Psychedelics: The New Legalization Frontier
In the past year, there has been a re-emergence of a movement to decriminalize and legalize psychedelics. Psychedelics are defined as a class of pharmacological compounds whose primary impact is to alter the brain’s state of consciousness. The most commonly known psychedelics are LSD (lysergic acid diethylamide), DMT (N, N-Dimethyltryptamine), and psilocybin (most commonly found in certain mushrooms). As modern science continues to research the potential benefits of treating patients with psychedelics, the support for decriminalization and eventually, legalization, has taken the same tone as the cannabis movement.
In November 2019, the US Food and Drug Administration (FDA) designated psilocybin therapy as a “Breakthrough Therapy” for major depressive disorder, which paves the way for further research on the psychedelic substance. Since the designation, many more research centers, pharmaceutical companies, and think tanks have been on the fast track to developing medical treatments for anxiety and depression with psilocybin. Although science has yet to figure out exactly why psychedelics offer relief for so many patients, scientists suspect it may be some combination of neurological changes and insights gained during the psychedelic experience itself. As we’ve seen with the cannabis industry, large pharmaceutical companies are investing in researching and developing treatments, hoping to capitalize at the earliest stages of this emerging industry.
A group of researchers at Johns Hopkins have spent nearly 20 years studying the medicinal and therapeutic qualities of psychedelics. Preliminary studies suggest psilocybin and DMT may combat depression and anxiety quite effectively when administered in a controlled setting. It is groundbreaking studies like these that once paved the way for cannabis, which was regulated to Schedule I at the same time as psychedelics. A cultural shift towards unconventional and natural medical treatments is setting the stage for the start of a legal psychedelics industry, especially in light of the undeniable economic stimulus and job opportunities the cannabis industry has brought to much of the United States. Most recently, the Psilocybin Therapy Initiative has announced that it has gathered over 160,000 signatures for its ballot measure, which would make Oregon the first state to vote in November 2020 on whether to legalize hallucinogenic mushrooms.
As we notice many of the similarities between psychedelics and cannabis, we are keeping a close eye on trailblazers, innovators, and policymakers in this space. Look out for our upcoming webinar next month titled “A Psychedelics Market Progress Report: Where Are We and What’s Next?” which will focus on an introduction to the emerging commercialization and research of new drug therapies with a discussion on decriminalization, legalization, and alternative methods treatments. Click the link below to register.
About Global Go
Global Go provides sophisticated consulting services to the global cannabis and hemp industry. In tandem with strategic allies around the world, Global Go serves clients throughout the world from offices in Bogota, Chicago, Desert Hot Springs, Johannesburg, London, Los Angeles, Mexico City, New York, Silicon Valley, and Toronto. Powered by a team of cannabis industry pioneers and world-class consultants, Global Go helps leading cannabis funds and companies assess and enter new markets; acquire assets; raise capital; launch new product lines; improve SOPs; comply with regulations; implement technology and security systems; find talent; diagnose and execute solutions to growth obstacles; and apply for cannabis licenses (with a 99% success rate on over 150 cannabis license applications across the United States). Learn more at https://globalgo.consulting.
