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Australia Starts Implementing Law That Legalized Psychedelic Therapy

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Several months after traditionally conservative medical regulators in Australia approved psychedelic-assisted therapy, the country has begun implementing its landmark psychedelics law. The country’s medicine regulator approved the use of psilocybin (magic mushrooms) to alleviate treatment-resistant depression along with MDMA or ecstasy to treat post-traumatic stress disorder (PTSD).

With the law taking effect July 1, 2023, Australia becomes the first country in the world to reclassify hallucinogenics as a medicine at the national level. These psychedelic reform efforts in Australia come at a time when researchers around the world are studying psychedelics with higher frequency and seeing increasingly positive results.

Research into psychedelics may be a relatively new field, but what scientists have found already is incredibly encouraging. Various psychedelics seem to be capable of treating a plethora of mental disorders with relative safety and efficacy, providing long-term results at minimal doses and with few side effects. As the mental-health field has been in dire need of a shot in the arm for decades, the research has drawn a lot of public and investor interest. Psychedelics are poised to be the game changer that finally allows people to meaningfully address their mental health conditions.

Regulators in Australia moved to legalize certain psychedelics for medical use to allow mental-health patients access to a potentially revolutionary treatment. However, with all the hype surrounding hallucinogenics for mental health, medical organizations are urging people to exercise caution before jumping on the psychedelics bandwagon.

Addiction counselor Marjan Beaugeois was one of the first Australians to benefit from psychedelic-assisted therapy. After a series of deaths in the family, Beaugeois plunged into a severe depression that left her “zombie-like and unable to self-soothe or cry.”

With no prior history of alcohol or drug use, she was hesitant to try psychedelics to treat her condition. But with conventional therapies failing to offer her any relief, Beaugeois booked herself for several psilocybin-assisted therapy sessions. She could finally feel joy and smile just three sessions later, Beaugeois said.

Like Beaugeois, many other Australians are poised to benefit from psychedelic-assisted therapies. David Nutt, head of neuropsychopharmacology at the UK’s Imperial College, praised Australia’s psychedelic efforts and said that the country was leading the world in psychedelic innovation.

Fellow Brit, psychiatrist, and psychedelic researcher Dr. Ben Sessa also congratulated Australia on its efforts and said that the “global psychedelic spotlight” shines in the country. Sessa will travel to Australia and spend the next year traversing the country and delivering a psychedelic training program.

The move by Australia to permit psychedelic treatments gives enterprises such as Field Trip Health Ltd. (OTC: FTHWF) (TSX: FTHW) validation for the tireless efforts they are investing in coming up with standardized and approved treatments from hallucinogens.

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