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Magic Mushrooms: The New ‘Weed’ of Business Opportunities

Charting the Rising Potential of Psilocybin in the World of Business and Health

Key Takeaways:

  1. The momentum driving the decriminalization and legalization of psychedelic substances like magic mushrooms mirrors the trajectory of cannabis over the past decade.
  2. Proposals ranging from medical research on psychedelics to supervised adult use are in consideration in multiple states.
  3. Psilocybin therapy has been legalized and regulated in Oregon, and several other cities and states are easing enforcement of laws against magic mushrooms.
  4. Federal recognition of psychedelics as therapeutic options is growing, although psychedelics still remain classified as Schedule I narcotics under the Controlled Substances Act.
  5. Veterans and Silicon Valley tech leaders are among the prominent advocates for legal access to psilocybin, often citing personal experiences of therapeutic benefits.
  6. Regulatory and equity issues have emerged in the growing psilocybin industry, reflecting similar concerns that arose during the decriminalization and commercialization of cannabis.

A Re-emerging Psychedelic Renaissance

A once taboo topic is now the subject of keen interest among lawmakers across the country. Psychedelic substances like magic mushrooms, also known as psilocybin, are steadily gaining recognition for their potential therapeutic benefits, much like cannabis did in the past decade. This shift is paving the way for a potential “psychedelic renaissance” that extends beyond cultural acceptance and into economic opportunities.

Washington State Senator Jesse Salomon echoed the growing sentiment when he said, “It’s gone viral and sparked an interest nationwide.” Salomon sponsors a bill allowing psilocybin use among adults over 21 under supervision. Proposals vary among states, ranging from exploring the medical benefits of psychedelics to permitting adult consumption under supervision.

Oregon was a trailblazer in 2020 when voters approved a ballot measure to legalize and regulate psilocybin therapy. This move paralleled another measure decriminalizing drug possession more broadly. Other cities, including Denver, Oakland, and Washington, D.C., have followed suit, easing laws against magic mushrooms and similar psychedelic compounds.

Shifting Federal Attitudes

Despite the slow recognition of the potential benefits of psychedelics among state lawmakers, there is still a long way to go in terms of federal policymaking. Much like marijuana, most psychedelics are classified as Schedule I narcotics under the Controlled Substances Act, indicating a high risk of addiction and no recognized medical applications.

Nonetheless, federal interest is growing. The National Institute on Drug Abuse hosted a workshop on “psychedelics as therapeutics” and even granted $4 million to research the effects of psilocybin on tobacco addiction. However, efforts to facilitate psychedelic research have been met with resistance among lawmakers.

From Counterculture to Mainstream Medicine

The U.S. experienced a similar “psychedelic renaissance” in the past, with LSD being the subject of extensive research in the 1950s and early 1960s. This wave of interest eventually receded due to political and societal backlash against the counterculture of the 1960s. However, the potential benefits of psychedelic substances are now being rediscovered and acknowledged once more.

Not only have high-profile individuals, including Silicon Valley tech leaders and veterans, endorsed the benefits of psychedelic substances, but they have also contributed to shifting public perception. Magic mushrooms, once associated with counterculture movements, are now being explored as nootropic tools and potential therapeutic agents.

Psilocybin: A Tool for Mental Health?

The renewed interest in psychedelic substances is fuelled in part by emerging research suggesting their potential therapeutic benefits, especially in treating mental health issues. Oklahoma State Representative Daniel Pae, a Republican, introduced legislation to facilitate psilocybin research, inspired by similar bills passed in Texas and driven by a desire to address the high suicide rate among veterans in his district.

Veterans have become leading advocates for legal access to psilocybin, sharing personal stories of how psychedelic experiences have helped them cope with the trauma of war and treat anxiety and depression. Their testimonials have played a significant role in shifting public opinion and garnering support from lawmakers.

During a recent hearing in Washington state, several veterans testified in favor of Senator Salomon’s legalization bill, highlighting the life-saving potential of psychedelic experiences. Eric Gaden, a veteran and nurse, shared his experience, stating, “For a few hours, it takes the blinders off that keep you focused on the scary painful things that are in front of you. Rather than just masking a symptom, it allows you to go and look at the cause of the problem and figure out the best way to address that moving forward.”

While enthusiasm for legalizing psilocybin is growing, it will still take time for these measures to be fully implemented. In Washington state, a bill that would have directed the health department to develop a regulatory program for psilocybin therapy was tabled. However, the approved budget includes funds for researching psilocybin and developing a legal program, setting the stage for future progress.

Regulatory Challenges and Equity Concerns

As the psychedelics industry gains traction, similar to the cannabis industry, regulatory and equity issues are emerging. In Oregon, where psilocybin therapy has been legalized, officials are grappling with tensions surrounding regulation and access. The aim is to strike a balance between preventing abuses and ensuring safety while also ensuring that underserved communities have equitable access to psychedelic therapy.

Indigenous populations have a long history of using psychedelic plants for spiritual and medicinal purposes. Lawmakers and advocates recognize the importance of ensuring that communities of color have access to and participate in the benefits of psychedelic treatments. Efforts are being made to promote equity and address past disparities, echoing the challenges faced in the cannabis industry.

Potential Business Opportunities

The growing interest in psychedelics is not limited to therapeutic applications. Venture capital-funded biotech firms are eyeing psychedelic compounds as potential treatments for various mental health issues, as well as conditions like cluster headaches. Promising research and increasing recognition of their therapeutic potential have attracted financial backers, including those who have supported the marijuana reform movement.

The psychedelics movement has also attracted support from organizations such as the Multidisciplinary Association for Psychedelic Studies (MAPS), Students for Sensible Drug Policy, and the Drug Policy Alliance. These groups, along with influential backers from the cannabis industry, are pushing for broader decriminalization efforts beyond marijuana.


The shifting attitudes toward magic mushrooms and psychedelic substances reflect a broader cultural and political shift. Just as cannabis has gone from a stigmatized substance to a legalized and regulated industry, psychedelics are following a similar trajectory. Increasing evidence of their potential therapeutic benefits, coupled with personal stories from veterans and other advocates, has swayed public opinion and prompted lawmakers to reconsider longstanding prohibitions.

While there are regulatory and equity challenges to overcome, the momentum toward legalizing and exploring the benefits of psychedelics continues to grow. As the industry expands, it presents not only opportunities for medical research and therapeutic applications but also potential economic opportunities and business ventures.

As society reevaluates its approach to mental health, psychedelics may play a vital role in addressing the growing mental health crisis. The journey to destigmatize and fully integrate these substances into mainstream medicine is ongoing, but the potential benefits for individuals and communities are significant. The re-emergence of psychedelics as a therapeutic tool and the accompanying business opportunities are poised to reshape the healthcare landscape in the years to come.

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