Category Archives: Psychedelics

A new paper exploring the role of psilocybin mushrooms in the evolution of human consciousness says the psychedelic has the potential to trigger significant neurological and psychological effects that could have influenced the development of our species over time.

The literature review, which authors said draws on a multidisciplinary approach spanning biology, ethnobotany and neuroscience, examined studies involving psilocybin and human consciousness published in multiple journals in different fields. Their 12-page report highlights views that mushrooms played a crucial role in getting humans to where we are today.

The hypothesis that psilocybin mushrooms may have intervened as a factor in the evolution of human consciousness, either as catalysts of mystical experiences or as drivers of cognitive processes, raises profound reflections on the ancestral interaction between human beings and their environment, the authors wrote, according to a translation from the original Spanish. The origin of human consciousness is one of the great questions facing man, and the material collected indicates that psilocybin may have contributed to its early development.

As humans ancestors moved from forested environments into grasslands, they encountered more hoofed animalsand their excrement. In that excrement, they likely found mushrooms, including psilocybin mushrooms, says the study, citing researchers such as Terrence McKenna, who explored the so-called stoned ape theory that psychedelics helped spur human development.

Consuming mushrooms may have subsequently influenced pre-human hominids brains in all sorts of ways, authors wrote, such as improving hunting and food-gathering as well as increasing sexual stimulation and mating opportunities.

Changes like those, combined with the effects of psilocybin on human consciousness and brain function, could have expanded the human mind, allowing us to transcend our basic perception and embrace creativity, introspection and abstract thinking and potentially influencing language development, the study, published last month by the Miguel Lillo Foundation, a research organization in Argentina, says.

Considering the importance of psilocybin mushrooms in the interaction with human consciousness, it is crucial to explore both their brain and evolutionary implications, the authorsJehoshua Macedo-Bedoya of the University Nacional Mayor de San Marcos, in Lima, Peru, and Fatima Calvo-Bellido of the Pontifical Catholic University of Peruconcluded.

At the brain level, psilocybin affects various areas, such as the prefrontal cortex, the hippocampus and the anterior cingulate cortex. These effects have been linked to changes in memory, decision-making and retrospection, which has sparked interest in its therapeutic application, especially in the treatment of mental disorders such as depression and anxiety, they wrote. From an evolutionary perspective, it is proposed that the ingestion of psilocybin could have contributed to the improvement in visual abilities and the reproductive success of communities that made use of these mushrooms.

A separate genomic study, published earlier this year, found that psilocybin mushrooms themselves likely date back about 67 million years, to around the time of the extinction of the dinosaurs. The results also suggested wood decompositionas opposed to other preferred niches like dung or soilas the ancestral ecology of Psilocybe, though the ability to produce psilocybin seems to have later jumped from some types of fungi to others over tens of millions of years.

As far as human use of psilocybin mushrooms goes, separate research suggests hominids have been ingesting them for potentially millions of years.

Use of marijuana, by contrast, is believed to be more recent. Studies published last year and in 2019 suggest that humansfirst began using plants of the genusCannabisabout 10,000 years ago, initially using hemp for fibers and nutrition.

Consuming cannabis for its experiential effects, meanwhile, seems to date back roughly 3,000 years. A Chinese emperor about 2,700 B.C.E.described the plant as a first-class herb.

Cannabis and the genus that contains hopsmarijuanas closest living relativediverged about 28 million years ago, according to a 2018 study.

Another study suggests the rise of cannabinioids like THC and CBD may have been the result ofgenetic mischief at the hands of ancient viruses.

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Photo courtesy of Wikimedia/Mushroom Observer.

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Psychedelic Mushrooms May Have Contributed To Early Development Of Human Consciousness, Study Concludes - Marijuana Moment

Healing centers in Colorado may be allowed to offer the drug psilocybin in a few different forms when the voter-approved psychedelic therapy industry launches next year.

Some customers will choose to eat dried mushrooms or to swallow a capsule. But the most controversial option may be chocolates and confections laced with psilocybin.

Advocates for child safety are raising a red flag, saying that allowing psilocybin to be packaged as a treat may be the wrong move.

