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Throughout the past month, legislators in nearly half a dozen US states have introduced bills focused on reforming laws that prohibit the use and distribution of psychedelic drugs. Several states, including Oregon and Colorado, have already created a framework to decriminalize these substances and more are likely to follow.

A wave of new data from clinical studies and other experiments continues to back the effectiveness of psilocybin in treating depression, addiction, and other chronic mental illnesses. The potential for psychedelic treatments are being recognized across the North American continent, as lawmakers in Canada and Mexico are also initiating their own reform efforts.

Related Stocks: Mind Medicine Inc. (MNMD), COMPASS Pathways plc (CMPS), Cybin Inc. (CYBN)

Throughout the past several weeks, a flurry of bills meant to reform laws regulating the distribution and possession of psychedelic (also known as hallucinogenic) drugs like psilocybin have been introduced in a number of US states, as well as internationally across the North American continent. Though a variety of drugs like MDMA and LSD have been utilized in innovative treatment regimes for depression and other mental health ailments, psilocybin is particularly popular since it is a naturally occurring psychedelic prodrug compound. The compound is associated with mushrooms and can be produced by around 200 species of fungi.

Bills focusing on the legalization of psilocybin, as well as a variety of other psychedelics in some cases, have been introduced in the state legislatures of MassachusettsIllinois, and Utah this month. In Virginia, similar legislation that would establish a statewide psilocybin advisory board and move psilocybin to a lower schedule on the state’s list of narcotics has been introduced. An Arizona bill would provide $30 million in grants over three years to expand research into psilocybin.

In Oregon, the first state to decriminalize certain hallucinogens, adult use became legal on January 1 and clinics are set to initiate operations this year across 11 counties within the state. Unlike cannabis, which can be sold at dispensaries, Oregon will…

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