Psychedelics were made illegal when the Controlled Substances Act of 1970 was enacted, with most of the substances being classified as Schedule I. Substances under this category are considered to have a high potential for abuse with no current accepted medical use.
However, recent studies have shown that naturally derived psychedelics, including DMT, ibogaine and mescaline, which have been used by various communities for hundreds of years, possess the potential to heal a number of indications. These clinical trials and studies have shown that psychedelics such as psilocybin have the potential to treat post-traumatic stress disorder, end-of-life anxiety and severe depression, among other issues.
This renewed interest has pushed some states to enact measures to decriminalize and even legalize the substances, with states such as Colorado also hoping to jump on the bandwagon. Advocates in this state are working on resolutions that will be placed on the November ballot this year. These measures ask voters to remove criminal penalties for the growing, use and possession of specific psychedelic substances.
This statewide decriminalization effort comes after advocates successfully passed a 2019 resolution in Denver that decriminalized the use and possession of psilocybin by adults, making it the lowest priority for law enforcement in the city. Psilocybin is the active compound found in magic mushrooms that possesses psychoactive properties.
Thus far, four measures introduced by New Approach PAC have been passed by the Title Board. New Approach has financed successful legalization campaigns for psychedelics and marijuana across the country.
Advocates are still debating which bill to place on the state ballot later this year. The move to decriminalize psilocybin mushrooms in the state comes as other jurisdictions in the country enact laws to legalize the use of psychedelics. For instance, California advocates are collecting signatures for a decriminalization measure also for the November ballot.
In fact, Oregon as already legalized the use of psychedelics. Voters in the state approved measures legalizing the personal possession of small amounts of some drugs and the use of psilocybin-assisted therapy at certain centers in the state. Advocates hope that by legalizing the substances, widespread research on these compounds, which has been hindered for decades by their classification, will be conducted to help discover more about the benefits they possess.
It should be noted that research has also suggested that individuals with bipolar disorder, schizophrenia, heart problems or those on some antidepressants may be at increased risk if they use psychedelic substances. All those scenarios are being closely studied by industry companies such as Mydecine Innovations Group Inc. (NEO: MYCO) (OTC: MYCOF) in their attempts to develop medicinal formulations that will be taken through the requisite regulatory approval processes before being availed to the public.
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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