The bill amends Section 124.201 of the Iowa Code to address the controlled substance crystalline polymorph psilocybin, also known as COMP 360. It stipulates that once this drug is approved by the United States Food and Drug Administration (FDA), it will be immediately removed from Schedule I classification, which currently categorizes psilocybin as a hallucinogenic substance. The rescheduling will be based on the FDA's recommendations and its listing in the federal Controlled Substances Act.

Furthermore, the bill allows for the lawful prescription, distribution, and marketing of crystalline polymorph psilocybin upon its rescheduling. This change aims to align state law with federal regulations regarding the drug, thereby facilitating its medical use once it receives FDA approval. Current penalties for possession of psilocybin remain unchanged, ranging from a serious misdemeanor to a class B felony.

Statutes affected:
Introduced: 124.201