Many BB readers are aware of my preference for psychedelics, especially magic mushrooms and DMT. I have come quite a long way from the scientific knowledge of these substances to their direct use as a psychotherapeutic drug. My life story of how I traveled to Amsterdam to learn the ins and outs of a psychedelic retreat and ended up making some wonderful friends with whom I still keep in close touch.
Daniel explains: he and two assistants will help everyone brew the contents of one and a half bags in hot water to make a thick gray tea. Fresh ginger is added to the mixture, which should reduce feelings of nausea. After this, participants are advised to lie on their backs, put on an eye mask and wait for the effect. If a boost is needed, the remaining half of the packet can be drunk.
«Imagine taking off in a chaise lounge tied to helium balloons. If you use too few, you might be carried through the treetops. But if you take exactly the right amount, you'll take off» — says Daniel, a 30-year-old Briton with a master's degree in primatology and expertise in psychoactive mushrooms.
From feelings of majestic bliss to unspeakable terror, the power of magic mushrooms to cause radical changes in states of consciousness lies in the psilocybin molecule. Having no prior experience with this mysterious compound, I listened to Daniel as attentively as a novice skydiver listens to the instructions for his first jump.
I had been waiting for this moment for months. Psilocybin is central to the «psychedelic renaissance» a movement of research aimed at using long-banned substances to transform treatments for common mental illnesses. As someone who suffers from depression, I was fascinated by the idea that psilocybin could be the key to a «reset». Organized by the Psychedelic Society of Great Britain, Experience Retreat in the Netherlands offered a legitimate way to test this out.
As participants reclined in the living room and the wood crackled in the fireplace mantels, strange things began to happen. Impossible geometry folded itself behind my eyes, and the energy that filled my body seemed delightful. Anxious not to miss anything important, I decided to eat the remaining half of the bag of truffles.
In a few moments, the effects of the drug completely took over all my senses. I felt as if I were on a rotating device controlled by a ruthless but benevolent therapist: images of familiar people flashed before my mind's eye with dizzying speed. The lost feeling of sadness blossomed in my mind and then transformed into joy. In bursts of sobbing and subsequent laughter, I suddenly perceived reality as a devilishly hidden yet infinitely beneficial cosmic joke. There was even more sensation, but this is what I can put into words.
Is it safe? In terms of physical toxicity, psilocybin overdose is virtually impossible. A 2010 study published in The Lancet rated it as one of the safest psychoactive substances — even safer than alcohol, which ranked first in terms of harm. Still, Dr. William Shanahan, medical director of Nightingale Hospital, a psychiatric hospital in London, looks at my words about truffles with disbelief: «These drugs can take you out of this world. If you take mind-altering substances, don't be surprised if your perception changes in ways you don't expect» — he says, referring to psilocybin and other psychedelics such as LSD, DMT and ayahuasca.
Of course, psychedelics are not recommended for people with a history of psychosis in their personal or family life. Working in a controlled, supportive environment can make the difference between a healing experience and a plunge into hell.
From feelings of majestic bliss to unspeakable terror, the power of magic mushrooms to cause radical changes in states of consciousness lies in the psilocybin molecule. Having no prior experience with this mysterious compound, I listened to Daniel as attentively as a novice skydiver listens to the instructions for his first jump.
I had been waiting for this moment for months. Psilocybin is central to the «psychedelic renaissance» a movement of research aimed at using long-banned substances to transform treatments for common mental illnesses. As someone who suffers from depression, I was fascinated by the idea that psilocybin could be the key to a «reset». Organized by the Psychedelic Society of Great Britain, Experience Retreat in the Netherlands offered a legitimate way to test this out.
As participants reclined in the living room and the wood crackled in the fireplace mantels, strange things began to happen. Impossible geometry folded itself behind my eyes, and the energy that filled my body seemed delightful. Anxious not to miss anything important, I decided to eat the remaining half of the bag of truffles.
In a few moments, the effects of the drug completely took over all my senses. I felt as if I were on a rotating device controlled by a ruthless but benevolent therapist: images of familiar people flashed before my mind's eye with dizzying speed. The lost feeling of sadness blossomed in my mind and then transformed into joy. In bursts of sobbing and subsequent laughter, I suddenly perceived reality as a devilishly hidden yet infinitely beneficial cosmic joke. There was even more sensation, but this is what I can put into words.
Is it safe? In terms of physical toxicity, psilocybin overdose is virtually impossible. A 2010 study published in The Lancet rated it as one of the safest psychoactive substances — even safer than alcohol, which ranked first in terms of harm. Still, Dr. William Shanahan, medical director of Nightingale Hospital, a psychiatric hospital in London, looks at my words about truffles with disbelief: «These drugs can take you out of this world. If you take mind-altering substances, don't be surprised if your perception changes in ways you don't expect» — he says, referring to psilocybin and other psychedelics such as LSD, DMT and ayahuasca.
Of course, psychedelics are not recommended for people with a history of psychosis in their personal or family life. Working in a controlled, supportive environment can make the difference between a healing experience and a plunge into hell.
The mood peaked when we awoke to snowfall covering the cottage and ice formations on the lake nearby. But there was nothing unusual about the homework that psilocybin provided: to show more compassion for a mother suffering from Parkenson's disease; to let go of the need to impress at work, as I did as a child; to listen more to friends; to value connection with my partner and daughter.
Despite being classified as a Class A drug in the UK, psilocybin is slowly emerging from the shadows. Michael Pollan's book How to Change Your Mind sparked a wave of interest in Experience Retreats last spring following its release.
