President Trump signed an executive order to ease various restrictions that have limited research on and access to psychedelics, which are mostly Schedule I drugs.

But: It does not call for the immediate rescheduling of any substances.

The details: The order…

Directs the Food and Drug Administration (FDA) to provide National Priority Vouchers to psychedelic drugs that have received Breakthrough Therapy designations for treating serious mental illness. This bring psychedelics into an FDA pilot program that boosts promising drugs targeting unmet public health needs, with the goal of accelerating the approval process from years to weeks.
Allows investigational psychedelics, including ibogaine, to be used through right-to-try legislation, which allows terminally ill patients to try experimental drugs outside of usual regulatory pathways (completed early clinical trials and meet basic safety requirements but not yet approved by FDA).
Provides $50 million to advance state-level research into psychedelic programs for those with serious mental illness.
Directs the Department of Health and Human Services (HHS) and FDA to collaborate with the Department of Veterans Affairs (VA) (which is already funding psychedelics research for veterans with PTSD, depression, and alcohol use disorder) and private sector to expand participation in clinical trials and increase evidence generation on experimental psychedelic therapies.
Calls on the attorney general to initiate reviews for rescheduling psychedelics once they complete Phase 3 clinical trials so that they can be rescheduled as soon as possible once they receive FDA approval.

The bigger picture: The push came at the behest of podcaster Joe Rogan and leaders of the MAHA movement, who joined Trump for the signing, along with top cabinet officials, veterans, and other advocates. Psychedelic drug companies and trade groups are championing the order.

What’s coming:

FDA Commissioner Makary said priority review vouchers would be given to three psychedelics next week and that decisions from the agency could be expected later this summer.
The funding for states will most immediately benefit Texas, which has already committed $50 million to studying ibogaine but recently failed to secure matching funds from a private drug developer.
The earlier rescheduling reviews will most immediately apply to MDMA, which is currently undergoing an additional Phase III trial, following FDA’s rejection nearly two years ago.
The Centers for Medicare and Medicaid Services (CMS) is considering how to make psychedelics affordable for broader use, with its Center for Medicare and Medicaid Innovation considering new models to cut down prices, which could be announced by the end of the year.