Psychedelic drugs, which can change an individual’s perception and induce hallucinations, are classified under Schedule I of the Controlled Substances Act. Drugs under this schedule are said to have no legitimate medical use and a high potential for abuse. However, numerous studies have shown that psychedelics such as psilocybin mushrooms could actually be useful in the treatment of various mental conditions, including anxiety, depression and post-traumatic stress disorder.
Now, the state of Colorado may become the second in the country to permit the use of various psychedelics, which are still prohibited under federal law. The first state in the country to do so was Oregon, which approved the use of psilocybin mushrooms through a ballot measure in November 2020. Colorado would like to go one step further and permit the personal use of magic mushrooms and specific plant-based psychedelics by individuals aged 21 and above through Proposition 122.
What should you know about Proposition 122?
The measure is question is one of the 11 statewide ballot initiatives that voters in the state of Colorado will vote on during next month’s general election.
It will permit adults to cultivate, use and possess mushrooms that contain psilocin and psilocybin. This is in addition to decriminalizing three plant-based psychedelics: dimethyltryptamine, which is a compound found in an ayahuasca brew; ibogaine; and mescaline derived from the peyote cacti.
The proposal also requires that the state establish regulations for facilities where eligible people can purchase and consume these psychedelic drugs under supervision by trained facilitators in licensed healing facilities. However, the sale of these substances will be forbidden except in these approved facilities.
Voters’ approval of the proposal will also afford individuals who use these psychedelics protection from job loss or professional discipline. In addition, it will facilitate sealing of criminal records of prior convictions for any offense legalized under it.
Is the measure backed by science?
Initial research has discovered that psilocybin is effective in the treatment of treatment-resistant depression as well as depression in patients with terminal illnesses.
Despite the promising findings, scientists warn that additional studies and larger sample sizes are needed to fully understand the drug’s long-term effects. At the moment, most studies are currently focused on studying the effectiveness of these substances as alternative therapies for these mental health conditions.
Will the measure’s approval support new industry growth?
Approving this psychedelic resolution and spurring the growth of a new industry in the state may not be as easy as passing cannabis measures, especially since Proposition 122 bans the sale of psychedelics in any facility outside the approved ones.
The push to legalize or at least decriminalize psychedelics is likely to gain even more momentum as publicly traded entities such as Silo Pharma Inc. (NASDAQ: SILO) keep making the strides that they are making in the quest to commercialize treatments leveraging various active pharmaceutical compounds extracted from psychedelics.
NOTE TO INVESTORS: The latest news and updates relating to Silo Pharma Inc. (NASDAQ: SILO) are available in the company’s newsroom at https://ibn.fm/SILO
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