Our Future 100: 2020 report predicted the rise of magic mushrooms. Now, thanks to recent medical, legal and financial developments, we’re reminded of a major cannabis push from just a few years ago. As the industry continues to grow and research becomes more available, psychedelic mushrooms may soon have a shop of their own. Where is the $2 million industry headed?

WEB Dr Robin Carhart Harris Imperial College London Thomas Angus
The New England Journal of Medicine, Trial of Psilocybin versus Escitalopram for Depression by the Imperial College London. Dr. Robin Carhart-Harris pictured at left.
WEB Psilocybin Imperial College London Thomas Angus
  • Is psilocybin the new cannabis? Yes, according to Shark Tank investor Kevin O’Leary, who told CNBC that the investment potential of psychedelic drugs “far exceeds” that of cannabis.
  • Groundbreaking research reveals that effective psychedelic treatment paired with therapy can aid in mental health treatments. The New England Journal of Medicine reported a study in April 2021 that psilocybin, the psychoactive compound in magic mushrooms, was effective in treating PTSD and depression. In a first-of-its-kind clinical trial, Nature Medicine published a study in May 2021 that showed MDMA doses paired with “psychedelic assisted therapy” helped subdue the effects of PTSD.
  • Telemedicine startup NUE Life Health raised $3.3 million in June 2021 top pioneer psychedelic-assisted therapies in their “next-generation mental wellness solution.”
WEB 20200812 Field Trip 18
Field Trip Health's meditation and integration room.
  • Psychedelic “smart shops” may be on the horizon. Silo Wellness and mushroom company Mushe announced in March 2021 that they will open a psychedelic mushroom storefront in Jamaica, marking the first of its kind in the Americas. CEO Douglas K. Gordon of Silo Wellness anticipates “a not-so-distant future when smart shops will be as commonplace as cannabis dispensaries around the world, enabling people to shop for and learn about magic mushrooms and other psychedelics responsibly and freely.”
  • While research might break the bank, it won’t break the law. Washington, D.C. decriminalized psilocybin in March of 2021, and additional states currently have similar pending legislation. Oregon was the first to legalize its therapeutic use in 2020, and it was decriminalized in Denver, Colorado and Oakland, California in 2019.
WEB Treatment room with therapists including Dr Rosalind Watts Imperial College London Thomas Angus
Psilocybin treatment room with therapists. Imperial College London

Why it’s interesting:

There is talk that the FDA may approve therapeutic psychoactive compounds as soon as 2023, and public use of the compounds may increase in the meantime. Psilocybin, not unlike cannabis, may be the psychedelic future in health and wellness.

Main image: Psilocybe cyanescens mushrooms. Courtesy of Imperial College London.

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