Psilocybin, a substance found in certain mushrooms, is currently a Schedule I substance under the U.S. Controlled Substances Act, indicating a high potential for abuse and no accepted medical use. Despite this, scientific evidence is growing in support of its benefits for treating various health conditions, leading to clinical trials by companies like COMPASS Pathways (NASDAQ:CMPS). The psychedelic drugs market is predicted to reach $6.4 billion by 2034. Oregon and Colorado have decriminalized the use, possession, and gifting of psilocybin mushrooms, with both states also legalizing medical provision. Other states and localities have passed decriminalization measures, but commercialization remains largely prohibited, except through specific exemptions like religious use.