I can't help but notice that this is basically how we got oxycodone, and even stronger opioids such as fentanyl. Would the opiod crisis have been so extreme if the hardest stuff you could get was raw opium? Not that opium's not a hell of a drug itself, but as I understand it, the risks of serious health issues like fatal overdose are not as high compared to synthetic opiates. Jeet Thayil's semi-autobiographical novel
Narcopolis touches on this. Set in Bombay, the opium-addicted characters run into problems when dealers start switch from selling opium to heroin.
I'm not sure how this might play out for psychedelics, which are generally not addictive, but the incentives are similar. I don't necessarily think this is a bad idea, in fact I'm excited to see where those incentives lead things. Will researchers invent a hangover free ecstasy? Acid you can drive to work on? Lovely.