There were so many lessons learned after the legalization of cannabis, that we're just trying to make sure the state is being a little more forward-looking when it comes to this new substance, said Alton Dillard, a spokesman for One Chance to Grow Up, a nonprofit that advocates for youth drug safety.

The chocolate controversy comes as the state is finalizing the rules and regulations for the industry. A draft proposal, which is open for public comment until July 25, would allow the industry to offer chocolates and soft confections to customers.

The industry will only serve people 21 and older. And, unlike with cannabis, there will be no retail sales. Instead, the drugs would be consumed on-site under the supervision of a trained professional.

Industry advocates say that using chocolates and confections to consume psilocybin are not meant to appeal to children. Instead, chocolates may be easier for some adults to stomach than dried mushrooms, which can taste unpleasant. Chocolate also may help to soothe the nausea that comes with a mushroom trip, advocates say. Some cultivators are also interested in adding other herbal supplements, like lions mane mushrooms, to their products.

The bottom line is really just trying to create the best options for the folks out there that are looking for access to support their mental health, or in contexts like terminal or advanced illness, said Tasia Poinsatte, director of the Healing Advocacy Fund of Colorado, a major force behind the new law.

Dillard acknowledged that children will likely have little access to the product. But he worries that allowing psilocybin sweets now, even in a therapeutic setting, could send the wrong message for the future. It could open the door for allowing chocolates and confections in the retail market, he argued, if the state were to eventually legalize retail sales of psychedelics.

Were just wanting to make sure that any protections that are in place for kids get factored into the discussion early, instead of the light bulb going on six, eight, ten years down the road, Dillard said.

The most common effects of psilocybin are sensory distortions and hallucinations, said Dr. Chris Hoyte, medical director of the Rocky Mountain Poison Center. Those effects can be frightening or potentially dangerous, for example, if they impair a persons ability to drive.

Those hallucinations could take various sorts of forms and have different risks, depending on your age, or what you're doing at the time, Hoyte said.

Dillard urged the state to learn lessons from the rollout of the cannabis industry. A lack of early regulation led to an explosion of different products, from gummies to sodas, nasal sprays and inhalers, often with playful and appealing packaging.

Thats a valuable perspective, according to Allison Robinette, who is overseeing some of the rulemaking as a policy director at the Department of Revenue.

In the early days of legal cannabis, the state didnt have any limits or restrictions on product types, Robinette said. By the time Colorado changed its legal approach, the range of products we are seeing in the cannabis space was way outpacing our regulations. We took that lesson very much to heart.

With the psilocybin process, the state is instead creating a short list of allowable uses. That includes dried mushrooms, chocolates, confections, teas, tinctures, capsules and tablets.

You can only make certain product types. And you have to do it in line with the regulations around manufacturing procedures, she said. Our intent is not to stifle someone's ability to make products that participants want. But it gives us the forethought and to be proactive about instilling regulations.

Shawn Hauser is a partner at Vicente LLP, a law firm that has been closely involved in Colorados cannabis and psilocybin industries.

She said the state had done a good job of listening to various parties as it drafts the industry rules. But she warned that if officials create too many onerous regulations, customers will instead buy less safe products from unregulated and illegal sources. The gray market is already growing fast under the new law.

The intent of the program is to give consumers access to these products where they're safe, she said. What we don't want is someone getting sick because they got an unsafe product on the illicit market because they don't have access through the regulated system.

Hoyte, of Rocky Mountain Poison Center, urged the state to ensure that products are tested and clearly labeled, so people are very clear on what theyre actually consuming.

The state has heard from close to 100 people who are interested in launching psilocybin businesses, ranging from mushroom cultivators to product manufacturers, testing labs and healing centers. The first licenses are expected to be granted early in 2025.

Like cannabis, psilocybin remains illegal under federal law.

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Why sweet treats may be the most controversial part of Colorados new psychedelic mushrooms program - Colorado Public Radio

The University of California Los Angeles (UCLA) is planning an innovative projecta rooftop garden designed for psychedelic-assisted therapy sessions. The project, described as a living laboratory, aims to integrate nature into therapeutic environments, enhancing the efficacy of treatments involving substances like MDMA and psilocybin.

