Colorado to Appoint Psychedelics Advisory Board Members as State Implements Ballot Measure Provisions

Officials in Colorado are seeking people to join its first psychedelics advisory board, which will inform the state on how to implement psychedelics legalization after voters approved a reform measure on last year’s ballot. The state’s Department of Regulatory Agencies has provided a web page where individuals can fill out applications to be considered. Applicants will be required to provide information on their basic background and qualifications.

The Natural Medicine Advisory Board will have 15 members, all of whom will be appointed by Governor Jared Polis.

The board members will be responsible for ensuring that research is conducted on psychedelics and making recommendations on various issues associated with psychedelics law, which allows individuals aged 21 and above to possess, grow and share certain psychedelics.

The recommendations in question will cover a range of topics, including the regulation of natural plants and fungi, promotion of public education on psychedelic reform, ensuring equitable, culturally responsible and ethical access to these natural medicines and the potential inclusion of other substances to the state’s therapeutic program.

Governor Polis is expected to make appointments to the psychedelic advisory board by Jan. 31, 2023. Once this process is finalized, board members will be required to submit their initial report with policy recommendations by Sept. 30, 2023.

Late last month, the governor certified the November vote through a proclamation, effectively legalizing the possession, cultivation and sharing of ibogaine, psilocybin, DMT, psilocin and mescaline (not derived from peyote) for individuals aged 21 and above.

The measure approved by voters in the state also legalizes personal use amounts of the aforementioned substances. Despite this, the commercial sale of these substances remains illegal at the federal level.

The new law also permits the establishment of psilocybin-healing centers in the state. Regulators will have until Jan. 1, 2024, to set up rules for trained facilitators who will work at the centers. They are also required to implement the therapeutic program and start accepting license applications by Sept. 30, 2024.

While only psilocin and psilocybin will be administered at the healing centers initially, this is expected to change as the board is required to start submitting recommendations on other psychedelics that can be administered at the centers by June 1, 2026.

In other news, Polis signed a legislation last year that would align the state’s statute to legalize MDMA prescriptions if and when the drug’s use was permitted by the federal government.

As this psychedelics program gets underway in Colorado, entities such as Compass Pathways PLC (NASDAQ: CMPS) are taking the direction of conducting clinical trials so that the treatments they develop can be approved by the FDA and commercialized through the country’s healthcare system.

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