Psychedelic medicine, consciousness, and the strange overlap between the two.
Psychedelic Medicine
Clinical trials, FDA decisions, and the pharmaceutical industry's attempt to make altered states reimbursable.
The Approval Question
Lykos got rejected. Otsuka just paid $1.2B for a second try. The FDA doesn't quite know what to do with any of this, and neither does anyone else.
Consciousness
What psychedelics and AI are both circling, from different directions, without either getting there.
The Policy Layer
Oregon built something. Washington can't agree on what it wants. Cities keep decriminalizing. The federal picture is frozen.
The Money
Venture capital arrived before the data did. Now the data is arriving, and it's complicated.