Oregon has become the first place in the U.S. to legalize psilocybin, the compound found in psychedelic ‘magic’ mushrooms. Unlike cannabis, however, the mushroom market does not show signs of becoming big business. Although psychedelics hold promise for addressing mental health issues, such as treatment-resistant depression, the industry has faced barriers in Oregon. The state’s program focuses on creating safe spaces for psilocybin experiences through licensed facilitators. Oregon’s system prioritizes smaller local players, which has kept venture capitalists and outside money away. The venture capitalists who poured money into the cannabis industry have largely stayed out of psilocybin. Oregon’s pricing for psilocybin trips is also problematic. The first psilocybin provider to publish a price schedule asked for $3,500 per high-dose trip. Although other providers may offer lower prices, the industry is still finding its footing. Some experts in psychedelic medicine believe that the Oregon model has limitations. They point to concerns about the way the law is written, which could restrict growth and scale. In comparison, Colorado has legalized psilocybin with rules that allow more personal cultivation and sharing. Other states are likely to follow suit, but there are legal risks and uncertainties to address. The industry hopes that insurance coverage for psychedelic services will help scale the business. For now, Oregon’s early providers are experimenting with different business models, but the focus remains on prioritizing access to safe experiences rather than profits.