Psychedelics Industry Scores Reform Wins in Oregon and DC
During a long night of election coverage and results, psychedelics legalization measures cleared in two states.
The psychedelics market received votes of confidence from Oregon and Washington, DC, as new reforms were approved to boost legalization efforts.
In Oregon, voters approved a measure seeking to legalize psilocybin mushrooms for controlled therapeutic use, while the US capital voted in favor of a policy to decriminalize psychedelic substances in the form of certain psychedelic plants and fungi.
Both ballot results were confirmed by Marijuana Moment after projections from the Associated Press.
The psilocybin measure won’t allow for the sale of psilocybin over the counter or of branded products, but instead will allow those 21 or older to gain access to supervised spaces for the administration of psilocybin for general therapeutic causes.
In a statement, the campaign behind the measure thanked all its supporters and those that helped get the policy across the finish line.
“Healthcare professionals, veterans, mothers, people struggling with depression, anxiety, addiction and end of life distress, community organizations, and so many others answered to call for a new option to help so many who are suffering,” the group said.
WE DID IT! We are incredibly grateful for the support of each and every voter who helped us make history by creating the first legal psilocybin therapy program in the country. There are so many people to thank, read our full recap of this historic victory. https://t.co/uINSGXknHC pic.twitter.com/TFxDpaNBZp
— Yes on 109 (@voteyeson109) November 4, 2020
Melissa Lavasani, who introduced the DC measure, described the positive vote as a win that indicates public perception of psychedelics is changing.
“We have changed the game here. We have shifted this dialogue,” she said, according to a report from the Washington Post. “We are trying to normalize mental health.”
Overall, 2020 has been a critical year for the psychedelics industry as a whole thanks to the arrival of more mainstream stocks and growing interest in from the wider capital markets. Momentum is picking up for the sector, according to experts.
An index tracking just over 30 stocks in the psychedelics space was up nearly 10 percent in Wednesday’s (November 4) trading session, showing some of the immediate investment activity.
Industry standard bearers like Compass Pathways (NASDAQ:CMPS) and Mind Medicine (MindMed) (NEO:MMED,OTCQB:MMEDF) were also both up near the end of the trading day.
As of 2:15 p.m. EST, Compass shares were up 9.85 percent for a price tag of US$36.24, while MindMed was enjoying an increase in value of 5.5 percent for a price per share of C$1.15.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
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