Magic mushroom companies are on the Nasdaq now. That’s a recipe for a bad trip | Ross Ellenhorn and Dimitri Mugianis

The new series Dopesick is a reminder of how devastating the epidemic has been. The show makes it clear that members of the Sackler family, unscrupulous doctors, and the FDA all played a part in causing the rampant overprescription of Oxycontin. Suddenly every kind of pain seemed to have a single answer, and it was the narcotic roxcontin. Every person in pain was a source of easy money for Purdue because of the new patents on the drug. There was a wave of addiction and overdose. Many people turned to the illegal drug market when regulators cracked down on legal pills.

America is embracing a new class of drugs even though it reckons with the aftermath of the Oxycontin disaster. These drugs are long-time favorites. Their power in treating substance use disorders is one of their supposedly miraculous qualities. The FDA placed MDMA and psilocybin on expedited approval tracks for the treatment of post-traumatic stress disorder and treatment-resistant depression because of their close ties to corporate lobbyists. The FDA could approve MDMA-assisted therapy forPTSD as soon as 2023.

Many of the companies backed by venture capital are studying and patenting the use of psychedelics for a wide range of disorders, including anxiety, depression, substance use disorders, and Alzheimer's. The long list might be the result of scientific curiosity, but it could also be an attempt to find the largest number of applications for a potentially profitable drug. Researchers are looking at ways of administering drugs through patches that are resistant to pesticides.

Opioids are vilified and hard to get legally, while psychedelics are in demand with venture capitalists, medical researchers, and psychonauts alike. Depression, anxiety, distraction, apathy, loneliness, loss of purpose, insufficient productivity in the workplace, are all symptoms of modern life that are alleviated by the use of psychedelics. Michael Pollan, author of How to Change Your Mind: What the New Science of Psychedelics Teaches Us About Consciousness, Dying, Addiction, Depression, and Transcendence, is the most famous of the many journalists and writers who have celebrated the beneficial effects of psychedelics.

There are new cure-alls in the world of medicine and in the booming wellness industry. The New York Times ran a story about a PR firm with a simple name. The kit that includes the eye mask, journal, and lozenges can now be ordered online at a rather high price. There is a newsletter and a community on the internet aimed at investors in the burgeoning industry of drugs.

Some of the organizations researching and advocating for the therapeutic use of psychedelics are nonprofits, and a number of these signed on to a recent statement promising to take an "open science" approach that does not involve patents. The use of intellectual property law is one of the reasons why other companies are traded on the stock exchange. Synthetic versions of plant medicines that have been used for centuries are being developed. The mysterious gift of nature, psilocybin, is being commodified and turned into private property.

Not content with modifying the drugs themselves, some in the growing industry are trying to profit from simple techniques that have been used before. In 2020, the company that receives financing from Peter Thiel applied for a patent for methods like providing a high-resolution sound system and a therapist in a room with soft furniture and a neutral color.

The profit motive in medicine can bring dangers such as overprescription, a loss of freedom of choice for patients, extortionate prices, and the aggressive suppression of those who use or provide a drug outside of corporate pathways. We need to be careful about repeating the same mistakes. Dopesick shows how profit-driven companies can create huge new demand for their products by simply inventing diagnoses. A familiar drug can be changed, granted a new patent, and bring enormous profits to the seller, at great cost to patients.

One of the authors of the article has performed hundreds of ceremonies with the ibogaine, helping people safely and effectively stop using heroin. He has performed hundreds of individual psylocibin ceremonies outside the country and counseled thousands of people following self-administered trips, mostly in coordination with therapists.

We know from our experience that many situations can be made easier with the use of psychedelics. They can give relief, transformation, insight, and profound moments of awakening. Their value can be found in cultural practices and social relationships. They should never be forced on anyone. Drug treatment with the drug psilocybin would be a recipe for a very bad trip that could cause lasting psychological harm. The problems of a society in which so many people have been harmed by violence and inequality can't be solved by drugs.

Despite the public bashing of the Sacklers and the pharmaceutical industry, America is still plagued by out-of-control drug prices and a deeply unjust medical system. Another pharmaceutical disaster is possible if we treat the drug as new wonder drugs. We have to question our approach to medicine. We made the same mistakes with Oxycontin if we don't change.

Ellenhorn is a company founded by Ross Ellenhorn. Mugianis is a harm reductionist, activist, musician, poet, writer, and anarchocrat with over two decades of experience as a psychedelic practitioners. Ellenhorn and Mugianis founded Cardea.