Psychedelic-assisted therapy, which involves administering drugs like MDMA under the supervision of psychiatric professionals, has gained significant attention for its potential to treat various mental health disorders, including depression and PTSD. UCLA, a frontrunner in this field, is conducting nearly a dozen clinical trials involving psychedelics.

The proposed living laboratory will be located on the eighth floor of the Semel Institute for Neuroscience and Human Behavior. According to a recent presentation, the garden will feature native plants to attract butterflies and birds, group areas and private rooms.

In a story published by the university, Helena Hansen, director of the Semel Institute, described the lab as part of an audacious vision to reimagine medicine at UCLA. Interacting with plants and animals in the living laboratory is expected to positively influence both traditional and psychedelic therapy sessions.

The university is raising funds for the project, with no specific price tag disclosed. Jennifer Wolch, a professor at UC Berkeley, said the garden idea aims to cultivate soothing sounds like birdsong and gentle water to create a relaxing atmosphere.

Research suggests that a person's surroundings can significantly impact the success of psychedelic therapy. Kelly O'Donnell, a professor at New York University and an expert in psychedelic-assisted therapy, expressed her admiration for UCLAs proposal. She noted that the rooftop garden would be far more welcoming than the clinical rooms she has worked in. The university is being really thoughtful about what is the space into which this person will return after they've gone through a psychedelic trip, she added.

The integration of natural elements in therapeutic settings represents a significant shift in the approach to mental health treatment. UCLAs rooftop garden project not only aims to enhance the therapeutic experience but also sets a precedent for future innovations in psychedelic-assisted therapy.

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UCLA's Vision For Psychedelics Therapy: A Rooftop Garden As A Living Laboratory - Benzinga

Dr. Nico Dosenbach, a neurologist at Washington University School of Medicine in St. Louis, had performed countless brain scans as part of this job. Hes even scanned his own brain several times before. This time, however, was very different. Before sliding into an MRI machine whose powerful magnetic field works with radio waves and hydrogen atoms in the body to create 3D images, Dr. Dosenbach took a larger-than-usual dose of psilocybin, the active compound in magic mushrooms.

I was, like, drifting deeper into weirdness, he recalls in an interview with NPR. I didnt know where I was at all. Time stopped, and I was everyone.

Dosenbach essentially got high as a kite for science and he wasnt alone. Another six people took part in the study meant to tease apart how psilocybin and other psychedelics like LSD perform their consciousness-altering magic. This is important in the context of a revival in research on psychedelic drugs after decades of prohibition.

There is a growing body of evidence to suggest some psychoactive substances have immense therapeutic potential, especially when it comes to tackling serious, hard-to-manage mental health issues such as post-traumatic stress disorder (PTSD), depression, alcoholism, and eating disorders.

But how exactly do these drugs work in the brain? In the case of psilocybin at least, the new study suggests that the compound disrupts certain brain networks, particularly those responsible for giving us a sense of space, time, and self.

The study involved seven participants who received either a stimulant or 25 milligrams of psilocybin, enough to induce hallucinations. Researchers observed significant changes in brain activity. Particularly in the default mode network, which is associated with self-referential thoughts and daydreaming. Without the default mode network out of sync, a person may have trouble even remembering who they are.

According to Dr. Joshua Siegel, the studys lead author, psilocybin caused neurons within certain networks (like the default mode network) to become desynchronized. Its like the brain falls apart, the researchers said. However, this disruption appears to also enhance the brains plasticity, allowing it to adapt and change more readily. Desynchronization probably is a critical clue as to where the plasticity effects of psychedelics are coming from, Siegel explains.

The studys implications extend beyond understanding psilocybins effects. It hints at potential therapeutic uses for psychedelics in treating conditions like addiction, depression, and post-traumatic stress disorder (PTSD). There seems to be this time of increased change that could be taken advantage of by therapists, says Dr. Petros Petridis of NYUs Langone Center for Psychedelic Medicine.

