Silicon Valley’s Illicit Drug Party

Maybe you heard the news from Colorado last week

Voters in Denver have decided to decriminalize psychedelic mushrooms.

It was a tight vote: The Denver Post reports 89,320 votes in favor and 87,341 against Initiative 301.

Absentee ballots are still trickling in, but at this point it looks like the results will be verified on May 16.

No, magic mushrooms aren’t quite legal in the Mile High City.

But the new ordinance would keep Denver police from spending resources on enforcing laws surrounding psilocybin mushrooms, making them the department’s lowest priority — the mushrooms will still be illegal to buy, sell or possess.

To us, it’s an interesting outcome for a few reasons.

First, what we’re seeing is a direct offshoot of the marijuana movement. Colorado led the nationwide charge to legalization way back in 2012 when voters passed Amendment 64, legalizing recreational weed statewide.

The fact that folks in the state with the longest track record of legal weed are moving even further away from regulation (especially with something as controversial as psychedelic mushrooms) is a pretty major testimonial from Denverites that cannabis legalization has been a huge success.

Frankly, I’m not sure how this will play out — cannabis and magic mushrooms are very different animals.

But it says a lot about how public sentiment is shifting.

Likewise, there are interesting implications down the road for medical research.

Recent research has shown that the psilocybin found in magic mushrooms may actually have some therapeutic effects for folks suffering from post-traumatic stress disorder, for instance.

DrugPolicy.org notes a number of “well-funded research programs in the mid-20th century found that carefully monitored and controlled use of psilocybin may be beneficial for many psychiatric disorders, personal and spiritual development and creative enhancement.”

Johns Hopkins University, for example, made headlines last fall when they recommended the FDA reclassify psilocybin as a Schedule IV drug.

The idea of using psilocybin as medicine seems particularly popular with the white-collar crowds.

The New York Times reported in fall:

“Microdosing, or the use of psychedelics in small, managed doses, has become a popular way to try to increase productivity and creative thinking, particularly among the technorati in Silicon Valley. It’s even a plot point in the CBS show The Good Fight.”

But as those legal statuses change, the small biotech companies conducting early-stage research could find themselves with blockbuster drugs in their pipelines.

We’ve added plenty of great cannabis-related pharmaceutical names to our watchlist over the years — we’ll be keeping a close eye out for more opportunities in this space.

For Technology Profits Daily,

Ray Blanco
Chief Technology Expert, Technology Profits Daily

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Ray Blanco

Ray Blanco is the editor of Technology Profits Confidential as well as Breakthrough Technology Alert, Ray Blanco’s FDA Trader, Penny Pot Profits, and Technology Profits Daily. Ray has been with Seven Figure Publishing since 2010. In 2019, his closed positions in Technology Profits Confidential outperformed the S&P500 by 50%.

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