As psychedelics near FDA approval, donors rush to fund the next frontier

Philanthropists are pouring millions into psychedelic therapy research and implementation as three U.S. states have approved regulated programs; Oregon alone has seen 20,000 people participate in psilocybin therapy, and the Effie and Wofford Cain Foundation gave $12.5 million to establish a psychedelics research center at the University of Texas at Austin's Dell Medical School.

Psychedelic therapies remain in development and regulatory approval stages; long-term efficacy and safety data in broader populations are still being established.