Psychedelics are the next billion dollar industry, according to market analysts, and investors and donors are taking note.
Over the past six months, $30 million in donations has gone to the nonprofit funding research into MDMA-assisted therapy, the Multidisciplinary Association for Psychedelic Studies (MAPS), according to the group’s announcement on Aug. 20. Major donors, who each donated at least $1 million, include GoDaddy founder Bob Parsons, hedge fund billionaire Steven Cohen, and Joby Pritzker, co-founder of Tao Capital Management and part of the family behind Hyatt Hotels.
MDMA isn’t the only psychedelic gaining support. Earlier this month, the Canadian government ruled that four citizens could legally use psilocybin (the psychedelic compound in magic mushrooms), to treat end-of-life anxiety. Meanwhile, clinical studies on psilocybin are racing towards the final stages of trials at a similar pace to MDMA, and the US Food and Drug Administration (FDA) just approved its second ketamine-based treatment for depression.