Activists in the state of Colorado recently filed amended versions of two ballot measures that would establish licensed healing centers where individuals can use psilocybin for therapeutic purposes and legalize psilocybin. Legislators in the state also introduced a separate measure requiring that research into the effectiveness of plant-based psychedelic substances be conducted.
The two 2022 ballot initiatives were filed by Veronica Perez, an entrepreneur, and Kevin Matthews, the campaign manager behind the 2019 vote to locally decriminalize psilocybin in Denver. The measures are similar to earlier versions activists filed with the office of the secretary of state in December, excluding a few changes on possession limits, promoting equity and reform rollout.
The campaign considered the following options for the original measures: one would have enacted reform for psilocin and psilocybin alone while the other would have legalized an extensive range of entheogenic substances, including mescaline, ibogaine and DMT. However, advocates decided to use another approach with the new initiatives after recognizing that regulators would have a challenging time setting up rules for a wide range of psychedelic substances.
In their new approach, there exists a two-tiered regulatory model under which only psilocybin will be regulated and legalized for therapeutic use until 2026, after which regulators can activate the change in policy to include other psychedelic substances listed in the measure.
In an interview earlier this week, campaign spokesperson Rick Ridder stated that the objective was to give the administration time to establish a proper regulatory structure, starting with psilocybin. The decision to include more psychedelic substances to the program will be made by the Department of Regulatory Agencies after consulting with the Natural Medicine Advisory Board, which would be set up if the measure is approved. The board would be comprised of 15 members, including individuals who have experienced psychedelic medicine in a religious and scientific context.
The Department of Regulatory Agencies will also develop rules for a therapeutic psychedelics program accessible by individuals aged 21 and above.
While these new versions don’t include clear limits on the allowable amount of drugs an individual can be in possession of, they do include certain provisions that will help ensure that the regulatory access program to be established is inclusive and equitable. The provisions will also help promote the licensing and supply of natural medicine services, particularly to individuals who have an indigenous or traditional history with natural medicines, those who have been disproportionately affected by drug criminalization, and those who find it hard to access health care and military veterans.
The growing wave of psychedelic policy reform bodes well for sector players such as Mydecine Innovations Group Inc. (NEO: MYCO) (OTC: MYCOF) that are engaged in developing various remedies containing psychedelic compounds.
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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