Alaska House Advances Legislation to Prepare for Psychedelic-Assisted Therapy

1.1 min readPublished On: May 5th, 2024By

LOS ANGELES- The Alaska House of Representatives has passed legislation aimed at preparing the state for the potential federal approval of psychedelic-assisted therapies. The measure, known as House Bill 228 (HB 228), was approved with significant support, passing with a vote of 36 to 4.

HB 228 seeks to establish a state task force dedicated to studying the licensing and regulatory frameworks necessary for administering therapies using substances like MDMA and psilocybin, should they receive federal approval. This task force is tasked with issuing recommendations by January 31, 2025.

Representative Jenny Armstrong (D), the bill’s sponsor, emphasized the importance of readiness for potential FDA approvals of these substances as treatments for mental health issues. MDMA is expected to possibly receive FDA approval later this year, with psilocybin anticipated to follow within the next couple of years. Both substances have already been designated as breakthrough therapies by the FDA, underscoring their potential significant benefits in treating serious or life-threatening diseases.

The Senate companion bill, SB 166, has also made progress, having passed out of one committee and undergone a hearing in another in February.

The passage of HB 228 reflects a proactive approach by Alaska’s legislators to prepare for new therapeutic options that could transform mental health treatment. This legislative move does not alter the current legal status of any drugs but sets the groundwork for future regulatory and licensing actions in response to federal decisions.

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The News Team at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.

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