Accessibility And Legality: Psychedelic’s Path A Decade After Colorado’s Legalization
Psilocybin and psychedelics in general are substances that have been with us for decades. But in its recent history one particular milestone marks a before and after: the legalization of cannabis for recreational use in Colorado in 2014.
Today, ten years later, more than 100 million adults in the United States have gone from not having legal access to cannabis to being able to get what they need at their local dispensary. While the rescheduling of cannabis is being discussed, the legalization conversation is now turning to psychedelics, where both promising scenarios and specific challenges arise simultaneously.
The Hype Around Psilocybin and Psychedelics
It is not news that psilocybin is at the forefront of mental health treatment research, with a burgeoning economy connected to it. The global psychedelic drug market, valued at $2.9 billion in 2023, is expected to grow to $8.7 billion by 2033, driven by substantial financial investments into psilocybin research and supporting institutions, including the following:
Leading Universities: Institutions like Johns Hopkins have established centers dedicated to psychedelic research. Johns Hopkins’ Center for Psychedelic and Consciousness Research was launched with a $17 million donation from private donors.
Research Studies: Between 2019 and 2024, there have been 104 studies on psilocybin, backed by millions in grant money.
Investment: Year 2023 saw over $2.5 billion in investments in the psychedelic sector, with significant contributions from billionaires like PayPal co-founder Peter Thiel.
The Economic Burden of Mental Health Disorders
While significant, investment in psychedelics research is minimal compared to the annual cost of mental health …