The Veterans Mental Health Innovation Act establishes a framework for conducting scientific research and clinical trials on ibogaine, a substance proposed for treating various medical conditions, including posttraumatic stress disorder, treatment-resistant depression, and opioid use disorder. The bill allows universities and research facilities in Oklahoma to enter into a limited number of agreements to study ibogaine's therapeutic efficacy and safety. It mandates registration with the State Department of Health and the Oklahoma Department of Agriculture, Food, and Forestry, along with the Oklahoma State Bureau of Narcotics and Dangerous Drugs Control, and imposes specific requirements for registration, including nonrefundable fees and annual compliance reports.

Additionally, the act provides legal protections for researchers and patients involved in the pilot program, ensuring they are not subject to arrest or penalties for possession or use of ibogaine, provided they comply with the law's provisions. It also emphasizes the confidentiality of participants' health information and requires the submission of a final report on the research findings by December 1, 2029. The act will take effect on November 1, 2026, contingent upon the approval of ibogaine by the U.S. Food and Drug Administration for medical use.