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Colorado Governor Ratifies Law Establishing Rules for Using Psychedelics

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Like medical cannabis a few years ago, psychedelics have now captured the public consciousness due to their medical potential. Research into psychedelics has revealed that they can treat many mental health disorders with minimal side effects. With millions of Americans currently struggling with mental health conditions, psychedelic-assisted therapies couldn’t have come at a better time.

Although the psychedelic reform movement is still in its infancy, it is steadily picking up steam within American cities and states. Colorado Governor Jared Polis recently signed a law that would create a regulatory system for the use of psychedelic substances in “licensed healing centers.” The legislation was created after Colorado voters voted to legalize psychedelics in a ballot initiative and passed by both the House and Senate before heading to the governor’s desk for his signature.

The ballot measure legalized the use of psilocybin, DMT, mescaline, ibogaine and psilocin for medical purposes and charged the Department of Regulatory Agencies to develop rules for the medical psychedelic program. Under this measure, Colorado would have a two-tiered regulatory model where patients would be allowed to use medical psilocybin and psilocin at licensed healing centers until June 2026. Regulators would then have leeway to decide whether or not to allow the therapeutic use of mescaline, DMT and ibogaine.

The measure also called for the formation of a 15-member Natural Medicine Advisory Board to discuss whether or not to add other psychedelics to the program while the Department of Regulatory Agencies would be in charge of authorizing these additions.

The law covers policies on healing centers for adults aged 21 years and older, licensing requirements, cultivation, license center facilitators, regulatory agency responsibilities and penalties for unlicensed activities within the psychedelic space. It also maintains some of the provisions included in the voter-approved measure, such as no limit on personal possession of mescaline, ibogaine,  psilocybin, DMT and psilocin by adults aged 21 and over.

Underage and public psychedelic use would result in a $100 fine while adults would only be allowed to cultivate natural psychedelics in a private, enclosed space no larger than 12 by 12 feet or be liable for a $1,000 ticket if they violate this requirement. Individuals who had previous convictions for psychedelic-related activities that are now legal under state law would have a pathway to seal their records from public view.

Furthermore, the law set up a Division of Natural Medicine under the Department of Revenue to aid in regulating the medical psychedelic program and provide cultivators, manufacturers, healing centers, and testing facilities with licenses.

Governor Polis signed the measure into law three weeks after Senate lawmakers sent it to his desk.

Given that several companies such as Mind Medicine Inc. (NASDAQ: MNMD) (NEO: MMED) (DE: MMQ) are pouring more resources into studying the medical potential of psychedelics, many more jurisdictions are set to reform their psychedelics laws as the medical potential of hallucinogens is brought to the fore.

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