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From https://americanaddictioncenters.org/prescription-drugs/clas...:

Schedule I: Drugs with no current medical use with high potential for abuse and/or addiction.

Schedule II: Drugs with some medically acceptable uses, but with high potential for abuse and/or addiction. These drugs can be obtained through prescription.

I can’t see that they actually use those definitions though. Cannabis is still schedule I, even though it has many accepted medical uses.
It would be very funny if Magic Mushrooms became schedule 2 before cannabis does … feels very emblematic of how much social/class warfare is co-opted into by vested interests and the whole racism by proxy elements of the war on drugs…
You'll know it's bad if they decriminalize molly possession before weed. Just surgically target the white people party drugs.
Even Schedule 2 is too strict. It is a psychoactive with way lower rate, in fact potentially negative, of abuse and addiction. The only thing to check is if there are any toxicities involved, say, to heart valves, which is common with some SSRA. (Some of which are prescription medicines.) Probably not with the small doses that are present in typically used amounts.

My take would be standard prescription medicine psychoactive in EU, schedule 3 in USA. It's probably safer and less addictive than Prozac and less likely to be abused than Ketamine or Cannabis, owing to rapid tolerance. Definitely safer than MDMA which has known (chronic?) neurotoxicity and heart valve complications.

But we all know these are all political, these assignments. God forbid someone allowed a naturally available antidepressant, the market would crash.