- Exploding Ideas
- Posts
- Psilocybin - Exploding Idea
Psilocybin - Exploding Idea
PLUS - an exploding trend and some great business ideas
Eric from ExplodingIdeas
January 21, 2024
Happy Sunday,
Hope you had a great week and are pumped to get into this week’s Exploding Idea. This market is set to explode. But I gotta warn you, in many places this is an illicit drug - so please abide by your local laws. With that said, this market is about to have insane growth, just like the Cannabis market did.
The smart move will be to use the Cannabis playboook, but in this new industry.
Now let’s get into it…
In this week's Exploding Ideas
This weeks exploding idea: Psilocybin is about to explode.
New business ideas: 3 Psilocybin businesses you can start
Here’s what I’m reading: 1 book I’m reading this week to level up my skills
👉Want access to the Ideas Database? Click here (link).
Read time: 2 min 31 sec
sponsored by Mikegm
Have an idea for a SaaS or another software for your business?
Work with Mike to take you from idea to fully functioning software in 7 days. Trusted by over 50+ entrepreneurs and startups.
Exploding Idea: Psilocybin
Psilocybin, popularly known as magic mushrooms or shrooms, is soaring in popularity. Historically viewed as an illegal substance, it's now gaining widespread interest and acceptance across the nation.
The Legal Landscape: A Patchwork of Progress
The U.S. is standing at a critical crossroads with psilocybin legalization. Oregon and Colorado have already decriminalized, enabling supervised therapeutic use. Additionally, the state of New Jersey is contemplating decriminalization and regulated use.
In California, despite a veto on a broader decriminalization bill, cities like Oakland and San Francisco have made strides in decriminalizing natural psychedelics.
Despite the fragmented approach at the state level, the psilocybin industry in the U.S. is on the cusp of major regulatory breakthroughs, making the Psilocybin industry seemingly inevitable. With progressive legal frameworks and growing acceptance, the opportunities for innovative and forward-thinking entrepreneurs are vast.
History Repeats Itself
Looking at the cannabis industry's evolution in the United States, it’s easier to glean insights into potential growth avenues for psilocybin.
For example, WeedMaps began as a cannabis community platform and evolved into a comprehensive cannabis directory, in 2023 they generated $47.7 million in revenue. This business model can be replicated in the psilocybin category, as it will ultimately be needed.
The Opportunity
In order to position yourself to capture the demand, it would be smart to create content-rich platforms (blogs, YouTube channels, forums) focusing on psilocybin (here’s mine).
The idea should be to position yourself as a go-to source for information and discussion and then once the market shapes up, explore ancillary businesses like directories (akin to WeedMaps) or psilocybin e-commerce products.
Learn how to monetize this trend in the Deep Dive (link here)
What did you think of this idea? |
Business Idea #1
Name: ShroomSpot
Industry: Psychedelic Wellness and Directory Services
Problem: With the gradual decriminalization and potential legalization of psilocybin across various states, consumers and patients are seeking reliable sources for psilocybin products and services. There is a lack of centralized platforms where individuals can find information about legal psilocybin dispensaries, therapy centers, and educational resources.
Solution: ShroomSpot will be an online directory and marketplace for psilocybin products, therapy centers, and educational resources. Similar to Weedmaps, it will provide users with a comprehensive listing of legal psilocybin dispensaries, therapists specializing in psychedelic therapy, and educational content on safe use and benefits. The platform will allow users to review and rate services, creating a community-driven source of information.
Business Idea #2
Name: ShroomDeliver
Industry: Psychedelic Product Delivery Service
Problem: As psilocybin gradually becomes decriminalized and potentially legalized in various regions, there's a growing demand for convenient and discreet access to psilocybin products. Many interested users might prefer home delivery over visiting physical dispensaries due to privacy concerns or convenience.
Solution: ShroomDeliver will operate as an online delivery service for psilocybin products. The platform will connect consumers with licensed and legal psilocybin dispensaries or growers. Customers can browse different strains, edibles, or other psilocybin-infused products, place orders online, and have them delivered directly to their homes in a discreet and efficient manner.
Business Idea #3
Name: StealthSpore
Industry: Psychedelic Accessories and Discretion Products
Problem: With the evolving legal status of psilocybin, there is an increasing demand for products that allow users to carry and store their psilocybin mushrooms discreetly and safely. Many users seek solutions to maintain privacy and ensure the quality and integrity of their products.
Solution: StealthSpore will design and sell a range of discreet carrying and storage products for psilocybin mushrooms. These products could include smell-proof containers, disguised packaging (like everyday items), and portable storage solutions with climate control features to preserve the mushrooms' potency and freshness. The company would focus on high-quality, durable materials and innovative designs to meet the needs of discreet users.
🤑Organic Traffic Tutorials
🎥Business Strategy Videos
📚What I’m Reading
Outlive: The Science and Art of Longevity (link)