In October, the FDA labeled psilocybin a «breakthrough therapy». After successful pilot studies, doctors at Imperial College London began a new trial comparing it to conventional antidepressants, a drug I've been prescribed several times. Dr. Robin Carhart-Harris, a neuroscientist, is leading this study and explains how psilocybin induces a state of hyper-connectivity in the brain that can help people break out of old mental patterns. «Sometimes it takes a storm to renew» — he says.
Investors are listening, too. U.K.-based startup Compass Pathways has raised $35 million for its idea to make psilocybin therapy more accessible in the next five years. Some are wary: late last year, the website Quartz published an article suggesting that the company was creating a de facto monopoly on medical psilocybin and risked harming patients if it rushed into large-scale trials. Compass responded by saying that these accusations were based on «misinformation and misrepresentation», emphasizing that patient safety is their top priority.
By the end of the three-day retreat, I was convinced that psilocybin can be a catalyst for profound change — as long as it is not taken as a panacea, but as the beginning of a difficult journey of exploring our own inner aspects that we often prefer to deny. By utilizing what you discover within yourself, it is possible to change your life.
After that, I went to my mother and hugged her — not as usual, but truly, sincerely, with the expression «I love you». We had the longest conversation in many years: about death, family, fate. Unfortunately, we've been going through quite a few disagreements over the last couple years about politics, war, and territorial affiliations. She is, to my regret, committed to the stereotypes and indoctrination of a certain government. That being said, I have an understanding attitude. And after the retreat, I began to understand her even more.
Terrence McKenna, ethnobotanist and consciousness researcher, joked that the biggest danger of psychedelics is underutilizing them. There may be some truth to his joke. Psilocybin has given me the opportunity to see a better version of myself. To plumb its depths is more courageous than any other journey.
Investor opinion on psychedelics
The legalization of cannabis appears to be central to current policy debates and has attracted considerable investor interest. However, the rapidly growing and relatively small market for psychedelic drugs for the treatment of mental illness and addiction may prove even more attractive for investment.
The scientific community is increasingly bringing these topics into the mainstream. For example, the BBC documentary The Psychedelic Experiment explored in detail the results of a major study at Imperial College. Michael Pollan's 2018 book How to Change Your Mind discusses the potential use of psychedelics for the therapy of mental health disorders. Neuroscientist and podcaster Sam Harris has also addressed related issues in his Making Sense program. The substances discussed remain taboo: they are psilocybin (known as «magic mushrooms») and LSD (lysergic acid diethylamide). Some researchers also include MDMA (ecstasy) and ketamine in the group, although they have different mechanisms of action in the brain.
Of particular interest is the use of these substances to treat severe psychiatric conditions such as «resistant depression» and post-traumatic stress disorder (PTSD). According to the journal Nature, a record number — 17 — studies were conducted in 2021, mostly with psilocybin.
Public opinion is on the side of these drugs. A 2017 survey found that 72% of Americans support legalizing certain psychedelic therapies, while just 12% oppose. The District of Columbia decriminalized adult use of psilocybin mushrooms and Oregon legalized them for medical purposes. Investors previously focused on the cannabis market have begun to show interest in psychedelics, though these areas remain distinct. In cannabis, the most promising growth strategy for vertically integrated companies across U.S. states.
The psychedelic industry is largely a narrow field of medical research. To date, only five companies have any real investment value, although much smaller firms are listed on Canadian exchanges. Even among my top five — none trades with volumes in excess of $20 million per day. Leading the pack is Compass Pathways, a British-American company that is conducting clinical trials of a psilocybin-based treatment for refractory depression. The company is in the business of patented mental health therapies, and phase 2 trials are already well underway.
Next up is MindMed, which went public on the NASDAQ exchange in April. Its stock started off with a 29% drop, but the company has grown more than tenfold in a year, being listed on Canada's Neo exchange. MindMed specializes in treating substances such as MDMA, LSD and psilocybin.
Major investors include Kevin O'Leary (Shark Tank show contestant) and Bruce Linton, founder of cannabis company Canopy Growth. Traders from Reddit forum WallStreetbets are also active. Many analysts highlight companies like Seelos Therapeutics, which is developing two clinical-stage products for CNS disorders: SLS-002 (ketamine) to treat suicidal patients with severe depression, and drugs for rare genetic diseases including muscular dystrophy.
Another significant company is Field Trip Health, which recently entered the Canadian market and is setting up clinics to administer low-dose ketamine as an antidepressant. The plan is to complete phase 1 trials on the new psychedelic drug by 2022. In a market analysis, London-based investment house Ocean Wall identified another Canadian company, Cybin. It is conducting a Phase 2 clinical trial on the use of psilocybin for major depressive disorder involving 120 patients receiving four doses of the drug over four months.
Cybin has strategic partnerships, including one with Kernel, which specializes in neuroimaging technology that allows real-time tracking of brain activity during psychedelic experiences. The company also acquired Boston-based Adelia Therapeutics, expanding its capabilities in novel therapeutics and delivery methods. The total investment raised is about 90 million Canadian dollars and investors include Janus Henderson and LifeSci Ventures.
There are two US-listed exchange traded funds in this sector: the Gen Altered Experience ETF and the Horizons Psychedelic Stock Index ETF. However, both funds are small in size and are not available to UK investors. Their portfolios include a well-known company, Johnson & Johnson, which has received FDA approval for Spravato, a form of ketamine in nasal spray form.
I could also mention a more extensive list of private companies forming a profile in this area. Particularly noteworthy are developments at Atai Life Sciences, based in Berlin. This psychedelic company recently raised over $225 million in an IPO on the Nasdaq. Atai is developing its own line of 10 compounds, owns a significant stake in Compass Pathways, and its investors include billionaire Peter Thiel and New York-based hedge fund Falcon Edge Capital.