U.S. Psychedelic Drug Legalization: Urgency Or Inertia?

The psychedelic drug industry continues to march onward and upward.

Investment capital continues to flood into the industry. The news flow among psychedelic drug companies is robust and positive.

Drug development continues. Related IP initiatives are taking off. And more public companies are moving into mental health treatment – via psychedelics-assisted clinics.

One question is more-than-a-little relevant: where can/will these next-generation psychedelic drugs be used (and sold), once they begin emerging from the clinical trials process?

A few smaller jurisdictions (like the Netherlands and Jamaica) have already liberalized laws. Outside of that, drug Prohibition remains in effect at the national level in other jurisdictions.

In North America, clarity is beginning to emerge in Canada. Health Canada has begun granting medical exemptions for the legal use of psilocybin (for medical purposes). Its language and behavior indicate a rapid thawing toward psilocybin on the regulatory front.

Presumably, other psychedelic drugs will also start to emerge from the shadows of Prohibition in Canada. Progressive and rational.

U.S. Congress and its ivory tower politicians

The U.S. political system, on the other hand, is an entirely different political beast.

With their gerrymandered political districts mostly insulated from the voters they (supposedly) represent, Washington politicians can rarely find time from their petty partisan feuding to actually do anything.

This is what we have seen with the legal cannabis industry.

The American people want legal cannabis. U.S. states want legal cannabis (at least for medicinal purposes).

But the people don’t count (in Washington). And Congress rarely chooses to work with the states on a cooperative basis.

Cannabis legalization continues to be lost-and-submerged in the swamp that is Washington politics. Legal cannabis companies cannot even open a simple bank account in most cannabis-legal states.

Is the picture the same with respect to the Psychedelics Revolution?

Here, we see some very different social, economic and political dynamics with psychedelic drugs in comparison to cannabis. Specifically, the need for legal reform of psychedelic drugs is so incredibly acute that the dysfunctional senior citizens of Congress may actually be forced to act.

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Disclosure: The writer holds shares in MindMed Inc, Numinus Wellness, Cybin Inc, and Mind Cure Health. Mind Cure Health is a client of Psychedelic Stock Watch.

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