At the start of this month, Linda Rosenthal, an Assemblywoman of the state of New York, introduced legislation that calls for the state to establish a research institute to study the therapeutic potential of psychedelic substances for individuals who are afflicted with a substance use disorder, including opioids and methamphetamine, among other substances. The institute would be managed and run by the state.
Under the program, researchers would create an advisory board that would offer oversight of clinical trials and aid principal researchers at sites that lacked formal review board oversight as well as set up training programs for professionals who would be working with the said substances. This would be in addition to carrying out trials on the therapeutic potential of psychedelics.
The bill would also allow state regulators to enter into agreements with different facilities to acquire psychedelic substances without a federal DEA license in the event they weren’t able to obtain enough substances via a licensing agreement with the agency owing to their failure or refusal to comply with the program. In a memo about the legislation, Rosenthal stated that there was increasing evidence indicating that psychedelics, such as psilocybin, could be useful in helping treat symptoms of various mental conditions, including PTSD, anxiety and depression. This, she said, was in addition to helping people recover from substance use disorder. Rosenthal noted that psychedelic substances offered numerous benefits while eliminating the risks of dependency or overdose that other medications had.
Last year, the Assemblywoman was among the first legislators in the state to introduce a measure to decriminalize psilocybin. Psilocybin is one of the primary active ingredients in psilocybin mushrooms. Researchers have discovered that psilocybin also increases an individual’s quality of life, enhances spiritual well-being and decreases cancer-related hopelessness and demoralization.
In March of this year, Rosenthal introduced an amendment to the legislation to include psilocin, which is another psychoactive chemical found in magic mushrooms. This move to establish a research institute to study the therapeutic potential of psychedelics came a few days after the New York Post revealed that it had acquired a plan from Andrew Yang, a mayoral candidate for the city, supporting the legalization of specific psychedelics and other substances in controlled settings, to be utilized by military veterans who suffer from post-traumatic stress disorder.
In a statement, Yang explained that for decades the city of New York had failed veterans who lived in the area and suffered from high rates of suicide, mental health conditions and homelessness. He pledged that, as mayor, he would work on ensuring that veterans received proper treatment.
With the elected representatives of the people taking on the mantle of psychedelic policy reform while private sector players such as Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) gear up to develop and commercialize medicinal and functional products from psychedelics, it may not be long before remedies from these substances get regulatory approval for the patients who need them.
NOTE TO INVESTORS: The latest news and updates relating to Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) are available in the company’s newsroom at https://ibn.fm/PULL
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