Look, I think that ketamine has some great potential... but the medical (especially pharmaceutical) industry has shown time and time again that regulation is absolutely necessary.

From what I've gleaned, low-dose ketamine is quite effective at reducing treatment-resistant suicidal ideation, which can be a literal life-saver and has very low risk. The alternatives include doing nothing and hoping for the best, and antipsychotics.

High-dose ketamine (k-hole) is a significantly riskier proposition: people can grow dependent on it, and it does significant long-term damage to the body (and in the short term, apparently, walking out of the clinic tripping balls and getting injured). As an emergency emergency remedy (treatment-resistant depression), paired with talk therapy, the high-dose treatments may be promising.

A real risk is blowback: if the industry is too cavalier, then there will be actually good reason to clamp down on it. If the industry can get their shit together and be careful, then there's no need for strict regulation. If the industry blows its chance with public sentiment now, we won't have a chance to see the positive effects for another few generations.