The psychedelics industry experienced various peaks and pits at both the state and federal levels in 2024. Below, we look at some of the top moments of the year.
- Department of Veterans Affairs to fund psychedelic research for veterans
Last month, the department announced that it’d allocate $1.5 million to research the effectiveness of MDMA-assisted therapy for alcohol use disorder and post-traumatic stress disorder.
This psychedelic study, the first to be funded by a federal agency since the 60s, will be conducted at West Haven VA Medical Center and Providence VA Medical Center by VA researchers affiliated with Yale University and Brown University. Enrollment is set to start this year.
- DEA renewed efforts to ban certain psychedelic compounds
The agency proposed the placement of 2,5-dimethoxy-4-chloroamphetamine (DOC) and 2,5-dimethoxy-4-iodoamphetamine (DOI) under Schedule I of the Controlled Substances Act.
This decision came amidst pushback from researchers that the classification would disrupt studies on the therapeutic potential of these compounds.
- Lykos Therapeutics’ application for MDMA therapy approval rejected
An FDA advisory panel rejected a proposal that would’ve allowed MDMA-assisted therapy to be used to treat post-traumatic stress disorder. The panel cited issues with the company’s phase III trials as the basis for rejection, advising that Lykos conduct additional trials providing additional evidence of the therapy’s safety and effectiveness.
This is despite the fact that some Congress members sent letters to relevant authorities urging that they consider approving the treatment. In turn, Lykos let go of 75% of its workforce to help advance research efforts.
- Green light for psychedelic therapy pilot program in Utah
The governor of Utah allowed the passage of a measure that’d allow hospitals in the state to administer MDMA and psilocybin as an alternative therapy option under a pilot program.
- Colorado adopted regulations for new psychedelics law
The departments of revenue and regulatory agencies in the state adopted regulations to aid in the implementation of a psychedelics legalization law approved by voters. The regulations cover standards of practice, training and qualification, and the licensing of facilitators, among other things.
- Voters in Massachusetts rejected ballot measure to legalize psychedelics
The voters rejected an initiative that would’ve permitted individuals aged 21 and above to legally cultivate, possess, and share amounts of psychedelics like DMT, ibogaine, and psilocybin. The proposed possession limits under the initiative were 1g each for psilocin and psilocybin, 1g for DMT, 30g for ibogaine, and 18g for non-peyote mescaline.
- Nevada government task force recommends psychedelic decriminalization
The task force recommended that legislators reduce legal penalties for psychedelics and establish a program for regulated psychedelic-therapy access. In its report, the task force highlighted that research had shown that treatment with psychedelics like psilocybin, ibogaine, and DMT could improve mental health disorders.
The above are a few of the many developments that occurred in this growing space. With more studies being conducted by firms like Mind Medicine Inc. (NASDAQ: MNMD) (NEO: MMED) (DE: MMQ) and the academia, researchers expect more benefits of psychedelics to be unearthed.
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