During an event last week, top drug officials explained how the classification of substances such as cannabis and some psychedelics under Schedule I of the Controlled Substances Act hindered studies into the therapeutic potential of these substances from being conducted. The event, which focused on treatment using psychedelics, was organized by the National Academies of Sciences, Engineering and Medicine.
Nora Volkow, director of the National Institute on Drug Abuse, has addressed the stressful process that researchers have to go through in order to acquire these controlled substances. During the event, Volkow explained that the scheduling process had made it hard to conduct research on Schedule I substances despite the increasing interest among researchers; she also noted that the DEA and the FDA needed to work together to establish avenues to conduct research on these substances without having to undergo the current onerous procedures.
Volkow also discussed how changing federal rules would allow researchers access to a broader pool of substances on which to carry out research, arguing that making changes to current laws would expand access to drugs from various sources and accelerate research.
In a prior interview, Volkow had explained that enacting changes in policy that expanded researchers’ access to products available in state-legal markets was crucial. She also highlighted the increase in psychedelic use by grownups as the reform movement continues to spread both at the state level as well as locally.
Joshua Gordon, director of the National Institute on Mental Health, was also asked about the efforts the NIMH was taking to study psychedelics. He responded by stating that there was interest among some researchers to carry out experiments in this field, mentioning an active program that was investigating the therapeutic mechanisms behind ketamine and its use in treating depression.
This comes as legislators pass reforms to eliminate research barriers. For instance, the House passed a bipartisan cannabis research measure earlier this week that would streamline studies into marijuana, partly by allowing researchers to study products obtained from state-legal dispensaries. This approval followed a historic move by the same chamber days before that involved the approval of legislation to federally legalize cannabis.
The Senate also passed a similar marijuana research legislation last month.
In recent years, the DEA has approved more cultivators of cannabis to be used in research in an effort to make research easier. Additionally, President Biden signed a large-scale infrastructure measure that contained provisions which will enable scientists to study cannabis that consumers buy from legal businesses in various states, instead of studying only government-grown marijuana.
If the criticism being voiced by leading federal drugs officials finally turns into new regulations for psychedelics, established companies such as Cybin Inc. (NYSE American: CYBN) (NEO: CYBN) could grow at a faster pace as a result of the regulatory improvement in their operating space.
NOTE TO INVESTORS: The latest news and updates relating to Cybin Inc. (NEO: CYBN) (NYSE American: CYBN) are available in the company’s newsroom at https://ibn.fm/CYBN
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