However, the approach is not without risks. Dr. Ginger Nicol, a psychiatrist whose husband participated in the study, noted that while some experiences were profoundly positive, others were distressing. He saw demons, Nicol recounts, emphasizing the need for careful consideration in clinical settings. No one says its a good idea to self-medicate with psychedelics in a recreational setting. So, it goes without saying: dont try this at home.

Despite these challenges, the potential for psychedelics to aid in psychological recovery is significant. Psychiatrists believe that these substances might help patients recognize their capacity for change, a realization that often takes years in traditional therapy.

The new findings appeared in the journal Nature.

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This scientist took a large dose of psilocybin to see how psychedelics work on the brain - ZME Science

Public interest in microdosing marijuana and psychedelics has been spiking amid the reform movement, with Google searches related to the dosing technique growing by 1,250 percent from 2015 to 2023, according to a new study federally funded study published by the the American Medical Association (AMA).

Researchers at the University of California San Diego conducted an analysis of Google search queries related to microdosing from 2010 to 2023, comparing the trends to local and state cannabis and psychedelics policy changes. They found a notable increase in searches for microdosing across the US that are attributable to the reforms.

The study, published in JAMA Health Forum on Friday, utilized an event-time difference-in-difference model to investigate a potential casual effect. Researchers looked at monthly and annual changes in microdosing searches before and after a state or locality enacted a drug policy change.

Searches for microdosing in the US remained stable until 2014, then increased annually thereafter, with a cumulative increase by a factor of 13.4 from 2015 to 2023 (7.9 per 10 million to 105.6 per 10 million searches, respectively), it found. In 2023, there were 3.0 million microdosing searches in the US.

Interest in microdosing is increasing across the US and is influenced by legislative reforms concerning both psychedelics and cannabis.

Broken down further, the study found that local psychedelics decriminalization laws were linked to a 22.4 per million increase in microdosing search rates; statewide psychedelics reform laws were associated with a 28.9 per 10 million increase; statewide adult-use marijuana laws increased microdosing search rates by 40.9 per 10 million; and medical cannabis legalization caused an increase of 11.5 per 10 million.

As public interest in using psychedelics and cannabis for health grows, its crucial that the medical community conducts studies to establish a strong evidence base for their safety and efficacy, researchers wrote. Without understanding the risks and benefits, people may turn to unproven alternative therapies, exposing themselves to potential dangers. Its our responsibility as a medical community to ensure patients have access to safe, effective and evidence-based treatments.

Eric Leas, an assistant professor of public health and senior author of the study, cautioned that psilocybin and other psychedelics remain Schedule I substances under federal law, meaning their use poses legal risks for consumers and concerns of product impurity because of a lack of manufacturing standards.

The study, which was funded by the National Institute on Drug Abuse and the California Tobacco Related Disease Research Program, concludes by saying the findings suggest that rigorous clinical studies are needed to evaluate the safety profile and potential benefits of microdosing to inform evidence-based practices and policymaking to match public interest.

Additional population-based surveillance is needed to identify who is microdosing, their reasons, and how these practices might change with the evolving legal landscape, it says.

State-led legislative reforms on cannabis and psychedelics were associated with increased public interest in microdosing psychedelics.

To be sure, a majority of states have enacted some form of marijuana legalization, while a growing number of states and localities are pursuing psychedelics reform. National Institute of Drug Abuse (NIDA) Director previously told Marijuana Moment that the train has left the station on psychedelics as the reform movement spreads.

And while the researchers for the JAMA study noted that federal prohibition means unsanctioned use of the psychedelic could pose risks to consumers, another federal agency recently acknowledged the potential benefits the substance might provideincluding for treatment of alcohol use disorder, anxiety and depression. It also noted psilocybin research being funded by the federal government into the drugs effects on pain, migraines, psychiatric disorders and various other conditions.

Separate research published recently on psilocybin found that its unlikely that a single experience with the drug changes peoples religious or metaphysical beliefsthough it may affect their perception of whether animals, plants or other objects experience consciousness.

Findings of another recent study suggests that the use of full-spectrum psychedelic mushroom extracthas a more powerful effect than chemically synthesized psilocybin alone, which could have implications for psychedelic-assisted therapy. The findings imply that the experience of entheogenic mushrooms may involve a so-called entourage effectsimilar to whats observed with cannabis and its many components.

