Psychedelic Stocks

Majority of Americans That Have Used Psychedelics, Marijuana Report Positive Experiences

A survey conducted by YouGov has found that a majority of U.S. citizens have used marijuana before, and most of them revealed that the experience was a positive one. This survey also discovered that 20% of Americans have also tried “magic mushrooms” (psilocybin mushrooms), and an even bigger proportion of these users reported that the experience was a positive one.

This poll comes at a time when the Biden administration is taking steps to reschedule marijuana while many states are also looking to reform their laws around psychedelics. The poll provides a deep dive into what Americans think of these efforts to tweak the different policies and laws on these substances.

The poll asked respondents about four substances: cannabis, LSD, psilocybin and MDMA. Marijuana led with a wide margin (57%) when respondents were asked to indicate the substances they had ever used, psilocybin came in second at 20%, LSD followed at 16%, and MDMA rounded off the set at 11%.

The respondents who admitted using any of those substances also reported that their experience was a positive one. The survey noted that 65% of psilocybin mushroom users categorized their experience of the substance as positive, 57% said using marijuana was a positive experience, 56% said the same for MDMA while 55% had a positive experience using LSD. Psilocybin stands out as having the largest percentage of its users describing the experience as positive.

It is noteworthy that only 8% of those who admitted using psilocybin described it as a negative experience while 20% said using LSD, marijuana or MDMA was a negative experience.

On matters of legalization, cannabis stood out by attracting majority support with 60% saying its use should be made legal. Only 27% wanted psilocybin legalized, 16% supported MDMA legalization, while 15% said LSD should be made legal.

When the poll narrowed down the legalization question to those who had ever used each of those substances, only LSD didn’t attract majority support for its legalization. Cannabis had 78% of those who had used it saying it should be made legal, 63% of those who had used psilocybin supported its legalization, and 55% of those who had used MDMA said it should be made legal. LSD users were divided on the subject, with 43% voicing their opposition to its legalization while 38% were in support of its legalization.

This survey was conducted April 25–28, 2024. The total number of respondents was 1,134, and only adults were polled. A 4% margin of error was factored into the findings.

The public sentiment toward many psychedelics is likely to spur on startups such as Seelos Therapeutics Inc. (NASDAQ: SEEL) to ramp up their R&D drug-development efforts since the public is already positive toward several psychedelic compounds.

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