Oregon becomes first state to legalize magic mushrooms as more states ease drug laws in ‘psychedelic renaissance’

Oregon on Wednesday became the first state to legalize the active ingredient in so-called magic mushrooms on an election night that saw more states ease restrictions on recreational drugs across the country.

Oregon’s Measure 109 will give legal access to psilocybin, the main active ingredient in “magic mushrooms,” for mental health treatment in supervised settings. As of Wednesday at about 6 a.m. ET, the measure was passing with 55.8% support and over 2 million votes cast, according to Oregon’s Secretary of State.

While some cities have moved to legalize and regulate access to the drug, Oregon will become the first state in the country to legalize it on a statewide basis if the measure passes and becomes law. Supporters of the measure point to the medical benefits of the drug, which has been shown in some studies to benefit trauma survivors.

Through Measure 110, which has captured more than 58% of the vote so far, Oregon would also decriminalize the possession of small amounts of some hard drugs, including heroin and LSD. Instead of criminal prosecution, people in possession would face a $100 fine, which can be waived if the person agrees to pursue treatment, according to the measure.

The field of psychedelic-enhanced therapy has increasingly garnered interest among investors, including big names like billionaire investor Peter Thiel. [Read more at CNBC]