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Nevada Legislators Approve Bill Creating Working Group on Psychedelics

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Lawmakers in Nevada have approved a bill that would create a psychedelic working group to study hallucinogenics and aid in the development of a therapeutic psychedelic market in the state. Recent efforts by scientists across the country have shown that psychedelics, long considered by federal law as controlled drugs with zero medical application, may be able to alleviate a wide variety of mental health disorders.

Researchers have found that when paired with talk therapy, even a single dose of a psychedelic such as psilocybin can offer patients sustained and long-term relief against the symptoms of conditions such as treatment-resistant depression and post-traumatic stress disorder (PTSD). Nevada now joins the growing number of regions that have either passed some kind of psychedelics regulations or are considering joining the young but swiftly growing industry.

The state legislature passed the psychedelics bill in a unanimous vote and sent it to the governor’s desk for his consideration and signature. Introduced by Senator Rochelle Nguyen, the measure would have originally expanded the scope of psychedelic research in Nevada as well as legalized psilocybin, the main psychoactive agent in magic mushrooms.

However, the measure was scaled back by the Senate to focus solely on creating a psychedelic medicines working group charged with investigating the therapeutic, medicinal and wellness potential of entheogens. Entheogens include psychedelics such as psilocybin, ayahuasca and peyote, which are derived from naturally occurring fungi and plants.

Nguyen noted earlier that her bill would most likely be amended and said that she did not mind any changes; she  simply wanted to get the legislature talking about psychedelic reform.

If the bill is signed into law, it will result in the formation of a 15-member working group under the auspices of the Nevada Department of Health and Human Services (HHS). The members would include the director of HSS, the state attorney general, the president of the Nevada Board of Pharmacology, and the director of veteran services.

The working group will be in charge of investigating the therapeutic potential of hallucinogenics, including but not limited to psilocin and psilocybin, in overall wellness and against mental disorders such as substance use disorder, major depressive disorder and PTSD.

Additionally, the working group would be tasked with analyzing local, state and federal laws on the medical use of psychedelics and coming up with an actionable plan for how Nevada can allow access to safe, affordable and effective entheogens.  The group would also have to compile its findings into a report and submit that report to the state legislature by Dec. 31, 2024.

The working group created in Nevada could benefit from some of the scientific data that enterprises such as Mind Medicine Inc. (NASDAQ: MNMD) (NEO: MMED) (DE: MMQ) have documented regarding the therapeutic potential of a number of hallucinogens.

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