Ladies & Gentleman, The Shroom Boom Is Here!
Reposted with permission from @SHALWETOKE
The psychedelic drug market is set to reach close to $11 billion by 2027, while creating investment opportunities worth almost $100 billion.
The pandemic and the opiate crisis has accelerated the interest in psychedelics, particularly magic mushrooms.
This perception although it seems benign, accelerated the shroom boom faster than if we weren’t in a global pandemic
Also, if you’ve tried cannabis and are aware of its health benefits, you’re likely more inclined and open to learning about magic mushrooms.
if you’re already in the cannabis industry and you haven’t dabbled with the business idea of magic mushrooms, gone to an event, or know much about it, well then… you’re already behind.
Bio-tech companies in Canada, for example, are leading it in the psychedelics space.
They have done numerous research studies of the mental health benefits of psychedelics, they are snatching up as many patents as they can get their hands on, and they are also listed on the new york stock exchange. Yes, psilocybin stocks are a hot topic right now.
Canada alone has had talks already about decriminalizing or legalizing it nationally
Oregon has legalized psychedelic use for physician-assisted therapy in treating mental health illnesses.
Washington D.C. and some states on the east coast such as Massachusetts and Connecticut have also taken decriminalization efforts.
Several cities in California such as Oakland and Santa Cruz have decriminalized possession and cultivation in small amounts
Also, in California, we have 2 major bills in the psychedelics space that are pending.
The California Psychedelic Decriminalization Bill which would decriminalize possession of certain psychedelics in small possession. There is also The California Psilocybin Initiative 2022 that was recently submitted to the state attorney general’s office, which would legalize the cultivation and selling of magic mushrooms.
Further, there have been decriminalization efforts of all drugs on the federal level.
But the key here to remember is just because cannabis is making legalization waves in states, doesn’t necessarily mean psychedelics will be done in the same way
Psychedelic biotech firms are not generally seeking state-by-state approvals.
They are instead focusing on gaining FDA approval to use psychedelics as a pharmaceutical drug
So even if they do reschedule it and federally approve it, these companies are going to recommend it be used in a clinic under professional medical supervision
The concern for these biotech firms is not to push for nationwide recreational use but for supervised medical use
Hmm, interesting to say the least considering these biotech firms would be making all the profit off this. I don’t agree with the way they are trying to regulate it. This is just a way for these pharma companies to dominate the psychedelic space.
I believe the psilocybin initiative in California although initially, I thought was extremely bold, I have to say this legal framework presents the most logical and honestly best possible way to allow for everyone to benefit off of magic mushrooms in a safe and reasonable manner.
This initiative is now in the phase of getting signatures for the next few months until the deadline. If you live in LA County particularly in places like Hollywood, West Hollywood, Beverly Hills, Bel Air, Santa Monica, Venice, please I strongly advise you to sign the initiative to get it on the November 2022 ballot.
If you don’t know much about this initiative, I did a 15 min podcast recording and video on my Instagram. California has always been the leading trendsetters, so let’s do one more for our state and sign this initiative!
Just like in cannabis, our perception and actions will change everything.
This was my headline on Monday, August 23, 2021, on The State of Cannabis NewsHour: Your Daily Dose exclusively on Clubhouse, from 9:00 a.m. – 10:00 a.m., Monday through Friday. I am a Correspondent on Mondays and Wednesdays.
By: @SHALWETOKE
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