Nutraceuticals Partners with Massage Heights

In 2021, former MLB and NFL star Bo Jackson founded the CBD company Promise Nutraceuticals. Their only product is Promise Drops, a 6,000 mg CBD tincture. (It was formerly called Hero Brand.) At the time, Jackson said: "Promise Nutraceuticals is not about…
Read
Random Post

Arizona social equity cannabis retailers set to miss key deadline to open

More than half of Arizona’s 26 social equity retail licensees are poised to miss a key deadline to open their cannabis shops by Sunday, Oct. 8. The group of operators – currently numbering 14 – could face penalties for failing…
Read
Random Post

Nevada Sports Regulators Send Proposal To Stop Penalizing Fighters Over Marijuana To The Governor

Nevada sports regulators have voted to send a proposed regulatory amendment to the governor that would formally protect athletes from being penalized over using or possessing marijuana in compliance with state law. The Nevada State Athletic Commission (NSAC) met on Tuesday to…
Read