Washington State Lawmakers Allocate $200K to Psilocybin Research

Last week, legislators in Washington State advanced a budget measure to the state’s governor. This measure includes a proposal to allocate $200,000 in funding to be used to support the Psilocybin Wellness Workgroup to study the possible legalization of psilocybin services in the state.

If the bill is approved by Gov. Jay Inslee, the workgroup will be tasked with compiling a report on psilocybin services opportunities and wellness as stated in the 2023 fiscal year budget proposal. Most of the focus on the psilocybin section will center on analysis and potential improvements that can be made to a Senate measure, which was stalled.

This measure, SB 5660, would have allowed individuals aged 21 and above to consume products that contain psilocin and psilocybin in the presence of a state-licensed, trained psilocybin service administrator. It would have also legalized supported psilocybin experiences.

The group will also assess the current systems in place in the state that monitor the manufacture, tracking and testing of marijuana in an effort to determine adaptations required for their use with psilocybin as well as their suitability. This is in addition to making recommendations that would ensure that there was equitable access to a legal psilocybin industry.

This news comes after activists in the state filed a proposal for the November ballot that would legalize the use of psilocybin under the support of trained facilitators.

Psychedelic Medicine Alliance Washington, an advocacy group, applauded the inclusion of this funding in the budget, with Kody Zalewski, the group’s codirector, stating in a press release that the group was pleased that the state legislature in Washington had listened to their constituents by financing the budget through these provisions.

Commit to Change WA, another advocacy group in the state, is also backing another proposed initiative for the November ballot that would decriminalize the possession of small amounts of all drugs and support expanded long-term recovery and outreach services for individuals suffering from drug-use disorders. The state of Oregon approved a similar measure to decriminalize all drugs in November 2020.

In other news, the state’s Supreme Court overturned the felony law against drug possession in the state completely, which prompted legislators to reduce the felony charge for drug possession in Washington state to a misdemeanor.

Additionally, the city of Seattle recently became the biggest city in the country to decriminalize psychedelics, after the city council of Seattle passed a resolution to do so in October 2021.

The research and development work being done by companies such as Cybin Inc. (NYSE American: CYBN) (NEO: CYBN) has also partially played a role in educating the public about the therapeutic potential of psychedelics. It is not surprising, therefore, that the wave demanding policy reform has come when many of these companies have made headway in their research.

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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