Advocates attend a press conference on the “impact of imprisoning those accused of marijuana crimes” and political reform ideas, in front of the United States Capitol on April 20, 2026.
Tom Williams | CQ-Roll Call, Inc. | fake images
A White House executive order on psychedelics, signed by President Donald Trump on Saturday, aims to accelerate research on drugs such as psilocybin, MDMA and ibogaine, helping to legitimize an industry that has long lived largely underground.
But it also raises a broader question: Will psychedelics fall victim, as cannabis has been, to a slow federal process?
The latest executive order comes about four months after an effort by President Trump to reclassify cannabis, opening the door to greater research and investment opportunities. But since that directive, progress to reclassify cannabis has largely stalled, with the DEA review still ongoing and no final decision on moving marijuana from Schedule I to the lesser Schedule III.
The delay reflects how drug policy often slows once it enters interagency review, where scientific evaluation, legal standards and policy meet.
“The process has certainly been slow and frustrating for interested parties considering they spent decades fighting the scandalous misclassification of marijuana in the 1970s,” said Shawn Hauser, a partner at cannabis law firm Vicente LLP.
Vicente LLP also serves as legal counsel to the National Council on Compassionate Care, or NCCC, a coalition of healthcare stakeholders focused on evidence-based cannabis policies.
The psychedelics order, however, focuses on accelerating research rather than legalization. Directs agencies like the U.S. Food and Drug Administration to expand clinical trials and “right-to-try” access for patients with serious mental illnesses, without changing medication scheduling.
AtaiBeckley is among a number of drug developers focused on psychedelics whose shares are recovering since the order was signed over the weekend, rising about 25% on Monday. Several smaller market cap stocks also rose, including Compass Paths, Definitive therapeutics and Cybin shares listed in the United States.
Hauser said the recent order on psychedelics reflects a broader shift in Washington toward a medical-first framework and could mark a path forward for cannabis rescheduling.
“The science, patient and healthcare first approach is winning in Washington right now,” he said.
“The psychedelic pathway, built on physician-led protocols, clinical research and compassionate use frameworks, is actually a model that cannabis advocates should study and adopt more aggressively,” Hauser said.
Safety first
Trump's move on psychedelics has drawn particular attention for its inclusion of ibogaine, a powerful natural psychoactive compound with long-standing safety concerns.
The drug is being studied for its applications in post-traumatic stress disorder, depression and addiction, but the cardiac risks noted by Nora Volkow of the National Institute on Drug Abuse remain a major barrier.
That tension is heightened by expanded access to the “Right to Try,” a federal law that allows patients diagnosed with life-threatening diseases or conditions to try experimental drugs when no other treatment works. This distinction is typically applied only after Phase I trials are successful.
Ibogaine has struggled to meet that criteria, as most of the research on the drug has been conducted outside the US.
Psychedelic industry leaders say the order is significant, but the full impacts are still unknown until implementation catches up and proves its scientific value.
“The opportunity now is not hype, it's execution: rigorous science, disciplined safety standards, physician-led protocols, and real-world outcomes data,” said Tom Feegel, CEO of Beond Neurohealth Clinical Center.
Beond, based in Cancun, Mexico, specializes in ibogaine therapy.
Feegel added that while the executive order signals legitimacy at the highest level of government, the next phase is critical.
Psychedelics still lack a commercial market, although clinical-stage developers such as AtaiBeckley, Compass and GH Research are emerging. Many prioritize research into less controversial psychedelics, such as psilocybin and MDMA derivatives, for mental health treatment.
US states have also been weighing space. Colorado moved forward with regulated access to psychedelics for its residents in 2022, while a Massachusetts ballot measure failed in 2024, with 56% of voters rejecting access.
Cannabis, by contract, already has a multibillion-dollar adult-use industry in dozens of states, giving it a significant advantage even as federal rescheduling remains unresolved.
Hauser argued that the two industries are ultimately reinforcing each other.
“The two regulatory pathways are not in conflict,” he said. “Both are promoting the broader legitimacy of plant-based alternative medicines, and the infrastructure being built for one will inevitably support the other.”