A separate study recently published by AMA found that single-dose psilocybin use was not associated with risk of paranoia,while other adverse effects such as headaches are generally tolerable and resolved within 48 hours.

That study, published in JAMA Psychiatry, involved a meta-analysis of double-blind clinical trials where psilocybin was used to treat anxiety and depression from 1966 to last year.

AMA published another recent study that similarly contradicted commonly held beliefs about the potential risks of psychedelics use, finding the substancesmay be associated with lower rates of psychotic symptoms among adolescents.

Also, results of a clinical trial published by AMA in Decembersuggest efficacy and safety of psilocybin-assisted psychotherapyfor treatment of bipolar II disorder, a mental health condition often associated with debilitating and difficult-to-treat depressive episodes.

The association also published research last August that found people with major depression experiencedclinically significant sustained reduction in their symptomsafter just one dose of psilocybin.

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Interest In Microdosing Has Spiked Along With Changes To Psychedelics And Marijuana Laws, American Medical ... - Marijuana Moment

Pictured: Psychedelic plants in front of blue squiggly lines/Taylor Tieden for BioSpace

A highly heterogeneous disease, depression has long challenged drug developers. While effective treatments exist for some patients, many are still left behind by current regimens. Now, with the global depression treatment market projected to top $16 billion by 2027, psychedelic drug developers have their sights set on the space, with six programs currently in clinical development, according to Psychedelic Alpha.

The current standard of care for depression comprises selective serotonin reuptake inhibitors (SSRIs) such as Eli Lillys Prozac and Pfizers Zoloft, along with depression-focused psychotherapy. However, at least 30 percent of people with major depressive disorder fail to respond to two or more antidepressants, a condition called treatment-resistant depression (TRD). Less than 15% of patients with TRD reach remission with the standard of care, according to Theis Terwey, CEO and co-founder of GH Research, which is developing the psychedelic drug5-MeO-DMT for the treatment of TRD.

There is precedent for using psychedelics to treat TRD. Johnson & Johnson won approval for Spravato (esketamine) for TRD in 2019, though the company does not consider the nasal spray to be a classic psychedelic. Carlene MacMillan, an interventional psychiatrist and chief medical officer at the mental health treatment and research technology platform Osmind,explained that Spravato is not a classic psychedelic because it does not cause a hallucinatory effect and because of how it acts in the brain. In clinical trials, patients who received Spravato saw superior and sustained improvement in their depression symptoms compared to those who received a placebo and an oral antidepressant, according to J&J.

Companies like GH and Compass Pathways are now seeking to improve on those results with 5-MeO-DMT and psilocybinwith the hallucinogenic qualities intact. There are currently no other psychedelic drugs on the market, though MDMA, being developed by Lykos Therapeutics for post-traumatic stress disorder (PTSD) and up for FDA approval in August, could set the stage for more psychedelic-based treatments for mental health.

In depression, in particular, psychedelics stand to offer something new, MacMillan told BioSpace. Most of the medications that we have on the market, and have had on the market for several decades, are all just variants of kind of the same thing, acting on serotonin in some way, taking weeks to months to work, she said. The potential for psychedelics to treat TRD in a much more rapid way is really very, very high.

Londonbased Compass is in Phase III TRD trials with psilocybin, a serotonin receptor agonist that occurs naturally in some mushroom species.

Psilocybin binds to the 5-HT2A receptor for serotonin, explained Guy Goodwin, chief medical officer at Compass, provoking a series of downstream changes. While he acknowledged that researchers dont know which of these changes is functional, he said a change in connectivity is seen on the MRIs of patients treated with psilocybin.

Normally, at rest, the brain has a number of modules, which seem to prefer to fire together, dotted around the brain, and one of them is sometimes called the default mode network. When a patient takes psilocybin, that kind of breaks down, and these strict, kind of separated modules become much more interconnected, he explained. Its sort of as if you have a kind of breaking of the existing strict topography of the brain into something that is much more fluid and much more potentially malleable. The hypothesis is that the brain is then able to see situations and problems in a different way.

