Advocates attend a press conference about the “Impact of Incarcerating Individuals Accused of Marijuana Offenses” and policy reform ideas in front of the U.S. Capitol on April 20, 2026.
Tom Williams | CQ Roll Call, Inc. | Getty Images
A White House executive order on psychedelics signed by President Donald Trump on Saturday aims to accelerate research into drugs like psilocybin, MDMA and ibogaine, helping to legitimize an industry that has long been largely underground.
But it also raises a larger question: Will psychedelics, like cannabis, fall victim to a slow-moving federal lawsuit?
The latest executive order comes about four months after an attempt by President Trump to reclassify cannabis, opening the door to greater research and investment opportunities. But since that policy, progress toward reclassifying cannabis has largely stalled as review by the Drug Enforcement Administration continues and no final decision has been made on moving marijuana from Schedule I to the lower Schedule III.
The delay reflects that drug policy often slows once it enters regulatory review, where scientific assessment, legal standards and policy converge.
“The process was certainly slow and frustrating for those involved, considering they fought for decades against the outrageous misclassification of marijuana in the 1970s,” said Shawn Hauser, partner at cannabis law firm Vicente LLP.
Vicente LLP also serves as legal counsel for the National Compassionate Care Council (NCCC), a coalition of healthcare stakeholders focused on evidence-based cannabis policy.
However, psychedelic regulation is focused on accelerating research rather than legalization. It directs agencies such as the U.S. Food and Drug Administration to expand clinical trials and “right to try” access for patients with serious mental illnesses while leaving drug scheduling unchanged.
Atai Beckley is among a number of psychedelic-focused drug developers whose shares have been rising since the order was signed over the weekend, rising about 25% on Monday. Several smaller cap stocks also surged, including Compass paths, Definium Therapeutics and US-listed shares of Cybin.
Hauser said the recent psychedelics regulation reflects a broader shift in Washington toward a medically-focused framework and could provide a path forward for cannabis re-planning.
“The science-first, patient-first and healthcare-first approach is currently gaining ground in Washington,” she said.
“The psychedelic pathway – based on physician-led protocols, clinical research and compassionate use frameworks – is indeed a model that cannabis advocates should investigate and adopt more aggressively,” Hauser said.
Safety comes first
Trump’s psychedelics measure has drawn particular attention because it contains ibogaine, a powerful, naturally occurring psychoactive compound with long-standing safety concerns.
The drug is currently being studied for use in post-traumatic stress disorder, depression and addiction, but the cardiac risks raised by Nora Volkow of the National Institute on Drug Abuse remain a major obstacle.
This tension is exacerbated by the expansion of “Right to Try” access, a federal law that allows patients diagnosed with life-threatening diseases or conditions to try experimental drugs if no other treatments work. This distinction usually only applies after Phase I trials have been successful.
Ibogaine has struggled to meet these criteria because most of the research on this drug has been conducted outside the United States
Psychedelic industry leaders say the order is meaningful, but the full impact remains unknown until implementation catches up and the scientific value is proven.
“The opportunity now lies not in hype, but in execution: rigorous science, disciplined safety standards, physician-led protocols and real outcomes data,” said Tom Feegel, CEO of clinical neurohealth center Beond.
Beond, based in Cancun, Mexico, specializes in ibogaine therapy.
Feegel added that while the executive order signals legitimacy at the highest levels of government, the next phase is crucial.
There is still no commercial market for psychedelics, although clinical-stage developers such as AtaiBeckley, Compass and GH Research are establishing themselves. Many are prioritizing research into less controversial psychedelics such as psilocybin and MDMA derivatives to treat mental illness.
The US states have also weighed the space. Colorado moved forward with regulated access to psychedelic drugs for its residents in 2022, while a ballot measure in Massachusetts failed in 2024 with 56% of voters rejecting access.
According to the deal, cannabis already has a multi-billion-dollar adult-use industry in dozens of states, giving it a significant head start, although federal regulation remains unclear.
Hauser argued that the two industries ultimately reinforced each other.
“The two regulatory pathways are not in conflict,” she said. “Both promote the broader legitimacy of plant-based alternative medicine, and the infrastructure built for one will inevitably support the other.”
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