Why it matters: The House Rules Committee has cleared two amendments related to cannabis and psychedelics to be discussed on the floor. The House has approved these amendments, which include providing funding for psychedelic medical clinical trials and allowing active-duty service members to participate in psychedelic clinical trials for the treatment of Traumatic Brain Injury (TBI) and PTSD. Additionally, the Senate Banking Committee passed the SAFER Banking Act, which aims to protect financial institutions and cannabis businesses by giving them access to traditional banking services.
What they are saying: Representatives Dan Crenshaw and Morgan Luttrell are advocating for the funding of psychedelic medical clinical trials and the inclusion of active-duty service members in psychedelic clinical trials. They argue that these measures are necessary to explore all options for the treatment of mental health issues experienced by service members. However, Representative Betty McCollum opposes the funding, citing current clearances, legal hurdles, and logistics.
The big picture: These advancements in Congress reflect a growing recognition of the potential benefits of psychedelics in the medical field. By approving funding for psychedelic medical clinical trials and allowing military personnel to participate in these trials, policymakers are acknowledging the need for alternative treatments for conditions like TBI and PTSD.
What to watch: The next step is for the SAFER Banking Act to be brought to a vote on the Senate floor. If passed, it would provide financial institutions and cannabis businesses with access to banking services and protect them from reputational risk.
My take: It is encouraging to see Congress taking steps to explore the potential benefits of psychedelics in medical treatment and support the cannabis industry. These actions show a willingness to consider alternative approaches to address mental health issues and provide support to businesses operating in the cannabis sector. The passage of the SAFER Banking Act would be a significant development in ensuring the financial stability and legitimacy of cannabis businesses.