MacMillan agreed. The psychedelics allow you to teach an old dog new tricks. She said that this can be helpful in treating depression and specifically pointed to psilocybins potential. Psychedelics, particularly psilocybin, have shown great promise at helping people who are not traditionally helped, and faster.

In Phase IIb trials, Compass candidate, COMP360, showed a highly statistically significant reduction in depressive symptoms after three weeks following a single 25-mg or 10-mg dose in combination with psychological support, with the response lasting up to 12 weeks, according to COMPASS. The control group received the same therapeutic support together with a 1-mg dose of COMP360. A Phase III trial is underway, with a study completion date of May 2025.

Compass isnt alone in pursuing psilocybin for the treatment of depression. Braxia Scientific is investigating a psilocybin-assisted therapy in Phase II for TRD.

Dublin-based GH is developing a novel formulation of 5-MeO-DMT, a psychedelic tryptamine found in several plant species. The candidate, GH001, is currently being studied in a Phase IIb trial for TRD, for which the company expects topline data in the third or fourth quarter of 2024.

5-MeO-DMT was particularly attractive to GH due to its rapid and short-acting nature when inhaled. Terwey said this can address some of commercial feasibility issues inherent in longer-acting compounds like psilocybin and LSD. Such longer-acting drugs often also involve additional visits for psychotherapy or psychological support, he said, adding that this can be challenging to incorporate into an eventual label and commercial model.

5-MeO-DMT represents a pure pharmacological approach, Terway said. As a trial participant, youre really present with your ego during the experiment, he explained. So its not much to process or not really a lot of memories in context of a narrative. Its more a deep feeling that develops and that we felt could be given without those cumbersome preparation and integration visits.

MacMillan disagreed, however, saying that the experience with 5-MeO-DMT is extremely intense and has a much more significant risk profilethan psilocybin, LSD, mescaline and MDMA.

In addition to GH, Beckley Psytech is in Phase IIb trials with a 5-MeO-DMT formulation for TRD. Meanwhile, Biomind Labs and Viridia Life Sciences (atai Life Sciences) are each studying a related compound simply called DMT, which occurs in many plants and animals, including humans, for TRD.

While still investigational, psychedelics could be an effective treatment for those with more difficult-to-treat depression, MacMillan said.

Patients whose depression stems from life circumstances will generally respond better to traditional medicines and traditional psychotherapy than will patients with a genetic predisposition to depression, she noted. Additionally, many patients with TRD have comorbidities that are making it harder to treat, she said, highlighting personality disorders like narcissism and obsessive-compulsive disorder.

Those patterns are not really addressed at all by the traditional antidepressants, MacMillan said. As psilocybin or MDMA open new ways to learn, I think it stands to reason that somebody that has a personality disorder and then gets related therapy for that disorder after a psychedelic experience could potentially actually change some of those underlying things as well.

MacMillan indicated she would be comfortable using certain psychedelic therapies in her practice, providing a strong Risk Evaluation and Mitigation (REMS) program is in place. As a psychiatrist, I think that we are well positioned to work with patients that have more complex psychiatric concerns.

While MacMillan expressed optimism about the potential of psychedelics, she noted that other rapid-acting neuromodulation treatments like transcranial magnetic stimulation are also showing promise. I think its important that we see broadly treatments for TRD and not get overly focused on psychedelics being the only way, because its just a different time in our field now.

Heather McKenzie is a senior editor atBioSpace. You can reach her atheather.mckenzie@biospace.com. Also follow her onLinkedIn.

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Depression Is Notoriously Difficult to Treat. Can Psychedelic Therapies Help? - BioSpace

Days after an advisory committee resoundingly voted for the Food and Drug Administration to reject MDMA as medical treatment, the founder of the company that applied for approval was ebullient. Rick Doblin, who has spent decades driving forward MDMA research, told a psychedelics conference in the Netherlands that his dream was not simply possible, but likely. There was substantially more than a 50/50 chance that the FDA would dismiss its advisers perspective and approve the first currently prohibited psychedelic come August, he said at the Interdisciplinary Conference on Psychedelic Research.

