The psychedelics story continues to grow. We’re seeing increasing numbers of companies going public. The industry continues raising more capital. Psychedelic drug R&D is advancing by leaps and bounds.
What’s missing?
Movement on the regulatory front. But here too we’re seeing the winds of change.
A voter initiative to allow legalized use of psilocybin for medicinal purposes has made it onto Oregon’s ballot for the November election. Psilocybin is the psychoactive compound found in over 100 species of mushrooms.
Psilocybin Measure Approved For Oregon's November Ballot
An initiative to allow the therapeutic use of psilocybin in Oregon has qualified for the November ballot. If approved by voters, Oregon would be the first state to allow some legal use of the drug, which is found in psychedelic mushrooms.
Backers of the initiative, who collected well over the 112,020 valid signatures needed to qualify, said they believe licensed therapy using the drug can help treat depression and anxiety.
An initiative to allow the therapeutic use of psilocybin in Oregon has qualified for the November ballot. If approved by voters, Oregon would be the first state to allow some legal use of the drug, which is found in psychedelic mushrooms.
Backers of the initiative, who collected well over the 112,020 valid signatures needed to qualify, said they believe licensed therapy using the drug can help treat depression and anxiety.
Strong grassroots support for the medicinal use of psilocybin In Oregon.
Several other U.S. states (including California) are pushing for the decriminalization of psilocybin. Two U.S. cities (Denver and Oakland) have already decriminalized the use of psilocybin.
North of the Border, psychedelics activists are lobbying hard for regulatory change in Canada at the federal level.
Psychedelic drugs (including psilocybin) are not equivalent to cannabis. We have pointed this out previously to investors.
The Oregon Public Broadcasting article (above) makes this clear as well.
“It doesn’t parallel cannabis,” he said. “There’ll be no dispensaries. Nobody is buying this and taking it home with them.”
Legalization (or decriminalization) of psychedelic drugs is all about medicinal usage – as psychedelics-based R&D uncovers more and more potential medical applications.
With the exception of micro-dosing applications for psychedelics, such medicinal usage will always be supervised by trained therapists.
As education about the medicinal potential of psychedelic drugs grows, public support can be expected to follow. In turn, this will drive more regulatory change at the state level in the U.S., at the federal level in Canada, and perhaps even at the federal level in the United States.
The medical need for psychedelic drugs isn’t going to go away. As with the Cannabis Revolution, the genie is now out of the bottle.