CO HB1063

Exempts FDA-approved crystalline polymorph psilocybin from Colorado's Schedule I controlled substances list, allowing its use as a prescription drug for treatment-resistant depression

Requires the FDA-approved psilocybin product to be placed on a federal schedule other than Schedule I (or be exempt from the Controlled Substances Act) before the exemption applies

Limits lawful possession to patients authorized under Colorado law, with dispensing restricted to state-registered pharmacies or prescription drug outlets

Maintains Colorado's controlled substance regulations for the product consistent with federal requirements, and preserves criminal penalties for violations under existing state drug laws

Takes effect 90 days after legislative adjournment, unless a referendum petition delays implementation to the November 2026 general election