The psychedelic mushroom biz is simmering - The Hustle
The Hustle

The psychedelic mushroom biz is simmering

Like cannabis, several municipalities are likely to legalize magic mushrooms. Entrepreneurs are getting ready.

Source: Alexander_Volkov / Getty Images

These days, charismatic budtenders will tell you all about the latest weed tinctures and terpenes in stores across the US.

Could the same thing happen with magic mushrooms?

So-called “magic” mushrooms contain psilocybin, a non-addictive hallucinogen. Though legal in Jamaica and the Netherlands, they’ve been outlawed in the US since 1970.

But now…

studies have shown promising results for conditions including depression, anxiety, addiction, and PTSD, leading advocates to push for legalization.

In 2019, Denver voters decriminalized shrooms, and cities including Detroit, Oakland, Santa Cruz, and Vancouver, Canada followed suit.

Oregon has already legalized mushrooms for adults in therapeutic settings and is working on its regulatory framework now.

The blooming biz

Decriminalization was a precursor to medicinal and recreational cannabis use — a global market worth $17.8B in 2021.

Entrepreneurs are getting ready for the same thing to happen with shrooms, where the global pharmaceutical market is expected to hit $6.9B by 2027.

Their methods vary, but it gives them a head start before future legalization — and its fees and regulations — take hold, according to Bloomberg.

And if you’re looking to invest, there are several companies that are already publicly traded like these picks from The Motley Fool — a few of which have market caps (pun intended) in the hundreds of millions.

At this point, our psychedelic future seems nothing short of inevitable. Groovy.

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