The psychedelics industry is flourishing and growing at a rapid rate as more states move to decriminalize the substances while others push for legalization. In the last few years, the market has seen significant growth in the number of drug-development companies that seek to get psychedelic compounds to be approved by the FDA.
Projections show that in the next five years, psilocybin, which is the main active ingredient in magic mushrooms, and MDMA, which is also known as ecstasy, will be legal for prescription. Various studies have found that these substances possess medicinal benefits that may help treat various mental health conditions, which explains why so many drug-development companies are pouring in hundreds of millions of dollars into the research and development of alternative medications.
Many are hopeful that in addition to providing alternative therapies, this space will also offer new employment opportunities of different kinds, just as with the cannabis industry. Currently, the marijuana industry employs more than 320,000 individuals in the United States, which is more than the number of electrical engineers, paramedics or dentists. This number is expected to grow as the industry also grows.
KCSA managing partner Lewis Goldberg states that as the industry goes mainstream, the same jobs for other industries that went mainstream from the fringes also apply to this particular industry. He adds that in the last three years, about $3 billion has been injected into the psychedelics industry, which is seen as the foundation of this industry, which many believe will become a multitrillion-dollar industry in the long term.
Goldberg notes that companies that will open source in this industry will have a societal impact and will likely be more successful, as they will be allowing others involved in the space to access their research and data. That, in turn, will enhance progress of the movement as a whole. However, Goldberg maintains that while not prioritizing a company’s profitability is a good move, it will not help ensure that major players in the space are working towards an equitable and passionate psychedelic industry.
Ancestor Project co-founder Charlotte James agrees, adding that a lot of internal and personal decolonization work in the space will be needed in order to break the work patterns that have been ingrained in people as they contribute to the grind and hustle culture. The lack of representation or presence of a BIPOC-led organization that has considerable financial support in this space is also an issue, which many hope will be rectified as more time goes by. This is because it causes a wider gap between the corporate world and the grass-roots movement.
That said, plenty of people around the world could be helped by the psychedelic remedies developed by various companies such as Cybin Inc. (NYSE American: CYBN) (NEO: CYBN), which have taken the plunge and heavily invested in developing those formulations.
NOTE TO INVESTORS: The latest news and updates relating to Cybin Inc. (NEO: CYBN) (NYSE American: CYBN) are available in the company’s newsroom at https://ibn.fm/CYBN
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