Like marijuana before it, psychedelic drugs, once considered illicit, are now going mainstream. Although the substances, their effects, and the chemical compounds at their core are quite different, psychedelics—specifically psilocybin—have followed the trail blazed by marijuana to mainstream acceptance and Wall Street excitement.
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The psychedelic market just took a massive step towards legitimacy in the eye of corporate America. Earlier this month, the U. In MarchToronto-based MindMed became the first publicly traded psychedelic company. The upward momentum suggests a similar pattern that was seen upon the move towards the legitimatization of cannabis years ago as companies like Tilray, Aurora Cannabis, and Canopy Growth popped up in the marketplace.
At this point, marijuana and psychedelics both have been accepted by most in the medical community as robust treatment options for patients.
Most agree that cannabis offers a of positive benefits, like anti-inflammatory properties, while psychedelics like psilocybin are increasingly being used to treat severe, drug-resistant depression. Inthe Food and Drug Administration first granted Compass Pathways a breakthrough therapy statuswhich accelerates the clinical study process, to study psilocybin particularly for parents struggling with Major Depressive Disorder.
The rise of these treatment options comes alongside some sobering news from the Centers for Disease Control. According to a recent survey, one out of four adults ages considered suicide in June, while 10 percent of adults overall reported suicidal ideation.
Michael Auerbach of Subversive Capital, an early investor in Compass Pathways, sees no robust path for psychedelics. At the same time, there is no shortage of companies launching psychedelic-tinged products that they hope will appeal to the consumer marketplace.
Canadian Better Plant Sciences is developing a variety of consumer products, including the development of mushroom-infused coffee blends announced last month. Alphamind brands is developing concentrated powder, teas, and chocolate.
Red Light Holland, which just launched a pure truffle product, has applied to uplist on the OTC markets. We hope to see this following the path of Cannabis in Canada; where it was medical first, then recreational adult-use second. But of course, that can take a long time!
And ultimately, information and education plus responsible use is key. If the bill passes, it would make possession, use or cultivation of psilocybin mushrooms by people aged 21 and older the lowest law enforcement priority in the city.
Mushroom laws by state
Psilocybin is following marijuana in legalization pattern, too, as more cities and states move to decriminalize the substance. Last week Ann ArborMichigan, the city council voted unanimously to decriminalize magic mushrooms. This comes after the May election that saw Denver became the first city to decriminalize psilocybin. Oakland soon followed with its own law, decriminalizing and plant and fungi psychedelics.
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Psychedelics are on the ballot in DC this November. Last month the DC Board of Elections approved a measure to decriminalize a variety of psychedelics in the district.
In Oregonthe legalization of psychedelic mushrooms is on the ballot. Oregon has long been ahead of the curve on U. It was the first state to decriminalize cannabis.
Magic Brands a wellness company that historically focused on CBD products, with recent intentions to expand into the psychedelic space on the heels of the emerging marketplace. Medical experts leading the research on the clinical benefits of psychedelics as a medical treatment are very skeptical about the recreational marketplace.
There is a massive historical precedent with a growing of the municipalities adjusting their laws on the decriminalization and legalization of recreational marijuana largely in recognition that prohibition does not work for a myriad of reasons—good news for proponents of the psychedelic marketplace.
Magic mushrooms guide: where shrooms are legal and how to take psilocybin
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Why magic mushrooms are the next big booming (and legal!) drug market
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