We’ve been writing about psychedelics on this blog now for three years. I believe the first article I wrote covered Food and Drug Administration (FDA) approval of Compass Pathway’s drug trial for COMP360, a psilocybin formulation that eventually was patented. Since that time, a LOT has happened in the space, and we have seen all sorts of people pile in (for better or worse). At this point, psychedelics are having a cultural renaissance.

Today I’d like to step back and look at what is happening in this space, big picture, because it’s a lot more complex and fragmented than people tend to understand. I think about psychedelics as three big areas: the pharma space, the technology space and the decriminalization space. And then “other”. I’ll give some thoughts on each below.

The Pharma Space

This is now a land rush. By my count, we have a grand total of 28 distinct drugs in the approvals pipeline, introduced or sponsored by a broad mix of nonprofit, private and public companies. The breakdown is as follows:

one drug in an ongoing Phase 3 trial seven drugs in ongoing Phase 2 trials eight drugs in announced Phase 2 trials three drugs in

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