In recent years, the conversation around psychedelics has shifted from the fringes of society to mainstream discourse, driven by a growing body of research that highlights their therapeutic potential.

In November 2022, Colorado voters passed Proposition 122, also known as the Natural Medicine Health Act, which decriminalizes the personal use and possession of psilocybin and paves the way for regulated medical use by licensed professionals.

With the passage of this legislation, Colorado is going to become the next big market for psilocybin, presenting an unprecedented economic opportunity.

Just like cannabis?

Not exactly, some say.. details from Tasia Poinsatte, director of the Healing Advocacy Fund of Colorado from this article explain that the real scale of the psilocybin industry could be much lower than that of the cannabis industry.

“The scale of this is astronomically smaller than cannabis. The information we’ve gotten from Oregon is that the entire state program has only consumed in the vicinity of 20 to 30 kilograms of dried mushrooms” supposedly, she said.

Micro dosing is the new hype

Microdosing is the practice of taking very small, sub-perceptual doses of a psychedelic substance, such as psilocybin or LSD, on a regular schedule. These doses are significantly lower than those required to produce a full psychedelic experience or "trip." The goal is not to induce hallucinations, but to achieve subtle benefits such as improved emotional balance, reduced anxiety, and enhanced productivity.

Some studies, like this one, suggest promising benefits from microdosing, though the authors themselves remain cautious about the extent of its effects. Also, there is still a general lack of comprehensive understanding and standardization regarding what constitutes an effective microdose. This gap in knowledge reflects broader societal uncertainty about the true potential of microdosing.

Despite these uncertainties, if microdosing proves to be a game changer, psilocybin products could have a significant impact on the economy. Businesses that establish themselves early in this emerging market might enjoy substantial advantages as the practice becomes more widespread across cities and countries.

Extrapolating cannabis tourism.

When Colorado first legalized recreational cannabis, the state saw a significant influx of tourists drawn by the opportunity to legally purchase and consume marijuana.

As psilocybin legalization progresses, a similar phenomenon could unfold, with significant implications for Colorado's economy and tourism industry.

According to the Colorado Department of Revenue. In 2023, sales for cannabis were $1.3 billion as of the end of October, trailing 2022’s $1.77 billion in sales and 2021’s $2.2 billion in sales, this comes hand in hand with the legalization of the same drug in other states. If we extrapolate these numbers, we could at least say that half of those "lost" sales were due to a lower cannabis tourism activity, this would amount to 500 million dollars. https://cdor.colorado.gov/data-and-reports/marijuana-data/marijuana-sales-reports

We can safely assume that there is going to be a huge demand of psilocybin from tourists. Which in turn is also going to prop other industries like hotels, restaurants, and so on..

Looking to cultivate? Keep reading..

If you’re eyeing the lucrative potential of cultivation, whether it's psilocybin, gourmet mushrooms, or another high-demand crop, there’s a lot of money to be made. The key to turning a profit lies in understanding market trends, mastering cultivation techniques, and positioning yourself ahead of the competition.

If you are decided and motivated on creating or growing your own mushroom farm, being for psychedelic or gourmet activities, give a look to Sporehubs, a platform to help you manage and grow your farm without the hassle of nerve-wracking excel sheets.