This optimism may seem misguided given the extensive criticisms and questions voiced by mental health practitioners on the advisory committee, but Doblins prediction is grounded in more than just a sunny disposition. He and other psychedelic evangelists have been working to win over regulators since the 1980s, and those relationships helped persuade the agency to sign off on psychedelic research despite methodological challenges.

The FDA approves treatments roughly one-third of the time when advised not to by their expert panels and, amid intense cultural pressure and growing frustration about the lack of new mental health therapies, Doblin may well be proven right. Even if not, the last-minute stumbling block for MDMA is a sign of how the agency is now more accepting of psychedelics than many others in psychiatry. Thats a seismic shift, and an examination of the history of regulatory decisions around psychedelics shows just how much Doblins and others work has paid off.

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While the cannabis industry has all but become legitimate in the United States, its not the only form of alternative medicine attempting to break through regulatory barriers. Compounds like psilocybin, lysergic acid and ketamine are all referred to as psychedelics, yet they may have medical applications which are just beginning tobe explored.

As such, several newly minted public companies have begun experimenting with ways to harness the therapeutic potential of these compounds. When these companies first went public, the excitement around their projects quickly spiked their trading value followed by a rapid selloff which put most of them in a significant dip.

Yet there are severalstrong psychedelicstocks to buy on the dip for potentially lucrative returns. Thats because several studies have shown that LSD, psilocybin and ketamine are all exceptionally effective at treating depression when administered in the correct doses. Thus, it may be just a matter of time before these companies have their moment in the sun.

Source: Shutterstock

A broader play into alternative therapies,Atai Life Sciences(NASDAQ:ATAI) is currently researchingmultiple drugs based on psychedelic substances like ketamine,ibogaineand N,N-dimethyltryptamine (DMT). These compounds, while perhaps known for their recreationalusehave seen several peer-reviewed studies begin to explore their potential for treating mental health disorders.

In the case of ATAI, the company has several drugs derived from psilocybin, ketamine and DMT in the pipeline, with itsmost promising one COMP360, entering Phase 3 clinical trials as part of a co-development with another pharmaceutical company. Thiswideapproach to developing treatment does put a financial strain on ATAIs operations, but it improves the likelihood of a breakthrough and potential Food and Drug Administration (FDA) approval.

As such, ATAI is one of the best psychedelic stocks to buy on the dip, as itcurrently trades at a 93% discount on its initial public offering price.Any good news regarding one of its drugs could bolster its value rapidly.

Source: Shutterstock

I mentioned earlier that ATAI is developing a drug called COMP360 with another company.That company isCompass Pathways(NASDAQ:CMPS), hence the COMP in the name. This drug is currently the only project in development for CMPS, which means the company represents a very different type of pharmaceutical investment than ATAI.

As such, investing in CMPS means committing to the psilocybin side of therapeutics. With this approach, investors know the direct catalyst relies on FDA approval for COMP360. Soletstalk about the studies behindCOMP360. Currently, CMPS offers its Phase IIb datasheet on its site for reference on its drugs efficacy. The Phase IIb trial focused specifically on patients with depression who were resistant to traditional anti-depressant compounds, meaningdrugslike selective serotonin reuptake inhibitors were ineffective.

Of the totalparticipants in the study, 20% reported sustained improvement and therapeutic effects by the 12th weekof the study. When you consider that these patients were already exceptionally resistant to treatment, thats quite impressive. Thus, COMP360 could be worth investing in through psychedelic stocks to buy on thedipsuch as CMPS.

Source: Shutterstock

As the name of the company suggests,Cybin(NYSEMKT:CYBN) specializes in developing three psilocybin-based therapies, CYB003, CYB004, and SPL028, with other psychedelic compounds in preclinical testing.Currently, the stock trades in penny stock territory at just26 cents a share, which may concern some investors, but it isimportantto remember that thetrading history of the companyisfairlynewandits products are still vying for FDA approval.

Moreover, its psilocybin treatment,specificallythe Deuterated PsilocybinProgramhas been grantedbreakthrough treatmentstatus by the FDA for treating major depressive disorder following its Phase II trial success. This program has also been tested for treating alcohol abuse disorders and could be a breakthrough therapy for that category as well.

