The state of Texas is funding something new: psychedelic drug research. But, why?
What’s happening:
- Texas Governor Greg Abbott has officially signed Senate Bill 2308 into law which will allow for $50M USD in state funds to go towards researching ibogaine as a potential therapeutic treatment for veterans
Why it matters:
- The new funding commitment represents both the first time the state of Texas has ever directly funded research on psychedelics and the largest publicly funded psychedelic drug development project in American history
Going deeper:
- The new studies on ibogaine being funded by the state of Texas will focus on treating veterans with post traumatic stress disorder
- Texas Govern Greg Abbott has also publicly stated that the state of Texas will seek out private investment to match the public funding and will pursue developing a joint venture agreement to own at least a 20% equity stake in any successful drug approval that comes from the new research
