// BUSINESS INNOVATIONS //
Future Tripping Are companies preparing for the psilocybin market too soon? By Taylor McLamb
CAPS by COOKIES are a wellness blend formulated to aid with sleep or provide energy and immune support. (Right) DoubleBlind magazine covers all aspects of psychedelics, ranging from psilocybin to ayahuasca.
Plant-medicine is currently all the rage. From supplements to extracts to fine powders, plantbased medicine is being hailed as the new trendy superfood. Since the dawn of time, humans have relied on Mother Nature to heal wounds, provide relief, and even get high. That said, it has still taken years of education and research to reduce the negative stigma of more controversial plants, like cannabis. With cannabis now being legalized in some international markets and medical professionals finally starting to recognize it as medicine, people are starting to reexamine other maligned plants as well. Psilocybin, the main psychedelic ingredient in “magic mushrooms,” is gaining widespread popularity. Breakthrough scientific research around the compound’s therapeutic potential led several cities (Portland, Denver, Oakland) to decriminalize mushrooms containing 48
Cannabis & Tech Today // Spring 2021
psilocybin. Researchers at John Hopkins Medicine found that two doses of psilocybin, prescribed with adjutant psychotherapy, showed rapid reductions in depressive symptoms for adults suffering from major depression. Psychedelic Wellness These findings are revolutionary. There hasn’t been a medication developed specifically for depression since the creation of SSRIs in the late 1980s, which come with their own hefty list of negative side effects. While psilocybin remains a Schedule I controlled substance, it’s already been placed on the FDA’s fast track for approval and will be legal for prescription in the next decade. While purchasing psychedelics in a retail environment as we do now with cannabis, may be years away, some companies are preparing for the future and envisioning innovative, psychedelic wellness products. Kim Stuck is the CEO and founder of Allay
Consulting, a nationwide compliance strategy and services provider. She knows firsthand the fast-paced structure of the cannabis industry, which is why Allay launched their psilocybin division. She hopes to provide businesses with insight into emerging regulations once the psilocybin market becomes a reality. With the psychedelic drugs market expected to reach $6.85 Billion by 2027, according to Data Bridge Market Research, many companies are scrambling to figure out how they can get a piece of the pie. Allay provides businesses with a variety of services, including compliance audits, FDA compliance testing, licensing, ISO certification, and their new Good Agricultural Practices (GAP) certification, which ensures psilocybin is produced and handled safely. “Our entire goal is to help companies succeed and we think psilocybin is a wonderful molecule. We think it can change the world,”
