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Psychedelic policies at the state level have been evolving as more states decriminalize these substances. This has highlighted the need for conversation on how psychedelic sales would operate in a way that retains safety measures and essential regulation while still broadening access to their therapeutic benefits.
RAND Drug Policy Research Center recently released a report discussing potential policy options for psychedelic sales. The think tank’s report begins by emphasizing that the time has come for federal policymakers to decide how psychedelics would be supplied, especially since legislation for retail psychedelics are already being discussed in some states. It highlights that when it comes to psychedelic supply, the supply architecture is crucial.
Here, federal policymakers should focus on what entities are allowed to sell psychedelics? Is it government authorities? For-benefit corporations? Nonprofits?
The think tank argues that while the federal government having monopoly on psychedelic distribution may make product safety easier, it would be ironic to afford the government sole power to legally sell these substances given the role it played in the war on drugs.
The report also makes a case for for-benefit corporations, explaining that possible excesses from psychedelic commercialization could be evened out by emphasis on equity or public health. In addition, the report looked at for-profit sales, observing that while this approach could benefit consumers by increasing competition and causing price reductions, it creates an incentive for companies to increase their consumer bases through innovation and advertising, which is a slippery slope when it comes to potent substances such as psychedelics.
In addition, RAND discusses legalizing psychedelic sales through nonprofits, offering the example of countries such as Germany, Spain and Uruguay, which have established a nonprofit model for marijuana that could be adapted for psychedelic substances. This approach, the report notes, applies more restriction in comparison to the others.
Another approach on psychedelic use has been proposed through a measure introduced by New York Representative Amy Paulin. The measure takes a path similar to that of a driving license and adapts it for psychedelics.
Under the measure, individuals aged 18 and above would have to take an educational course, be screened and pass a test in order to obtain a permit to purchase psychedelics from licensed parties. With this permit, they would be allowed to use the drugs in their homes, cultivate mushrooms on their premises and share the substances with other adults who also have permits.
Unlike the RAND report, which centers on licensing psychedelic supply, the model proposed under this bill centers on who possesses licenses to buy and consume these substances.
Different jurisdictions will have to consider which policy option best aligns with their needs and reality. Whatever route states choose to take, the pioneering work of many startups such as Mind Medicine Inc. (NASDAQ: MNMD) (NEO: MMED) (DE: MMQ) cannot be ignored because it was vital to generating the momentum driving public and investor interest in these substances that were driven into near obscurity by decades of criminalization.
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