In the early days of the industry, nonprofits and scrappy startups made up the psychedelics space.
Research on compounds like psilocybin, the active compound found in magic mushrooms, and MDMA is resurfacing after years of neglect amid the war on drugs.
Soon, VC firms focused on psychedelics companies began to emerge.
Some psychedelics VCs, however, are still wary about entering the newest psychedelics space: Oregon's soon-to-be-legal magic mushroom market.
Insider published a list of the psychedelics startups that raised the most cash in 2020.