Advocates attend a press conference about the “impact of incarceration for people charged with marijuana-related crimes” and ideas for policy reform outside 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 such as psilocybin, MDMA and ibogaine, legalizing an industry that has long existed largely underground.
But it also raises a broader question: Will psychedelics fall victim to the same slow-moving federal process as cannabis?
The latest executive order comes about four months after President Trump’s efforts to reschedule cannabis, opening the door to greater research and investment opportunities. However, since the directive, progress on reclassifying cannabis has largely stalled, with the Drug Enforcement Administration’s review still underway and no final decision on moving marijuana from Schedule I to the lower Schedule III status.
This delay reflects how drug policy often lags behind interagency reviews where scientific assessments, legal standards, and politics align.
“This process has certainly been slow and frustrating for the parties involved, given that they have been battling the outrageous misclassification of cannabis in the 1970s for decades,” said Sean Hauser, partner at cannabis law firm Vicente LLP.
Vicente LLP also serves as legal advisor to the National Compassionate Care Council (NCCC), a coalition of healthcare professionals focused on evidence-based cannabis policy.
However, the Psychedelics Directive focuses on accelerating research rather than legalization. The bill directs agencies such as the U.S. Food and Drug Administration to expand access to clinical trials and “right to try” for patients with serious mental health conditions without rescheduling drugs.
Atai Beckley The company is one of a number of psychedelic-focused drug developers whose shares have risen since the order was signed over the weekend, up about 25% on Monday. Some smaller market capitalization stocks also rose. compass route, Definium Therapeutics and Cybin’s U.S.-listed stock.
Hauser said the recent psychedelic orders reflect a broader shift to a medical-first framework in Washington and could chart a path forward for rescheduling cannabis.
“A science-first, patient-first approach, and a medicine-first approach are winning in Washington right now,” she said.
“The psychedelic pathway, built on a framework of physician-driven protocols, clinical research, and compassionate use, is indeed a model that cannabis advocates should be more actively exploring and implementing,” Hauser said.
Safety first
President Trump’s psychedelic regimen has received particular attention because it contains ibogaine, a naturally occurring and powerful psychoactive compound with longstanding safety concerns.
The drug is being studied for use in post-traumatic stress disorder, depression and addiction, but heart risks remain a major barrier, as pointed out by Nora Volkow of the National Institute on Drug Abuse.
This tension is exacerbated by expanded access to the “right to try,” a federal law that allows patients diagnosed with life-threatening illnesses or conditions to try experimental drugs if other treatments don’t work. This distinction is typically applied only after successful phase 1 trials.
Ibogaine has struggled to meet that standard, as most of the research on ibogaine has been done outside the United States.
Psychedelic industry leaders say the order makes sense, but its full impact remains unknown until implementation catches up and scientific value is proven.
“The opportunity now is not about hype, but about execution: rigorous science, disciplined safety standards, physician-driven protocols, and real-world outcome data,” said Tom Fiegel, CEO of Beond, a clinical neurohealth center.
Beond is based in Cancun, Mexico and specializes in ibogaine therapy.
Fiegel added that while the executive order shows legitimacy at the highest levels of government, next steps are important.
Psychedelics do not yet have a commercial market, but clinical-stage developers such as AtaiBeckley, Compass, and GH Research are emerging. Many people prioritize research into less controversial psychedelics, like psilocybin and MDMA derivatives, for mental health treatment.
States in the United States are also considering this area. Colorado moved to restrict residents’ access to psychedelics in 2022, but a Massachusetts ballot measure failed in 2024 with 56% of voters denying access.
Cannabis is already a multibillion-dollar adult-use industry in dozens of states, giving it a significant head start even with pending federal schedule changes.
Hauser argued that the two industries are ultimately mutually reinforcing.
“The two regulatory policies are not contradictory,” she said. “Both are promoting broader legitimacy for plant-based alternative medicine, and the infrastructure being built for one will inevitably support the other.”
