🫠 This Week in Psychedelics

Welcome to Tricycle Day. We’re the psychedelics newsletter that believes voting is your civic responsibility. So before you hit the ballot box, get some reps in with our feedback poll. It’s at the bottom of every newsletter. 🙏

Here’s what we got this week.

• MA voters are divided on legalization 🗳️

• Research on psychedelics for dementia 🧠

• Where are all the psychedelic investors? 📉

• Win tickets to meet East Forest 🎵

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MICRODOSES

🔬 Research

Meta cognition: Psilocybin leads to improved attention and memory, especially for people with treatment-resistant depression.
The trip matters: Psychedelics’ subjective effects do seem to play a role in therapeutic outcomes. How much depends on the substance and condition.
Where am I? Psilocybin disrupts the brain’s ability to encode spatial information.
Walk it back: The antidepressant effects of psychedelics may be overestimated in imperfectly designed studies.
La alma: Most Latin American psychedelics users are seeking psychological and spiritual well-being.

🏛️ Policy

It’s all happening: New Jersey lawmakers advanced a bill that would establish a legal supervised-use model for psilocybin.
Well, sorta: New Hampshire lawmakers killed a bill that would have established a state-regulated psychedelic program.
That’s the spirit: Minnesota’s psychedelic task force recommends that the state decriminalize psilocybin mushrooms.
REACH for the stars: Advocates in Washington state envision a different model for legalization with a unique carveout for legacy psychedelics-market participants.

📈 Business

Debugging consciousness: Startups are biohacking psychedelics so you never have a bad trip again.
On a roll: PharmAla Biotech is suppling UT San Antonio and McLean Hospital with its MDMA and MDMA derivatives for new clinical trials.
Higher education: CIIS is launching the first-ever undergraduate Bachelor of Science program in Psychedelic Studies.
RIP: There’s been another death at a Costa Rican iboga retreat.
Cost comparison: The biggest difference between cannabis and psychedelic legalization? Money.

🫠 Just for fun

Fair warning: Psychedelic mushrooms are getting much, much stronger.
What to watch: The 6 trippiest movies on Netflix right now.
Lucid dreaming: For the first time, two people have successfully communicated in their sleep.
The ultimate ego death: Psychedelics make you die better.
Mycological masterpiece: The star of Art Basel Paris is a giant psychedelic mushroom.
Meme of the week: When the mushrooms don’t automatically solve all your problems…

THE PEAK EXPERIENCE

All eyes on Massachusetts

No need to sugarcoat it. 2024 hasn't exactly been the most encouraging year for psychedelic policy.

The FDA's rejection of MDMA-assisted therapy in August left many advocates feeling like they'd been dosed with a bad batch. But next month, Massachusetts has a shot to redeem the whole year.

Come November, Bay State voters will decide on Question 4, potentially making Massachusetts the third state to legalize certain psychedelics under a facilitated-use model. And if recent polls are any indication, it’s going to be an extremely close call.

• 👍 46.8% support the measure. (They’re ready to expand their minds and the law.)

• 👎 46% oppose it. (They think legalizing psychedelics—this way, at least—is a bad idea.)

• 🤔 7.2% are undecided. (Still watching the carpet dance, are we?)

Proponents aren't just sitting around waiting for a sign from the universe. Heroic Hearts Project, for example, just launched an ad to stress the difference between regulated therapy and retail sales. (Question 4 covers the former, not the latter.) Meanwhile, more vets are coming out of the woodwork to share how psilocybin saved their lives.

On the other hand, opponents argue the measure is too broad and could fuel a black market. Even if they’re not against the therapy angle, they’re pretty squirmy about the home cultivation option.

Before you write this off as a long shot, remember: psychedelics have pulled off surprise victories before. Just one week before Colorado voters passed the Natural Health Medicine Act in 2022, it was trailing in the polls, 43% Yes to 44% No. It ended up passing by 8 points.

Not to jinx it, but who doesn’t love a good comeback story? 🫠

AFTERGLOW

A (neuro)dynamic duo

What do psychedelic mushrooms and diabetes meds have in common? A few things, it turns out. The first is that we probably owe them both an apology. A new study shows that psilocybin and metformin do way more than most people give them credit for. (Sorry we ever pigeonholed you two.) Exhibit A: They may offer protection against Parkinson’s disease.

To dig deeper, scientists reviewed a bunch of earlier research on these two compounds in cell and animal models. Both showed promise as neuroprotective agents, but in different ways. Psilocybin appears to increase neuroplasticity and repair damaged neurons. Metformin is pulling double duty, reducing oxidative stress at the mitochondrial level and potentially slowing the progression of Parkinson's.

Clearly, there’s more to the story of psychedelics and neurodegenerative disease. Exhibit B: Another recent study found that DMT significantly reduced the buildup of Amyloid β protein in mice brains. (That's huge news for Alzheimer's research.) So even though this is all still in the realm of petri dishes and lab mice, it’s all very exciting. If a mental health crisis weren’t enough to change people’s minds about psychedelics, maybe the looming threat of dementia will.

The market’s busted

Sheesh, we hope y’all aren’t into psychedelics for the money. Because the whole sector is really going through it, financially. After a booming start to 2024, with over $600 million raised in the first half of the year, the money train is grinding to a halt. Q1 was particularly strong, but Q2 saw a 60% drop-off in funding. Fast forward to Q3, and things look bleak for the psychedelic economy—above ground, at least.

According to Psychedelic Alpha's analysis, inflows have plummeted to $37.5 million for the quarter. That's a 90% drop since Q1 and nearly 80% less than Q2. But hey, at least we’re still doing better than Q4 2023 (when inflows bottomed out at $16 million). Other than that, we haven't seen numbers this low since Q1 2020—you know, when the world had other things on its mind.

Before you start having COVID flashbacks, remember that the psychedelic market is still young and volatile. These financial mood swings aren't uncommon in emerging industries. Still, investors might want to buckle up. (Even you, retail.) This rollercoaster ride is far from over, and the next peak could be just around the corner. Or not. No financial advice. Definitely not from us.

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DISCLAIMER: This newsletter is for educational and informational purposes only and is not intended as a substitute for professional medical advice. The use, possession, and distribution of psychedelic drugs are illegal in most countries and may result in criminal prosecution.