Looking to make money in psychedelics? Look elsewhere.
That’s the message from lawyer Griffen Thorne at Harris Sliwoski Sliwoski LLP, a Portland firm that specializes in the legal cannabis industry and, more recently, psychedelics.
“Anyone familiar with the cannabis industry knows how difficult it is to make money,” Thorne wrote on the firm’s site today. “Things are going to be even worse for people in the state-legal psychedelics industry—much worse.”
Thorne cites a half-dozen hurdles for anyone trying to make a living with psilocybin: competition from physicians if psilocybin wins Food and Drug Administration approval (it’s in Phase 3 trials); opposition from pharmaceutical companies that are working to get those approvals; high costs for running a psilocybin service center; black-market competition; and growing religious use of psilocybin.