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While the hemp industry anxiously awaits Texas Gov. Greg Abbott’s (R) decision on pending legislation to ban hemp product sales in the state, the governor signed another bill to dedicate up to $100 million for researching the medical benefits of ibogaine, a naturally occurring psychedelic, the San Antonio Current reports.
Senate Bill 2308, signed into law last week by Abbott, allocates $50 million from taxpayers toward ibogaine research, designating that the other $50 million would come from the private sector. In return for its investment, the state will retain a 20% stake in medications developed in resulting clinical trials, the report said.
Preliminary research has found that ibogaine could be an effective treatment for anxiety, depression, and PTSD.
“Texas will now lead the way in America for the evaluation of ibogaine as a potential medication that can help improve the lives of so many veterans.” — Abbott, in a statement
Meanwhile, Senate Bill 3 — the hemp ban proposal currently pending on the governor’s desk — has proven to be unpopular even among Republican voters, according to a recent poll. Hemp advocates say the ban would throw the state’s $10 billion hemp industry into chaos and put over 50,000 jobs at risk. Hemp supporters say they have submitted thousands of hand-written notes and over 180,000 petition signatures calling on the governor to veto SB 3.
The governor has not yet indicated whether he intends to sign the hemp ban into law but has until July 22 to decide.
Lawmakers also passed legislation this year to expand the state’s medical cannabis program, adding dispensaries to the program and expanding the state’s qualifying conditions list to include chronic pain, traumatic brain injuries, and other conditions. The governor has also not signaled one way or another whether he supports the proposal.
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Based in Portland, Oregon, Graham is Ganjapreneur’s Chief Editor. He has been writing about the legalization landscape since 2012 and has been contributing to Ganjapreneur since our official launch in 2014.
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“}]] While the hemp industry anxiously awaits Texas Gov. Greg Abbott’s (R) decision on pending legislation to ban hemp product sales in the state, the governor signed another bill to dedicate up to $100 million for researching the medical benefits of ibogaine, a naturally occurring psychedelic, the San A Read More
