Advocates gathered for a news conference focused on the “impact of incarcerating those charged with marijuana-related offenses” and discussing policy reform outside the U.S. Capitol on April 20, 2026. This event underscores the ongoing conversations around cannabis legislation, particularly in the context of Mississippi’s growing cannabis industry.
Executive Order on Psychedelics
A recent executive order signed by President Donald Trump aims to expedite research on psychedelics such as psilocybin, MDMA, and ibogaine. This initiative seeks to legitimize an industry that has historically operated in the shadows. However, it raises critical questions about whether psychedelics will face similar bureaucratic hurdles as cannabis has in recent years.
This executive order follows an earlier attempt by President Trump to reschedule cannabis, which would facilitate increased research and investment opportunities. Since that directive, momentum surrounding cannabis reclassification has waned, with the Drug Enforcement Administration still conducting reviews without a definitive decision regarding moving marijuana from Schedule I to Schedule III.
Psychedelics Research vs. Cannabis Legalization
Shawn Hauser, a partner at Vicente LLP, a cannabis law firm, highlighted the frustrations surrounding the slow progress of drug policy reform, particularly for stakeholders who have battled against cannabis’s historical misclassification for decades. While the psychedelics executive order emphasizes research acceleration, it does not change the current scheduling of these substances.
The order instructs agencies like the U.S. Food and Drug Administration to expand clinical trials and improve “Right to Try” access for patients battling severe mental health issues. This framework reflects a growing shift in Washington towards a medical-first approach to drug policy, suggesting that the progress made for psychedelics could pave the way for similar advancements in cannabis rescheduling.
Market Reactions
Following the executive order, stocks of psychedelics-focused companies such as AtaiBeckley saw increases of approximately 25%. Other smaller market-cap stocks, including Compass Pathways and Cybin, also experienced gains. Hauser pointed out that this momentum indicates a shift toward a more evidence-based approach to plant-based medicines.
Safety Concerns
Trump’s order has drawn notable scrutiny, particularly regarding ibogaine due to its associated safety concerns. Despite ongoing research into ibogaine’s effectiveness for treating conditions such as PTSD and addiction, significant cardiac risks remain a concern. This illustrates the complex interplay between expanding access to experimental drugs and ensuring patient safety. The “Right to Try” law allows individuals with life-threatening conditions to access unapproved therapies, but typically only after the initial phases of clinical trials are completed.
Future Implications for Cannabis
Although psychedelics are gaining traction, the cannabis industry has already established a multibillion-dollar adult-use market across multiple states. The ongoing development of both industries suggests they may mutually reinforce one another, as legislative progress in one area could bolster advancements in the other. Hauser asserts that both sectors are evolving to enhance the legitimacy of plant-based alternative therapies.
As state-level discussions around psychedelic access continue—like Colorado’s move to regulate psychedelics in 2022—Mississippi’s cannabis industry remains a critical player in shaping national perceptions and policies related to drug reform.