Numinus CEO Payton Nyquvest On Alberta Becoming First Canadian Province To Regulate Psychedelic Drugs
On this Trade To Black Podcast, TDR Founder Shadd Dales speaks with Payton Nyquvest, CEO of Numinus Wellness Inc. (TSE: NUMI) (OTCMKTS: NUMIF). Of particular note, Payton gives his views on how the industry is evolving based on the recent news in Alberta on becoming the first Canadian province to regulate psychedelic drugs for therapeutic use, along with the upcoming midterms in Colorado where voters will have a say in the legalization of psychedelic drugs.
Regarding the former, Alberta will become the first Canadian jurisdiction to regulate the use of psychedelic drugs for people in therapy, the province announced early this month. Associate Minister of Mental Health and Addictions Mike Ellis also introduced new rules to limit who can prescribe high-potency drugs to people with difficult-to-treat opioid addictions.
The changes are aimed at protecting the public, ensuring that patients receive high standards of care and preventing risky drugs from inadvertently ending up on the streets.
The psychedelic industry will also be facing an important ballot decision upcoming in the U.S. midterm elections, scheduled to take place on November 8.
Colorado Proposition 122 would decriminalize the personal use and possession (for adults age 21 and older) of certain hallucinogenic/entheogenic plants and fungi, which are currently classified as Schedule I controlled substances under state law. The plants to be decriminalized include dimethyltryptamine (DMT), ibogaine, mescaline, psilocybin and psilocyn.
Furthermore, anyone who completed a sentence following a conviction related to the personal use or possession of such psychedelic plants and fungi would be able to file a petition asking a court to seal the record of the conviction. Similar to what is happening in Oregon, a natural medicine services program for the supervised administration of such substances.
To view our previous Trade To Black Podcast, click here.