As psychedelics make the jump from party drugs to prescription medication for potentially treating several mental health conditions, investors are already pumping money into startups and research and development in hopes of big profits. This is based on early clinical research showing that psychedelics such as LSD, MDMA (the main ingredient of Ecstacy), and psilocybin (the hallucinogenic compound in magic mushrooms) may be effective for treating anxiety, depression, and PTSD, as well as addictions and even traumatic brain injuries. Phase 1 trials are also taking place to assess psychedelics for treating stroke and Alzheimer’s disease. The Food and Drug Administration is expected to rule next year on MDMA-assisted therapy and on psilocybin in the next few years. Investors are also bankrolling the infrastructure and accessories around psychedelics, such as clinics and software to support the clinics. Still, research is only beginning to uncover how the drugs work, how they should be applied in a treatment setting, and what protocols, training, and guidelines are required to ensure patient safety. Much of how these powerful psychedelics affect the brain is unknown and critics worry about potential long-term damage or psychosis from excessive use. Media reports have already highlighted the dangers of a growing, unregulated psychedelics industry that exploits patients eager to try the drugs without a proper framework and best practices for treatment.
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Rosenthal Center for AddictIon Studies