Little Green Pharma's (ASX:LGP) subsidiary Reset Mind Sciences has partnered with the Health Insurance Fund of Australia (HIF) to create a mental health treatment facility for psychedelic-assisted psychotherapy for eligible patients.
The collaboration will also conduct a health economics study to examine the potential for insurance coverage for these treatments.
Reset Mind Sciences will own and operate the proof-of-concept facility, while HIF will contribute $250,000 for its initial setup.
Little Green Pharma says the partnership follows the recent announcement by the Therapeutic Goods Administration to allow psychiatrists to prescribe psilocybin and MDMA for specific mental health conditions starting in July this year.