Psyched: New MO, MA & NY Bills, Oregon's Psilocybin Services, MDMA Exports, 3D Farm & More

Three More State-Level Psychedelic Bills In The Works: MO, MA And NY

An increasing number of state lawmakers are aiming to introduce psychedelic legalization bills to their respective House of Representatives and Senates. Let’s take a look at some of the latest proposals.

After advising on his plans, Rep. Tony Lovasco finally introduced HB 869 to legalize psilocybin-assisted therapy in Missouri.

The measure would allow patients suffering from PTSD, severe depression and end-of-life anxiety, as well as people with other mental health indications who have been underserved by current treatment options to use the natural psychedelic.

Massachusetts lawmakers have filed companion bills HD 1450 and SD 949 to decriminalize several psychedelic substances for adults over 18.

Now, a third, harm reduction-focused proposal, bill HD 2741 would amend state statutes toward replacing criminal penalties for drug possession with a health and needs screening test, prioritizing the individual’s self-identified needs for referral to appropriate services. 

New York’s third proposal goes for wider reform: after filing bills calling for psychedelics descheduling and legalization and psilocybin and MDMA-assisted therapy pilot programs, a new measure seeks to decriminalize possession of personal amounts of drugs and create a task force for other potential harm reduction reforms, as reported by Marijuana Moment.

Senate bill S2340 states drug abuse is still understood as “a moral failing” and "a crime” and therefore individuals with substance use disorders (SUDs) are not treated with the same compassion and care as others with other health conditions “such as cancer or an anxiety disorder.” 

Continue reading about the proposals HERE.

Oregon Update: Psilocybin Therapy Services Implementation, From Concept To Reality

Oregon’s Measure 109 provides the state with the first comprehensive legal psilocybin therapy program in the U.S.

The Oregon Health Authority (OHA) has begun receiving applications on behalf of training programs and service centers as well as labs and manufacturing businesses.

By the second week of January, the OHA was reviewing six applications, while several psilocybin producers and service center operations have already been approved for business development in Jackson County, as spotted by Dave Hodes.

The upcoming Oregon Psilocybin Advisory Board (OPAB)’s gathering in February would create subcommittees to help with the implementation of the program.

Recall the November ballot’s opt-out results and final rules approved in December.

Member nominations are expected to open by May, after the advisory board considers feedback from licensees and tribal communities.

One of the most hot-button topics is therapy training and facilitators’ licensing. 

Psilocybin therapy facilitators are not required to be medical or mental health professionals but can apply for a license with a high school diploma or GED once graduating from a state-approved facilitator training program.

On the other hand, a facilitator’s license is for the individual so people don’t need to buy or lease property in order to obtain it. But the new law does require that psilocybin be administered in a service center, so facilitators will resort to licensed facilities in the long run. The concern raised here is that the ratio between licensed facilitators and licensed service centers might be too unbalanced.

Another issue is timing. The legal psilocybin services program officially began on Jan. 2, and while people might be completing the mentioned facilitator training programs, service centers working through the land use compatibility process, and labs getting their corresponding accreditations, the state currently has no licensed facilities working and there no estimated date in which they will start to.

Continue reading about Oregon’s insurance and land use requirements HERE.

The Milestone Round

Each week, we learn about new clinical trials, the creation of psychedelic-based compounds and novel potential treatments for those suffering from mental and physical health conditions.

This has been an exciting week, some of the announcements include the approval of an MDMA batch export from Canada to the UK, the expansion of a mushrooms farm division, an extraction partnership and the reopening of a recovery center offering ibogaine treatment.

A major cannabis company is launching its psychedelics-assisted therapy service, while another has engaged a renowned healthcare investment firm to advance its clinical trials programs and a latter has filed a patent for the use of a novel ketamine topic to treat PTSD.

Sector analyst Pablo Zuanic from Cantor Fitzgerald provided an insightful comparison on footprints, cash and organic growth of three of the major psychedelics companies. 

Other business news comprised the announcement of an upcoming acquisition expanding a mental health clinics network, a seed round funding of $5.3 million for cannabis and psychedelics development and the launch of two new psychedelic-therapy training programs. 

In terms of R&D, one company succeeded in its Phase 2 trial assessing a DMT-based compound for the treatment of Major Depressive Disorder while new studies are set to commence, two on classic psychedelics and one on a non-hallucinogenic psychedelic for the treatment of chronic cluster headaches.

Abroad, Scotland’s government has defined its strategies to combat drug-related deaths and two universities are set to study psychedelics for late-stage cancer and Alzheimer’s patients. 

Finally, and following women’s essential contribution to the psychedelics space, Benzinga's Psychedelics Advisory Council incorporated six industry trailblazers and celebrates Beckley Foundation’s creator “Queen of Psychedelics” Amanda Feilding’s 80th birthday!

Check out the continuation of our next-generation psychedelics series and our ayahuasca series, with exclusive first-hand insights from the industry’s developers. 

See Also: Last Week's Edition Of 'Psyched'

Psychedelics EFTs Weekly Performance

This is how the sector’s major EFTs performed in the week spanning January 23-27.

• AdvisorShares Psychedelics PSIL opened Monday, Jan. 23 at a solid $2.23, following the prior week’s opening at $2.29. The number held pretty consistently all throughout the week, slightly falling ‘til closing at $2.18 on Friday, Jan. 27, which is also pretty close to the prior week’s closing price of $2.21.
  For this EFT, the yearly price range was once between $6.26 and $1.82, had been changed to $5.75 as the highest and $1.79 as the lowest, and is now set between $5.24 and $1.79.

• The Elemental Advisors PSYK EFT PSYK opened Monday, Jan. 23 at $18.48, surpassing the prior week’s opening at $18.24 and also certainly better than Monday 9’s opening at $16.75. The number stood pretty constant throughout the week, with a major downfall occurring from Wed. 25 to Thursday 26, and finally closing at $18.30 on Friday, Jan. 27, with a slightly worse performance as compared to the prior closing at $18.39.
  For this EFT, the yearly price range was set between $23.32 and $16.70, and now the lowest price has been adjusted to $16.28.

Join us at our second edition of the Benzinga Psychedelics Capital Conference at the Fontainebleau Miami Beach Hotel in Florida on April 13.

This is THE place to get DEALS DONE, raise money, jumpstart M&A and meet investors and key partners.

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