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There are a lot of mixed feelings about bringing psychedelics into the land of American capitalism. Users often say these medicines can evoke feelings of oneness, unity, love — directionally antithetical to the self-interested, individualistic and profit-oriented nature of capitalism.
Psychedelics have produced profound, life-changing value for many who have had the good fortune of a positive journey, myself included. Clinical trials have shown that some psychedelics , used in combination with therapy , have tremendous healing potential for those suffering from a wide array of mental health conditions.
Where there is value, there is demand. And where there is demand, supply will emerge to meet it. In our society, markets bloom as persistently as mushrooms from a forest floor.
What will the psychedelic industry look like in the years to come? I’ve spent the better part of the last two years trying to come up with a well-informed hypothesis on the matter.
Starting in 2025, Colorado will allow licensed businesses called healing centers to host clients for a psilocybin journey under the supervision of a facilitator and using psilocybin that was tested by a lab and sourced from cultivators and product manufacturers. All of these businesses and professionals will be licensed. In fact, these license fees will actually need to cover the state’s cost of the program, as no taxes are being levied.
The rules around how all of this will work are being finalized now; applications for these various types of licenses will open by the end of the year. Within this scheme, there are legal commercial opportunities for healing centers, facilitators, cultivators, product manufacturers, labs and various endeavors to support this licensed ecosystem.
On the upside, these businesses will be able to advertise and serve customers who want the peace of mind that everything is above board and within a set of enforced rules. On the downside, operating within these rules will bring additional costs and overhead that will drive prices higher and eat into margins, compared to the less-regulated personal use space.
The big question is, how big will the market be? Oregon implemented a similar program in 2023. While the […]
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