Texas Gov. Signs Bill Containing $100M for Psychedelic Research

While the hemp industry anxiously awaits Texas Gov. Greg Abbott’s (R)
decision on pending legislation to ban hemp product sales in the state, the
governor signed another bill to dedicate up to $100 million for researching
the medical benefits of ibogaine, a naturally occurring psychedelic, the San
Antonio Current reports.

Senate Bill 2308, signed into law last week by Abbott, allocates $50
million from taxpayers toward ibogaine research, designating that the other
$50 million would come from the private sector. In return for its
investment, the state will retain a 20% stake in medications developed in
resulting clinical trials, the report said.

Preliminary research has found that ibogaine could be an effective
treatment for anxiety, depression, and PTSD.

“Texas will now lead the way in America for the evaluation of ibogaine as a
potential medication that can help improve the lives of so many veterans.”
— Abbott, in a statement

Meanwhile, Senate Bill 3 — the hemp ban proposal currently pending on the
governor’s desk — has proven to be unpopular even among Republican voters,
according to a recent poll. Hemp advocates say the ban would throw the
state’s $10 billion hemp industry into chaos and put over 50,000 jobs at
risk. Hemp supporters say they have submitted thousands of hand-written
notes and over 180,000 petition signatures calling on the governor to veto
SB 3.

The governor has not yet indicated whether he intends to sign the hemp ban
into law but has until July 22 to decide.

Lawmakers also passed legislation this year to expand the state’s medical
cannabis program, adding dispensaries to the program and expanding the
state’s qualifying conditions list to include chronic pain, traumatic brain
injuries, and other conditions. The governor has also not signaled one way
or another whether he supports the proposal.