Rise of the Mushrooms: Effects of Psilocybin Reforms on Psychedelic Usage Patterns
Journal of Public Policy & Marketing July 16, 2025 Ashutosh Bhave 1 citation
Psilocybin reforms in the United States, including decriminalization in several cities and legalization in Oregon, are associated with a shift in psychedelic use: people substitute LSD and MDMA with psilocybin. Analysis of panel data from the Monitoring the Future project shows this substitution pattern. Because psilocybin has potential therapeutic benefits and lower associated risks than LSD and MDMA, the findings suggest a possible public health benefit from these reforms. The paper also discusses consumer safety concerns amid growing venture capital interest in the psilocybin drug market and advises caution.