Psychedelic Stocks

Another City in Michigan Approves Measure to Decriminalize Psychedelics

Last week, the city council of Hazel Park, Michigan, moved to decriminalize psychedelic substances, including ibogaine and psilocybin. Before the city council unanimously passed the measure, the measure’s sponsor, Councilmember Luke Londo, revealed that he’d personally used psilocybin to manage anxiety and depression.

The resolution talks about the therapeutic potential of psychedelic substances for conditions such as end-of-life anxiety, depression, cluster headaches and post-traumatic stress disorder.

Hazel Park completes the trio of cities in the state of Michigan to enact psychedelic reform, following the cities of Detroit and Ann Arbor. After they decriminalized entheogenic fungi and plants, local legislators in the city of Ann Arbor made the month of September Entheogenic Plants and Fungi Awareness month. The city of Grand Rapids also passed a measure supporting the decriminalization of various psychedelics in 2021. However, the resolution didn’t meet many activists’ expectations given that it wouldn’t actually change any enforcement practices in the city.

The resolution approved in Hazel Park made the investigation and arrest of individuals for engaging in practices with or growing, purchasing, transporting, distributing and possessing entheogenic plants included in Schedule I of the Controlled Substances Act the lowest priority for law enforcement in the city. It also noted that city resources or funds wouldn’t be used in any detection, arrest, prosecution or investigation regarding the use of these plants and plant compounds.

While it did decriminalize psychedelics, the legislation doesn’t authorize driving while under the influence of substances such as ibogaine, ayahuasca and psilocybin; the possession and/or consumption of these substances by minors or in schools; and the commercial sale of these substances.

This move comes as Decriminalize Nature Michigan activists work to place a resolution on the statewide ballot that would establish a system for the spiritual and therapeutic use of psychedelics as well as legalize their possession, cultivation and sharing. This ballot measure would legalize various entheogenic substances for individuals aged 18 and above, including DMT, peyote, mescaline, ibogaine, psilocin and psilocybin. In addition to this, it would authorize certain entities to sell and grow psychedelics for individuals who have written recommendations from their doctors to use the drugs.

The legislation would also amend the current drug statutes in the state and reduce criminal penalties for the possession of any controlled substance under Schedule I or II.

Psychedelics reform is also being pursued in other states across the country, with Utah’s governor signing a legislation that would establish a task force to conduct research on the therapeutic potential of psychedelics and make recommendations on their lawful use.

These changes are coming as many companies, including, Cybin Inc. (NYSE American: CYBN) (NEO: CYBN), are making headway in developing next-generation medicines from psychedelic substances.

NOTE TO INVESTORS: The latest news and updates relating to Cybin Inc. (NEO: CYBN) (NYSE American: CYBN) are available in the company’s newsroom at https://ibn.fm/CYBN

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