Will psilocybin stocks make me rich? How do we teach the ideas of problematic pioneers? Why can’t I move after eating that mushroom? For answers to these questions, and more, read on!
Table of Contents
Industry Insights: Psilocybin Economics
As I wrote back in 2024, the amount of GMP psilocybin needed to fulfil legal therapeutic demand her in Australia is relatively small. While the number of clinics offering PAT has grown since then, the screenshot below of an FOI request to the TGA shows that the number of approved prescribers is still minimal. Of the 4000 or so psychiatrists here, no more than 29 are legally able to prescribe MDMA or Psilocybin. It’s probably close to the 15 listed for psilocybin(e), as approvals are listed separately for each substance (i.e., the same prescriber is listed twice, once for each substance.)
So, while the hype train rolls on, the amount of actual legal psilocybin and MDMA therapy happening is likely quite limited. Every estimate I’ve heard for 2024 was under one hundred patients. Even the most enthusiastic proponents of legal PAT, Mind Medicine Australia, said about 80 people had received treatment last year. This is still is still utterly overshadowed by the amount of magic mushrooms and illicit pingers consumed by Australians, generally without the supervision of a medical professional. I would argue that this should still give investors pause before splashing out on Optimi Health or Emyria shares.
But it should also be a note of caution for people investing their time and money in other ways. There’s a time-honoured tradition in Australian higher education where universities see that some discipline or job has caught prospective students’ imaginations, and react by offering degree programs to take advantage of this demand. Thousands of students enrolled in and completed these qualifications, only to discover that 99% of them would never work in that field. The narrative turns sour, and prospective students (and their parents) start asking hard questions. Sometimes the programs remain as boutique offerings, but often they are simply mothballed once enrolments fall too low.
The same caution should apply if you are putting your energy into psychedelic therapy education, either as a student or investor. There is no guarantee that graduates will ever work in PAT-related roles, not least when PAT itself is legally fraught, heavily gatekept, or both.
I know first-hand what it’s like to undertake study based on overwhelming optimism about where it might lead. After all, I have a PhD in philosophy! My point is that whether you’re buying shares or studying PAT, if you are spending a non-negligible amount of time and money (and you will be, because these courses are not cheap) you owe it to yourself to make decisions based on a realistic projection of the outcomes, not just what you hope will come true.
Philosophical Brief: To Grof or Not to Grof
What to teach and how we should (or shouldn’t) do so is a long-running controversy in Western philosophy. It’s been over two thousand years since OG grumpy old man and pain in everyone’s butts, Socrates, drank hemlock in order to win an argument about academic freedom, and we’ve been arguing about it ever since. His accusers, whatever else we might think of them, correctly identified that what we teach influences students, sometimes very deeply.
Fast forward to today, and we have questions about how the homophobic practices of early-mid 20th century psychiatry intersect with contemporary psychedelic assisted therapy finally reaching a broader audience. Foremost in this conversation, lately at least, is the work of Stanislav Grof. So, what is the problem, exactly? The core of the current debate is his historical participation in the pathologizing of same-sex attraction, and what to do about it. While he never explicitly endorsed conversion therapy, any approach that treats same-sex attraction gender non-conformity as disorders
So, How Can We Teach Grof? In this free article I argue that, if his other ideas and techniques are still worth including, we can do so, even in light of his ethical failures. There is a little complexity. We need to shine a light on theories & theorists that we might have deep emotional attachment to. We also need to think hard about what the inclusion of Grof in curriculums says to LGBTQI+ students. Putting this into practice isn’t always easy. Nonetheless, what I suggest isn’t technically difficult, especially when teaching adult students.
If you want even more, and are willing to pay for it, Teaching Problematic Figures, Ethically gets a bit more specific about what I’d include and suggests some ideas for exercises that you could stake students through. Here’s a snippet:
Context: History vs. Ethics, Without Absolution
Talk about how Grof’s work reflected biases that were more common at the time. Actively contrast this with the fact that LGBTQI+ activists as well as some clinicians, opposed the pathologizing of queerness. This opposition was not mainstream, arguably not even with psychedelic counterculture, but it did exist. (Grof doesn’t get to pull the ‘but everyone was doing it’ card, and even if he did, that wouldn’t make it right.
If you are going to discuss the harms caused by conversion therapy, do so with the utmost care to avoid retraumatizing students. Give trigger warnings in advance, emphasis self-care, avoid graphic details, and allow students to opt out and demonstrate their engagement and understanding in alternative ways.
Side note: I plan on offering free access to all my paywalled content for marginalized people or anyone for whom cost is a barrier. If this is you, just DM me on BlueSky or LinkedIn or reply to this email.
The TLDR? I’m not giving you one. Stop being lazy and go click those links (or the free one at least!)
Consultancy Corner: Know Your Mushrooms
As we head into what looks to be another bumper mushroom season in Australia, it’s timely to learn (or remember) how to tell the difference between Psilocybe subaeruginosa and other little brown mushrooms. This is important. Some imposters will make you puke so hard you’ll wish you were dead. Others, like the Galerina species, can actually kill you. Wishful thinking is not an identification technique. As the saying goes: “If in doubt, chuck it out.”
Legally, I’m obliged to tell you to not even try to forage for these mushrooms, and definitely don’t eat them. Back in the real world, where I don’t want every aspiring psychonaut in south eastern Australia to need a liver transplant by tax time, I would say you should consult with these Educational resources for southern Australian Psilocybe species and join one of the many psilocybin mushroom identification groups on Facebook.
If you do lay your hands on some mushrooms that are the ‘droids you’re looking for, be aware of potential unwanted issues, like Wood Lover’s Paralysis. Having a sitter or friend to keep an eye on you is a good idea if you’re less experienced. But even veteran trippers can get surprised by this and other unexpected effects.
Everything we covered today serves as a reminder that, whatever the area, if we want to do better - not repeat the harms and mistakes of the past - we need spaces for open and honest discussions. That’s the point of this newsletter. For now, though, it’s over to you …
Think I’m deluded and/or full of myself? Missing a key angle? Want to rant about psychedelic NFTs? Reply now - I’ll (probably🤞) put your hot take in the next edition.
(Seriously, all feedback and suggestions are welcome, and I promise* to not be mean.)
*Promise does not apply to emails about your latest crypto project or why you think ceremony facilitators should be allowed to date their clients.
PS:
Q: What is Stan Grof’s favourite meal?
A: Peri-perinatal Chicken
Written on Worimi lands. Sovereignty was never ceded.
Icon by Freepik from Flaticon
