Wellness, Not Pharma, Will Dominate Psychedelics Market, Gwella CEO Says
“Where we’re at right now, treating sick people with psychedelics, is really the thin end of the wedge in terms of what regulators will accept, what society will accept and what these substances can actually do," said Gwella CEO Peter Reitano.
Wellness, not pharma, will dominate psychedelic market, Gwella CEO saysyoutu.be
Canadian psychedelics company Gwella Mushrooms is banking on the wellness market to drive the growth of the emerging psychedelics sector.
Using psychedelics as a supplement to improve one’s wellbeing, rather than as a pharmaceutical for certain health conditions, will be the dominant application for these mushroom-derived products, according to Gwella CEO Peter Reitano.
“We think the total addressable market in psychedelics is going to be found in wellness,” Reitano said. “Where we're at right now, treating sick people with psychedelics, is really the thin end of the wedge in terms of what regulators will accept, what society will accept and what these substances can actually do.”
Gwella’s product strategy is focused on low-dose psychedelics used as a supplement to enhance wellbeing. The company’s Mojo Microdose Gummies, for instance, help improve immune systems and oxygen levels, promote clarity and calmness and boost one’s energy, according to Gwella’s product website.
“Microdosing is taking a low, sub-perceptual dose of a psychedelic substance … rather than having a full psychedelic experience,” Reitano explained. “Gwella is really focused on what we call the ‘plus six,’ helping people … improve their lives, whether that's through creativity, through wellness, through cognitive enhancement, improvements — really thinking about psychedelics as an additive, what we call the betterment of the world, versus a kind of pharmaceutical drug.”
Gwella’s low-dose gummies are currently not subject to legal restrictions in the US, Canada and Europe, and are therefore available to be purchased online, said the chief executive.
“The whole idea was, ‘How do we create a microdose experience without the psilocybin? How do we create a legal substitute for microdosing psychedelics that gives people the same benefits, packaging it in a legal platform, so that we can sell it legally throughout the US, throughout Canada and throughout Europe. And so that's allowed us to build a product that adds value to consumers, but also build a product that is scalable in the same way, as you would see any other direct consumer brand or product,” Reitano said.
He said Gwella's products have been in the market for a year and have generated more than a million dollars in revenue, with a high subscription rate of more than 50 percent.
Watch the full interview with Peter Reitano, CEO of Gwella.
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