Donation is believed to be ‘biggest that we’ve ever seen in the psychedelics space.’ Quest for treatments for depression, PTSD centers on MDMA, similar drugs.
Blake Mycoskie, founder of the canvas-footwear phenomenon TOMS Shoes, has committed to giving $100 million to support psychedelic research and access, Mycoskie told MarketWatch in an exclusive interview. The money will help fund academic institutions investigating psychedelics’ potential to treat anxiety, depression, post-traumatic stress disorder and other mental-health issues, as well as nonprofits helping to connect patients in need with psychedelic...
The $100 million answer to that question amounts to about a quarter of Mycoskie’s net worth and marks a major milestone in psychedelics’ delicate image transformation. Shedding some of their dangerous-party-drug reputation, psychedelics are gaining attention from top pharmacologists, the scientific community, biotech companies and investors who see them as a critical part of the solution to America’s mental health crisis.
Mycoskie’s $100 million commitment “is the biggest that we’ve ever seen in the psychedelics space,” said Joe Green, president of the Psychedelic Science Funders Collaborative, a nonprofit supporting philanthropy in the field, and a MAPS board member. Now that research has made great strides to support use of the medicines as mental-health treatments, that money can help ensure that “these actually come to the world in a safe and beneficial way,” Green said.
More than one in five U.S. adults live with a mental illness, according to the National Institute of Mental Health, and less than half of the roughly 58 million adults with any mental illness are receiving treatment. Suicide rates, which have been on a long upward trajectory, declined briefly between 2018 and 2020 before returning to peak levels in 2021, according to the Centers for Disease Control and Prevention. Nine out of 10 U.S.
Mycoskie has also made some investments in the psychedelics space, although he said profits aren’t his motivation. He has invested in Mind Medicine Inc. MNMD , which says it is developing “psychedelic inspired medicines” that aim to treat the underlying causes of distress in the brain. And Mycoskie helped fund a public benefit corporation linked with MAPS, which is taking MDMA through the FDA approval process–an investment that will pay dividends when the treatment is commercialized, he said.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silicon Valley investor plans $100 million Saudi Arabia VC fundSilicon Valley-based tech investor Plug and Play Tech Center, an early backer of firms including Dropbox Inc. and PayPal Holdings Inc., is looking to raise $100 million to invest in Saudi tech star…
Read more »
Family of man who died after LAPD Taser incident files $100 million lawsuit against cityThe family of a man who died after he was hit by a Taser multiple times during a struggle with Los Angeles police officers has filed a new $100 million lawsuit against the city.
Read more »
17-year-old Kaitlyn Culbert of Toms River, N.J., honored for protecting honey beesA teenager from New Jersey is receiving a big honor -- a presidential award for her work protecting honey bees. She recently invited NatDuddridgeTV to check out her hives just in time for National Pollinator Week.
Read more »
Climbing Out - Rubber Shoes in HellJust a bit at a time. This year has been particularly difficult. Between injuries, some fucked up mental health issues, and blood pressure bullshit, I'm
Read more »
From Better Boat Shoes to a Trusty Target Bathing SuitAs seen in the Strategist section.
Read more »
The 10 Best Water Shoes, From Sporty Slip-Ons to Trek-Ready StompersThese excellent styles will take your next aquatic adventure from good to great.
Read more »