The Road To Legal Psychedelics: Is Cannabis A Good Comparison?

This article was originally published on Microdose and appears here with permission.

When discussing the path to legal psychedelics, cannabis is often mentioned as a test case. Both are scheduled substances trying to enter the commercial and scientific mainstream — but is cannabis’ route a useful marker for the one psychedelics might take?

In this article, we compare the journeys of the cannabis and psychedelic industries in their pursuit of legalization, highlighting key differences and similarities.

The Cannabis Industry And Marijuana Legalization

The cannabis industry has witnessed a dramatic shift in recent years, with many countries and states legalizing its recreational and/or medicinal use. Here are some notable aspects of the cannabis industry’s journey toward legalization.

Medical Legalization

Cannabis began its path to legalization through medical use. Early research on the therapeutic benefits of cannabis, particularly in alleviating symptoms associated with conditions like chronic pain and epilepsy, laid the foundation for medical cannabis programs. These programs allowed patients with qualifying medical conditions to access cannabis under specific regulations and prescriptions.

Recreational Legalization

Building upon the success of medical cannabis, several jurisdictions moved toward recreational legalization. This shift acknowledged the widespread use and cultural acceptance of cannabis, emphasizing the need for regulation to ensure consumer safety, tax revenue, and the dismantling of illicit markets. States in the U.S., as well as countries like Canada and Uruguay, have implemented systems for legal recreational cannabis use, cultivation, and distribution.

Industry Growth And Regulation

With legalization came the growth of the cannabis industry. Companies emerged to meet the demand for both medical and recreational cannabis, leading to the establishment of comprehensive regulations covering cultivation, manufacturing, testing, packaging, and retail. According to Business Insider, Americans spent an estimated $30 billion on legal marijuana products.

In summary, cannabis used medical marijuana as a stepping stone towards decriminalization and recreational use. However, unlike psychedelics, the majority of cannabis’ recent developmental focus has been primarily on the recreational/commercial sectors (with medical cannabis playing a smaller role).

Legal Psychedelics And The Road To Psychedelic Legalization

While the psychedelic legalization movement is still in its infancy compared to cannabis, there has been notable progress in recent years. Unlike cannabis, the movement toward legal psychedelics has been almost entirely focused on therapeutic use and drug development for serious health conditions. There is also a parallel psychedelic decriminalization movement that aims to stop people from being prosecuted for small amounts of personal use.

Decriminalization Of Psychedelics

Decriminalization of psychedelics has been the initial focus of many reform efforts. Local initiatives in various cities have aimed to decriminalize the possession and use of entheogenic substances, such as psilocybin mushrooms and ayahuasca. These initiatives seek to shift the legal framework from punishment to a more health-centered approach, reducing the stigma associated with psychedelic use.

Medical Research And FDA Approval Of Psychedelics

Psychedelic legalization efforts have gained momentum through scientific research demonstrating their therapeutic potential. The majority of companies and research organizations are going the route of FDA approval of psychedelics as a way to increase patient access. Organizations like the Multidisciplinary Association for Psychedelic Studies (MAPS) are conducting clinical trials to assess the safety and efficacy of substances like MDMA and psilocybin for conditions like PTSD and depression. Positive research outcomes are continuing and clinical trials are moving forward towards the goal of FDA approval of psychedelics.

Legislative Initiatives For Legal Psychedelics

Inspired by the promising research, some jurisdictions have begun exploring legislative pathways for psychedelic legalization. State-level bills and initiatives have been introduced to create frameworks for regulated access to psychedelics for therapeutic purposes. These efforts are still in the early stages but demonstrate a growing acknowledgment of psychedelics’ potential benefits. For example, the state of Oregon has legalized the use of psilocybin and the Oregon Psilocybin Services (OPS) has started awarding licenses to psilocybin facilitators, manufacturers, service centers, and laboratories.

In conclusion, cannabis legalization began with medical use and gradually expanded to recreational use; whereas psychedelic legalization efforts have focused on decriminalization, medical research, and FDA approval of psychedelics. So while there are some similarities between the two evolutions, psychedelics’ unique characteristics make them better suited for a more therapeutic and medically-regulated development than cannabis.

Market News and Data brought to you by Benzinga APIs
Posted In: CannabisGovernmentPsychedelicsRegulationsMarketscontributorsMapsmarijuana legalizationPsychedelics Legalization
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

The Benzinga Cannabis Capital Conference is coming to Florida

The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.

Get your tickets now on bzcannabis.com – Prices will increase very soon!


Loading...