In 2018, the FDA recognized the potential clinical benefits that certain psychedelics might offer. As a result, they listed one such agent, psilocybin, and a “fast-track” drug that could be researched for clinical use. Since that time, there have been several studies that support psilocybin treatment for a variety of conditions. Common ones include depression, anxiety, PTSD, as well as certain addictions like tobacco. In addition, a small number of states have decriminalized psilocybin use with Oregon legalizing it altogether. Despite this, there is significant stigma surrounding psychedelic drugs and skepticism of psychedelic therapy. This has not only deterred the FDA from being more assertive in advancing its medicinal use, but it continues to permeate society with negative views of psychedelic use.
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Despite this prevailing stigma, one might be intrigued to find that the market for psychedelic drugs is ever-so-quietly growing. Not only has the use of psilocybin, also known as magic mushrooms, increased but so have use of others. Ketamine, MDMA, and even LSD have become more popular in some social circles. These social circles are broader than many people recognize as well. Psychedelic drugs have spread past the confines of structured psychedelic therapy to include growing recreational use. Certainly, cost of structure care is prohibitive for many. But there are a number of reasons why psychedelics are gaining in popularity, not the least of which is growing acceptance of marijuana. And it is these shifts in social attitudes that’s driving a surprisingly healthy psychedelic market.
What Science Says About Psychedelic Drugs
Before exploring the current psilocybin market, it is worth examining what research has showed so far regarding psychedelic drugs. Several studies support benefit with structured psychedelic therapy. This is often referred to as psychedelic-assisted psychotherapy or PAP. In essence, this approach involves administration of a single dose of psilocybin followed by several sessions of psychotherapy. Amazingly, these studies show that a single dose does not have to induce hallucinations. They have also shown that the duration of effectiveness related to this single dose last for weeks. To date, significant benefits have been seen when PAP is used in severe depression, PTSD, and tobacco addiction. These are the studies that helped support the decriminalization of psychedelic drugs in some states.
In terms of mechanism of action, psilocybin as well as other psychedelic drugs tend to stimulate serotonin receptors. Specifically, serotonin receptors 5HT-2A and 5HT-2C represent the primary targets. Stimulation of these receptors tends to augment sensory inputs to brain areas, which accounts for the enhanced sensory experiences described. In addition, psychedelics as well as psychedelic therapy boosts neuroplasticity. This means these drugs promote new neuronal connections both structurally and functionally. As a result, psilocybin is believed to help patients form new healthy nerve connection pathways while getting rid of maladaptive ones. This is believed to be the key mechanism in helping patients with a variety of mental health disorders. And it’s why many experts believe psychedelic drugs could be the mental health breakthrough desperately needed today.
A Rising Black Market for Psychedelic Drugs
Based on the scientific evidence, it might be assumed the market for psychedelic drugs would be growing. In fact, this is indeed the case, but it’s not the market one would expect. The FDA is dragging its feet on approving psychedelic use for various mental conditions, even with psychedelic therapy. Certainly, residual effects from the decades-long War on Drugs plays a part in the FDA’s approach. But at the same time, consistency among studies in defining dose, duration of treatment, and benefits doesn’t exist. Trials are still ongoing, and things look very promising. But as far as a legal path for a market for psilocybin, few exist at present. Even in states where PAP has been approved, strict rules are generally in place.
Interestingly, that doesn’t mean the demand for psychedelic drugs isn’t on the rise. The current psilocybin market is estimated to be at $2 billion with an expected annual growth of 11.3%. Given that FDA approval is lacking, it’s worth noting where growth in this market is occurring. Certainly, individuals with treatment-resistant depression and PTSD may be seeking self-treatment in this regard. But at the same time, a rising number of high-power couples, particularly women, are doing the same. In an effort to deal with work and life stressors, these women set aside a day a month or so to “indulge.” Often referred to as “mushroom mommies,” they escape into a psychedelic trip for an evening to recharge. Increasingly, this is the market segment seeing the most significant growth. And it’s fueling a notable growth in the black market that deals in psychedelics.
What’s Driving the Use of Psychedelics?
The black-market popularity of psilocybin and other psychedelic drugs isn’t a result of a renewed hippie movement. In fact, the reasons many are choosing to indulge in psychedelic drugs are far from a mental escape from reality. Instead, most mushroom mommies and the like are finding benefit from their periodic “trips.” For those with severe depression, they are finding symptomatic relief as are people with PTSD. Perhaps the effects are not as profound as this undergoing psychedelic therapy, but relief is experienced nonetheless. When access to actual psychedelic therapy doesn’t exist, and everything else has failed, many are giving psilocybin and other drugs a try. It’s therefore not surprising the market for psychedelic drugs is increasing given the number of people suffering from these conditions.
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