Everything is changing with psychedelic drugs. Until recently, substances with psychedelic or entheogenic properties were used recreationally, and always illegally. These substances were widely perceived to have no medical value and no commercial application. As such, no one invested in this area or required legal services outside of the criminal context.
Today, psychedelics are proceeding toward legalization on two paths. The first path is pharmaceutical. In 2019, the U.S. Food and Drug Administration (FDA) approved Spravato, a ketamine-based nasal spray used for treatment-resistant depression. Shortly thereafter, FDA granted “breakthrough status” to a pair of psilocybin applicants for depression-related formulas. Private and public companies are now racing to raise money, develop intellectual property and capitalize on the market opportunities associated with government-approved psychedelic drugs. These opportunities are tremendous.
The second path for psychedelics is being undertaken at the state and local levels through decriminalization efforts. Decriminalization already has occurred in cities such as Santa Cruz, Denver and Oakland. States may soon follow. The commercial opportunities associated with decriminalization are less clear. However, we have clients pushing hard in this area, alongside clients in the FDA and technology development spaces.
As a firm that has provided business and related services in the cannabis space going back to 2010, we are familiar with many of the issues businesses and individuals face in the psychedelics space. We regularly cover legal and policy topics in and around psychedelics on our blog.
Our legal services in this space include:
- Entity formation, administration and governance
- Finance and investment
- Intellectual property protection and registration
- Technology related agreements
- Regulatory advice and counsel
- Opinion work