The Globe and Mail reports in its Thursday edition that the journey to turn psychedelic drugs into approved medicines has faced setbacks recently. The Globe's Sean Silcoff writes that two Canadian companies developing treatments for chronic mental conditions, however, claim they are still on track to bring their products to market. On Wednesday, Cybin, listed on the NEO exchange, announced it received U.S. Food and Drug Administration approval to start Phase 3 trials this year for its synthetic psilocybin aimed at treating major depressive disorder. Similarly, Mind Medicine, listed on Nasdaq and managed from New York, plans to launch its Phase 3 trial this year for using lysergic acid diethylamide (LSD) to treat anxiety. Both companies will recruit hundreds of patients and aim to produce results by 2026. Cybin chief executive officer Doug Drysdale said in an interview, "To get this FDA clearance is really good validation of our programs and shows that we have their support." Analysts remain cautiously optimistic. Jefferies analyst Andrew Tsai says: "It's a shame we have faced some setbacks. But if management teams can execute new trials responsibly like a traditional biotech, there's definitely potential value to be created."