In the case of Cybin, investors may want to wait until the company can generate revenue, however. Becauseit is currently in a growth, research and development phase, the company has only reported losses for the last four quarters.

On thedate of publication, Viktor Zarevdid not have (eitherdirectly or indirectly) any positions in the securities mentioned in this article.The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Viktor Zarev is a scientist, researcher, and writer specializing in explaining the complex world of technology stocks through dedication to accuracy and understanding.

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3 Psychedelic Stocks to Buy on the Dip: Summer 2024 - InvestorPlace

Magic mushrooms have become the most popular psychedelic substance in the United States, surpassing others like ecstasy, according to a new report by the RAND Corporation.

A national survey revealed that approximately 12% of respondents have used psilocybin at some point, with 3.1% using it in the past year, equating to about eight million American adults in 2023.

The study highlights the growing interest in psychedelics for mental health treatments and the evolving policy landscape surrounding their use.

Psychedelics have shown promise in treating mental health conditions, sparking increased enthusiasm over the past decade. However, there has been less focus on the shifting policies concerning these substances.

The report suggests that as state and local regulations ease, federal policymakers must decide whether to follow a for-profit cannabis model or explore alternative paths.

The current situation with psychedelics reminds me of where we were with cannabis policy 12 years ago. Now is the time for federal policymakers to decide if they want to shape these policy changes or stay on the sidelines, said study lead author Beau Kilmer, a senior policy researcher at RAND.

The RAND report draws from a survey of 3,791 American adults, as well as data from the National Survey on Drug Use and Health and the National Incident-Based Reporting System. It also includes interviews with legal experts, policy advocates, researchers, and Indigenous community members regarding their traditional spiritual medicines.

Co-author Michelle Priest, an assistant policy researcher at RAND, emphasized the importance of engaging with Indigenous communities.

Policy changes may affect Indigenous people who have longstanding traditions with certain spiritual medicines that are commonly referred to as psychedelics. Engaging respectfully with Indigenous community members who are authorized to speak on these topics can help craft policies that benefit from generations of wisdom while protecting Indigenous rights.

Despite federal prohibitions, some state and local governments are adopting more lenient approaches to psychedelics.

The report highlights alternative models to the for-profit cannabis approach, such as allowing personal cultivation, non-profit collectives, or supervised use models like those in Oregon and soon in Colorado.

One key difference between cannabis and psychedelics policy debates is the role of supervision. Even in areas not adopting the supervision model, policymakers will need to address regulation of facilitators and supervision settings.

Unlike frequent cannabis users, psychedelic users tend to use these substances infrequently. The survey found that only 0.9% of respondents used psilocybin in the past month, compared to 20% for cannabis.

The total number of use days in the past month was significantly lower for psychedelics (around seven million) compared to cannabis (about 650 million).

A notable finding is that infrequent users dominate the psychedelics market. For cannabis, infrequent users account for about 5% of total use days, while for psychedelics, they represent closer to 60%.

While price is a major policy lever when we think about regulating cannabis and alcohol, it will likely play a much smaller role for psychedelics since infrequent users currently drive the market and they tend to spend relatively little on these substances, said co-author Rajeev Ramchand, a senior behavioral scientist at RAND.

The report indicates a significant gap in published research on psychedelic markets and usage patterns, especially for psilocybin. The authors recommend improving existing surveys and conducting qualitative, longitudinal research with users and producers of psychedelics.

The RAND report underscores the need for informed policymaking as the landscape for psychedelic substances evolves, highlighting the importance of protecting both public health and the rights of Indigenous communities.

Magic mushrooms have become popular due to their perceived therapeutic benefits and the growing acceptance of psychedelic substances in mental health treatment.

Studies suggest that compounds like psilocybin can help alleviate symptoms of depression, anxiety, and PTSD, leading to increased interest from both the medical community and the public.

Additionally, cultural shifts towards holistic and alternative therapies, along with the destigmatization of drug use, have contributed to their popularity.

Personal testimonials and media coverage highlighting positive experiences have further fueled curiosity and acceptance. As research continues to support their potential benefits, the interest in magic mushrooms is likely to grow.

The report can be found here.

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