This Autumn has been a wild one for psychedelics industry. Not in Canada: with chains like Funguyz magic mushrooms, it’s clear where the industry is heading, and it’s not intending to stop. We’re talking about the United States.
In November, Colorado made history when it became the second US state to legalize psilocybin. Oregon became the first when voters legalized psilocybin in 2020. However, Oregon’s 2022 elections saw pushback from a majority of counties that voted against psilocybin treatment centers.
Despite seemingly mixed emotions from voters, psychedelics areis opening up an entirely new field of mental healthcare that has the potential to revolutionize how we view and treat mental illnesses. Even mainstream media is getting on board with CNN’s Sanjay Gupta recently reporting on the psychedelic renaissance in America.
There are two main points that should be emphasized here. First is what these recent changes mean for the future of psychiatric healthcare in both Oregon and Colorado, as well as the rest of America. Then secondly, what all of this could mean for extraction companies that specialize in extracting psychedelic compounds.
How Psychedelics Impact Mental Healthcare
The legalization of psilocybin in Colorado and Oregon will have a significant impact on mental healthcare in each state. In Colorado, advocates are hoping that increased access to psychedelic therapy will reduce the number of people suffering from mental health conditions like anxiety, depression, and post-traumatic stress disorder (PTSD).
The same goes for Oregon, where proponents point out that many people lack access to quality mental healthcare due to income disparities or other factors such as insurance coverage or transportation challenges. Psilocybin centers could help fill these gaps by making psychedelic therapy more accessible and affordable.
Although only two counties in Oregon approved psilocybin therapy centers in November, the overall census from the state is still about the same as when psilocybin was first approved in 2020. Jefferson Public Radio Reporter, Jane Vaughan, says,
“In 2020, like you said, it was 55%, nearly 56% of the vote. But I will say that even in 2020, the majority of the state’s counties opposed it. So it wasn’t a sweep across the state. It was largely driven by urban areas and the more populous northwestern counties of the state. So even in 2020, the majority of the state’s counties opposed having psilocybin.”
While only two states have legalized psilocybin so far, more may soon follow suit as public opinion about psychedelics continues to shift. As research on psychedelics continues to prove positive, other states will likely begin considering legislation on this issue as well.
What Does The Psychedelic Renaissance Mean for Extraction Companies?
As demand for psychedelic compounds increases, extraction companies stand to benefit greatly from this trend. With both psilocybin and 3,4-Methylenedioxymethamphetamine (MDMA) expected to be approved at the federal level by the FDA within the next two years, extraction companies are already gearing up for what could be an explosive market opportunity. By investing now in extraction technologies and production capacity, companies can ensure they’re ready when these new drugs hit the market.
Not only are psilocybin and MDMA both huge contenders for becoming hot extraction commodities, but so are just about all other psychedelic compounds. Colorado’s new law also legalized psilocyn, N,N-Dimethyltryptamine (DMT), ibogaine, and mescaline. That’s These are four other psychedelic compounds that extraction business owners could potentially benefit from extracting.
Psychedelic Extraction for Research
Right now, psychedelic extraction is mostly being done for psychedelic research. This makes the space somewhat limited, but the growth potential for psychedelic extraction is huge, especially if these substances are approved for mass production.
Synthetic Psychedelic Extraction and Synthesis
Then there’s the consideration of synthetic formulations of psychedelic compounds. Multiple pharmaceutical companies are already hard at work developing their own versions of psychedelic compounds in the hopes of having a patented therapeutic drug to bring to market. The starting point for these psychedelic compounds is most often some sort of extraction process, proving to be another potential avenue for extractors to cash in on.
Optimized Psychedelic Extraction Methods
Focus is also on finding new and optimized extraction methods. Researchers recently found an optimized extraction method for psilocybin and psilocyn. Extractors who are the first to discover and adopt new optimized extraction methods for psychedelic compounds will have a competitive edge, making research in this area highly valuable. Researchers are currently looking for ways to speed up extraction time, increase extraction yield, and improve the purity of final extracts. A positive change in any one of these variables could prove to be quite profitable for the company lucky enough to make it happen.
Psychedelic Extraction Safety
Safety is another concern extractors should be considering when extracting psychedelic compounds. The rise of interest in psychedelics has reportedly increased recreational extraction, which poses certain safety risks. Extractors must consider proper safety protocols when extracting psychedelics like psilocybin because the main purpose is to use them as a medicine.
The legalization of psychedelics clearly represents an enormous opportunity for businesses involved in extraction. Business owners need to be preparing themselves for what could be a lucrative opportunity if these drugs become widely available over the next few years. Since that time is coming soon, there is a focus on what will be coming next in this rapidly evolving space.