Trump Signs Executive Order to Fast-Track Psychedelic Drug Research with $50 Million

President Trump signed an executive order Saturday designed to accelerate both research on psychedelic drugs and patient access to these treatments. The order includes $50 million in federal investment for state governments to study how psychedelics might help people struggling with mental health conditions.

The move represents the biggest government support the potential multibillion-dollar psychedelic medicine market has received. Psychedelic company stocks jumped after the announcement, showing investor excitement about the policy shift.

The order specifically mentions drugs like ibogaine, which comes from a West African plant and has shown promise treating addiction and PTSD. These substances were largely banned for decades but are now being studied again as potential medicines when used under medical supervision.

Veterans groups have strongly supported the push for psychedelic research. The Special Operations Association of America called it "a monumental victory for veteran healthcare" and said they have been advocating for this since 2021. Many veterans suffer from PTSD and other mental health conditions that don't respond well to current treatments.

The White House is also expected to issue three special vouchers that would help speed up the approval process for psychedelic medicines through the FDA.