Are We Entering A Shroom Boom?

Originally published on June 8th, 2020 for Reality Sandwich

Since marijuana was legalized in many states across the country, the legal marijuana industry has grown to $13.6 billion creating 340,000 jobs in the sector. Investors and entrepreneurs saw a rich business opportunity in recreational cannabis. The money came pouring in and startups on everything from CBD and THC-infused lube to Uber for weed exploded onto the scene. According to cannabis industry research firm, Viridian Capital Advisors, marijuana startups raised $116.8 billion in 2019. Many called this “The Green Rush”.

But in just half a decade the cannabis market has become saturated. The easing of restrictions made creating a new cannabis product much easier and thus the market has become noisy with many competing businesses, each trying to carve out their niche consumer. With a crowded cannabis market, investors have started looking towards another previously taboo substance that’s in the midst of a startup renaissance—the psychedelic mushroom.  Are we entering a new wave of the “Shroom Boom?”

Just as medical marijuana laws were the first sign of an upcoming revolution in cannabis, psilocybin is experiencing a shifts psychedelics and especially psychedelic therapeutics gain acceptance and momentum. DenverSanta Cruz and Oakland have all decriminalized psilocybin and in 2020 New York City became the first city to have a legislator introduce a decriminalization bill, rather than an activist group. 

Read the rest on Reality Sandwich

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