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
