During a National Institutes for Health workshop on the use of psychedelic drugs as therapeutics, Dr. Nora Volkow, director of the National Institute on Drug Abuse (“NIDA”), suggested that the psychedelics reform movement was here to stay. Volkow stated that individuals would soon start using the substances with or without approval from the FDA, given the attention the drugs had attracted.
The director added that the moment was a good opportunity for her as well as her colleagues to change their approach to psychedelic drugs, which have demonstrated their effectiveness in treating various indications, including alcohol use disorder, anxiety, depression and post-traumatic stress disorder. Evidence supporting Volkow’s claim on psychedelics exists in abundance, with more states joining the movement.
Last week, Rep. Michael Davis of Missouri introduced a proposal to afford residents in the state access to psychedelic drugs under an amended version of the state’s right-to-try law, which permits patients with terminal illnesses to take part in experimental therapies. Under the current law in Missouri, patients with terminal illnesses are allowed to use some investigative medications that haven’t received FDA approval. However, the use of Schedule I substances such as psilocybin and MDMA is forbidden.
The bill’s passage would not only allow the inclusion of Schedule I substances but also extend the pool of patient eligibility, enabling people in Missouri suffering from life-threatening and debilitating conditions to access substances such as LSD and peyote, among others. The measure will also reduce the punishment imposed on psychedelic possession, bringing the charge down from a felony to a misdemeanor.
In a statement, Davis explained that there was plenty of clinical research supporting the effectiveness and safety of psychedelic medicines for traumatic injury therapy, PTSD and other conditions.
Soon after this action in Missouri, Sen. Ghazala Hashmi and Del. Dawn Adams filed two similar measures in the state of Virginia’s Senate and House of Delegates; the bills would decriminalize the possession of psychedelic substances. These initiatives will decriminalize the possession of some naturally occurring psychoactive substances and hallucinogens for individuals aged 21 and above and lessen the penalty to a $100 penalty from a class 5 felony. However, while the Senate version only decriminalizes psilocin and psilocybin, the House version decriminalizes a number of substances, including ibogaine, peyote, psilocin and psilocybin.
Virginia and Missouri aren’t the only states looking for a change to be made, with states such as New York and California calling for the decriminalization of psychedelics while others, such as Connecticut and Texas, promote psychedelic research and therapy.
With the rate at which for-profit companies such as Mydecine Innovations Group Inc. (NEO: MYCO) (OTC: MYCOF) are conducting R&D programs aimed at commercializing psychedelic-based therapies, it will not be long before laws around these substances are reformed at the highest level.
NOTE TO INVESTORS: The latest news and updates relating to Mydecine Innovations Group Inc. (NEO: MYCO) (OTC: MYCOF) are available in the company’s newsroom at https://ibn.fm/MYCOF
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