Colorado Psychedelics Attorney 

Colorado is again at the forefront of the drive to decriminalize substances previously considered illegal and to ensure that their potential can be used in innovative health therapies.

First, it was cannabis — and now psychedelics. The passing of a psychedelics regulation bill in Colorado decriminalized the personal use of psilocybin and several other psychedelic substances in the state, despite remaining illegal under federal law.

Our psychedelics attorneys have already assisted many cannabis businesses in multiple states to establish and grow. We’re ready to help your businesses gear up to grasp the opportunities presented by the relaxing of attitudes and policies towards psychedelics in Colorado.

This appears to be the start of an exciting time for researchers, manufacturers, entrepreneurs, investors, clinicians and other stakeholders in the emerging industry.

Our Colorado psychedelics attorneys provide a full range of legal services to help you navigate the complex regulations and legal hurdles during the early days of your business and beyond.

What is Colorado’s psychedelics regulation bill?

Colorado’s psychedelics regulation bill (SB 290), which was signed into law in May 2023, created a regulatory framework for legal psychedelics after the Natural Medicine Health Act was approved by voters in the state.

The bill aims to provide initial regulatory guidance for the use and commercialization of psychedelics and focuses mainly on the rules for using the substances in licensed healing centers under the guidance of facilitators.

Under the new regulations, no limits are placed on the personal possession of psychedelic substances such as psilocybin, ibogaine, mescaline (not derived from peyote), DMT or psilocin by adults 21 and older.

This effectively decriminalizes the use of natural psychedelics. Individuals with prior convictions for psychedelic-related activities that have been legalized will be able to apply to have their records sealed.

However, public or underage usage of these substances will still incur a $100 fine. Fines will also be handed down to adults who manufacture non-natural psychedelics or make natural psychedelics in facilities that do not follow the specified guidelines (e.g., private residences and enclosed spaces no larger than 12 by 12 feet).

From a business perspective, the bill allows for four categories of licenses for entrepreneurs, investors, manufacturers and practitioners wanting to explore the use of psychedelics for therapeutic purposes:

• Healing centers
• Cultivation facilities
• Product manufacturers
• Testing facilities

Legal services for Colorado psychedelics businesses

Our Colorado psychedelics attorneys provide the following legal services to help businesses become established and grow:

• Business incorporation services and entity formation: optimize your structure as an LLC or corporation.
• Psychedelics business licenses: secure a valid business license so that you can operate your psychedelics business legally in Colorado.
• Corporate documentation: get advice and support for the transfer of business ownership, change of corporate structure, transfer of business location or another business process.
• Regulatory compliance: ensure your business navigates the red tape and stays on the right side of the authorities in Colorado, as the psychedelics industry here will be heavily regulated.
• Administrative hearings: get seasoned representation and assistance for administrative hearings or appeals (if necessary) from our psychedelics attorneys.
• Psychedelics disputes and litigation: get representation and advice for disputes with other businesses, business partners or licensing/administrative issues.

Our psychedelics attorneys can also help with the following business legal services required by many parties that enter the psychedelics space:

• Corporate and medical real estate services
• Finance and investment
• Labor, employment and employee services
• Intellectual property protection and registration
• Securities and corporate governance
• Preparing and reviewing contracts

Establish and grow a psychedelics business in Colorado

Like with cannabis, Colorado has not waited for signals from the federal government before acting on the growing relaxation of public attitudes towards the use of psychedelics for therapeutic purposes.

This presents a great opportunity for researchers, manufacturers, entrepreneurs, investors and clinicians to establish their businesses early and lead the way. The expectation is that other states will follow Colorado and gradually, psychedelics will be more accepted around the country. This will be reflected in revised legal frameworks.

But legislation is likely to be extremely tight and restrictive initially at least. Legal expertise specifically in psychedelics law will likely be required to get it right and minimize risk. Remember, besides tight state regulations, the psychedelic substances approved in Colorado remain listed as Schedule I substances by federal legislation.

Finding the necessary legal expertise in the field of psychedelics is rare with law firms. Our psychedelics attorneys possess expertise in psychedelics law, as well as cannabis law.

We can help you comply with state and federal regulations and position your business for the future, assisting with every stage of research, development, commercialization and medical practice involving psychedelics.

Call 866-329-0729 for a consultation with a knowledgeable psychedelics attorney at Cannabis Law Solutions.