PBM Stock On Track For Best Session On Report Of Upcoming Trump Executive Order On Psychedelic Ibogaine

• The report, citing sources, said that the federal government is going to look closely at ibogaine’s safety and effectiveness. 
• According to CBS, the executive order is meant to open the door to federal funding for further research on its effectiveness with PTSD and traumatic brain injuries, especially among veterans.
• The Trump administration does not intend to reclassify the drug for medical use, instead keeping it a Schedule I drug in the leagues of heroin, the report added.

Shares of Psyence Biomedical (PBM) more than doubled on Thursday following media reports that the White House is drafting an executive order that would signal the Trump administration's willingness to further U.S. research into the psychedelic compound called ibogaine.

Shares of the company, which is advancing nature-derived psilocybin and ibogaine therapies, traded 141% higher at the time of writing, on track for its best session to date if gains hold.

In November, the company said that it has established a sustainable supply of high-potency iboga bark from trusted sourcing channels with deep experience in the iboga trade and treatment field through its strategic partner, PsyLabs, based in Africa, as it prepares for the clinical development of ibogaine for substance use disorders.

Trump’s Upcoming Executive Order

CBS News reported, citing sources, that the federal government is going to look closely at ibogaine’s safety and effectiveness. However, the Trump administration does not intend to reclassify the drug for medical use, instead keeping it a  Schedule I drug in the leagues of heroin, lysergic acid diethylamide (LSD), marijuana (cannabis), 3,4-methylenedioxymethamphetamine (ecstasy), methaqualone, and peyote that have no acceptable medical use and high potential for abuse.

According to the report, President Trump is expected to sign the executive order as soon as this week.

Ibogaine is a psychoactive indole alkaloid derived from the West African Tabernanthe iboga shrub. Research into its therapeutic applications for post-traumatic stress disorder (PTSD), traumatic brain injury (TBI), and depression is ongoing,

According to CBS, the executive order is meant to open the door to federal funding for further research on its effectiveness with PTSD and traumatic brain injuries, especially among veterans, though it is unclear how the government will help facilitate further research.

An official told CBS News that medical research into ibogaine is in an early phase, but the administration wants to help determine whether it's "snake oil" or a legitimate treatment.

Other companies in the field of psychedelics, including Clearmind Medicine (CMND), AtaiBeckley (ATAI), GH Research (GHRS), and Compass Pathways (CMPS) are also trading higher on the news.

How Did Retail Traders React?

On Stocktwits, retail sentiment around PBM stock stayed within the ‘extremely bullish’ territory over the past 24 hours, while message volume jumped from ‘normal’ to ‘extremely high’ levels.

A Stocktwits user noted that PBM stock is subject to “wild swings.”

Another user opined that the stock is going to be “highly volatile” but reach double digit.

PBM stock has fallen by about 95% over the past 12 months. 

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