The US election proved to be a catalyst for the psychedelic therapy industry after two major ballot initiatives were passed in the District of Columbia and in Oregon.
According to the Associated Press, D.C. voters passed legislation that would make the possession and use of certain psychedelic plants the lowest level on the enforcement priority scale for police.
The next steps for the legislation require it to be sent to the DC Council for review. Since the legislation includes federal land, after the bill is sent to the council it would have to be reviewed by congress.
Based off the way the District of Columbia viewed cannabis, we expect the process for psychedelic plants to be complex. We believe that the passing of the legislation represents an important development for the industry and will monitor how the legislation progresses from here.
The bill that passed in Oregon was for the legalization of psilocybin mushrooms that are for medical purposes. The state was one of the first to get on the psychedelic therapy bandwagon and we are favorable on how the legislation was received by voters.
If the legislation in D.C. passes, a range of psychedelic plants and fungi could be decriminalized, and this would prove to be a catalyst for the industry. By decriminalizing the possession and use of certain psychedelic plants, the district would be setting a precedent for other states to follow and will monitor how the industry continues to advance.
The passing of the legislation reminds us of the birth of the cannabis industry. It took decades for the legal cannabis industry to get to where it is today in the US and we do not expect the process to be any different for psychedelic plants. Over the next year, we expect to see additional legislation on the possession and use of certain psychedelic plants to become a trend in other states and are bullish on the way the industry is trending.
If you are interested in learning more about the landscape of the psychedelic therapy market, please send an email to firstname.lastname@example.org with the subject “psychedelic therapy companies” to be added to our distribution list.