After spending decades as highly illegal and restricted substances, psilocybin (magic mushrooms), LSD, MDMA, DMT, and other psychedelic drugs are proving to be viable treatments for a growing slate of mental and behavioral disorders. And while that means we’re poised to see a radical shift in mental health care (not to mention human consciousness), it also means that entrepreneurs and investors like [Mike] Arnold expect psychedelics to become the next cannabis: a consumer product category potentially worth billions — but only for those who stake their claim first.
Not everyone sees this opportunity for entrepreneurship as a good thing. For researchers looking into the efficacy of psychedelics for therapeutic purposes, these substances are far more than a market opportunity—they’re potentially life-saving medications. And after decades of prohibition, psychedelics are just barely gaining mainstream acceptance. One false step — a high-profile injury or death, for instance — could put psychedelics back where they started: banned and considered to have no accepted medical use.
…
Looking back on this moment in time, we might see it as the tipping point between psychedelic research and psychedelic commercialization. The argument is at least partly over who — medical professionals or scrappy entrepreneurs — is best equipped to build the structures.
