Psilocybin, the naturally occurring hallucinogen found in magic mushrooms, is emerging as the frontrunner in the burgeoning field of psychedelic medicine. The Food and Drug Administration (FDA) in November announced it would expedite its review of a psilocybin treatment for severe depression by nine to 12 months, according to Compass Pathways, the applicant. The company anticipates potential FDA approval for the therapy before the end of 2026.

This development signals a potential shift in the Trump administration's stance toward psychedelic medicine, recognizing its potential as a therapeutic tool. The news has injected optimism into the field, particularly after the FDA's rejection in 2024 of MDMA-assisted therapy, the first psychedelic to undergo formal review by federal regulators.

Dr. Bonny Koeber, who prepared a therapy room with sage before a patient arrived from New York for psilocybin therapy at Satya Therapeutics in Ashland, Ore., exemplifies the growing interest in psilocybin-assisted therapy.

The commercialization of psychedelic medicine represents a billion-dollar race, with psilocybin currently leading the way. The FDA's decision to prioritize the review of Compass Pathways' psilocybin treatment underscores the increasing recognition of its potential therapeutic benefits.