Psychedelic drugs are becoming more commonly used and talked about all the time, following marijuana which, once heavily stigmatised, is now considered fairly mainstream. The drugs themselves may differ, but widely held attitudes towards psychedelics, particularly psilocybin, are following a very similar trajectory. Nowadays, we see marijuana becoming legal in more countries and US states all the time, and this means that investors are looking for newer, cutting-edge options to place money behind before they become popularised in the same way. The popular choice is looking to be psychedelics.
Psychedelics have risen and fallen in popularity since their invention in 1938, reaching a peak in the 1960s where psychedelics (mostly acid) began to be used more recreationally and eventually became associated with rebellion and counterculture. The negative connotations of the use of the drug gave a bad name to psychedelics as a whole, however nowadays the important distinction between psilocybin and other psychedelics is being made, which has had a huge hand in the rising popularity and pushes for the legalisation of magic mushrooms.
What are the Benefits of Psilocybin?
Psilocybin has been shown to elevate serotonin in the brain, a chemical that helps to regulate mood, sleep, appetite and sex drive among other things. It also improves functionality in other parts of the brain, by making and strengthening connections between them. This helps us to focus more on the ‘bigger picture’ rather than our daily struggles, and thus improves mental wellbeing. There have also been several other benefits of the substance that are a little harder to explain from a biological standpoint (for the time being); these tend to be of a spiritual nature and can be equally life-enhancing.
By this stage, it has been accepted by the majority of the medical community that psychedelics provide an excellent treatment option for a whole host of medical issues. The most prominent of these include anti-inflammatory properties and success in treating severe depression. Since 2018 we have seen a rise in clinical trials in the USA relating to psychedelics and their treatment of depression as a result of a more open-arms approach by the FDA and a desire to put more money into the research.
A study published in the Journal of Psychopharmacology in 2016 found psilocybin to produce immediate and lasting results to improve anxiety and depression, and in the follow-up study 4 ½ years later these results had been proven to be sustained long-term as well.
The above results and findings could all be instrumental in the potential further legalisation of magic mushrooms in the future.
What steps are being taken to legalise?
In the past few years, there have been big steps taken in psychedelics breaking into the US and Canadian markets which is considered to be a promising sign in terms of the potential legalisation of magic mushrooms. This includes Toronto-based MindMed, which became the first ever publicly traded psychedelic company back in 2020.
The continuation of trading of psychedelic companies points towards a definitive step in the direction of legalisation, as it follows a similar trajectory to that of marijuana. Both the state of the market and the FDA approval of the drug for medical use are highly promising here.
More positive news is that a lot of breakthroughs, as can be seen by MindMed, are being made in Canada specifically. This includes various companies such as ourselves launching psychedelic products to consumers in the hope that if there is a large enough marketplace for them, it could be used as a comprehensive argument for decriminalisation and, eventually, leglisation.
In terms of actual legalisation, there is progress to be seen as well. More US cities and states are taking real, concrete steps forward in legalisation such as Ann Arbor (MI), Denver, Santa Cruz and Oakland who all voted to decriminalise psilocybin in 2019 and 2020. Washington D.C. also voted to decriminalise mushrooms alongside other botanical drugs after November’s eleciton, which is also when Oregon became the first state to decriminalise psilocybin and even legalise it in a therapeutic setting. Furthermore, Canada in its entirety made it legal to consume psilocybin for the purpose of treating depression and other mental illnesses.
What’s next for magic mushrooms?
It is generally thought to be easier to predict the success of a drug that is already being used than it is with one that has been newly formulated. The reason for this being that we already know a lot about how magic mushrooms and psilocybin work. This combined with the already successful trajectory of the marijuana industry makes it fairly safe to predict that mushrooms are going to become the next big thing in the legal drug market. The wider the legal recreational uses of marijuana, the more we gain recognition that restricting the use of such substances will do more harm than good.
On this, investors certainly seem to agree, with many predicting to see their best returns yet. All in all, things are looking good for the psychedelic industry as a whole.
Reference List:
https://observer.com/2020/10/why-magic-mushrooms-are-the-next-big-booming-and-legal-drug-market/
https://www.news18.com/news/buzz/canada-makes-consumption-of-psychedelic-mushrooms-legal-for-people-with-depression-3096260.html
