The state’s governor signed legislation to allow clinical trials of a psychedelic drug that shows promise for veterans in treating addiction and post-traumatic stress disorder.

When Gov. Greg Abbott of Texas approved legislation this week to spend $50 million in state money researching ibogaine, a powerful psychedelic, he put the spotlight on a promising, still illegal drug that has shown promise in treating opioid addiction, traumatic brain injury and depression.

Interest in ibogaine therapy has surged in recent years, driven in large part by veterans who have had to travel to other countries for the treatment.

The measure, which passed the Texas Legislature with bipartisan support, seeks to leverage an additional $50 million in private investment to fund clinical trials that supporters hope will provide a pathway for ibogaine therapy to win approval from the Food and Drug Administration, a process that could take years.

The legislation directs the state to work with Texas universities and hospitals and tries to ensure that the state retains a financial stake in any revenue from the drug’s development.

“You can’t put a price on a human life, but if this is successful and ibogaine becomes commercialized, it will help people all across the country and provide an incredible return on investment for the people of Texas,” said State Senator Tan Parker, a Republican who sponsored the bill.

The initiative, one of the largest government investments in psychedelic medicine to date, is a watershed moment for a field that continues to gain mainstream acceptance. Regulated psilocybin clinics have opened in Oregon and Colorado, and ketamine has become widely available across the country as a treatment for depression and anxiety.