Once stigmatized, mental health conditions like anxiety, depression, schizophrenia, and post-traumatic stress disorder are now gaining recognition in society thanks to years of research that have enabled us to identify and label these disorders. Similarly, psychedelic substances have long been shrouded in taboo. However, with increasing investment in psychedelic drug development, it seems we’re gradually breaking down the barriers surrounding both mental illness and psychedelics. But how exactly has this field progressed to become more financially viable, and where do we currently stand in this domain?