President Donald Trump signed Executive Order 14401, directing the FDA and other federal agencies to accelerate research and expand access for psychedelic drugs intended to treat serious mental illnesses. The order also calls for FDA Commissioner’s National Priority Vouchers for appropriate psychedelic compounds that have received Breakthrough Therapy designation and meet program criteria. Separately, the Department of Health and Human Services is required to allocate at least $50 million through ARPA-H to support and partner with states developing programs for psychedelic drug advancement. FDA Commissioner Martin A. Makary said at the ceremony that “applications are about to come in,” signaling near-term momentum for the voucher track. Compass Pathways’ COMP360 won a CNPV on Friday, according to market watchers and equity analyst Andrew Tsai at Jefferies, who described rising investor “mindshare” ahead of the sector’s potential first approvals in the 2027–30 window.