How do I make psychedelics my career? This question is being asked by many people who are intrigued and excited by the potential of psychedelics for healing, spiritual insight, and personal enrichment. At both the state and federal level, the path is opening for legal, facilitated psychedelic services, as well as marketplaces for psychedelic-related products. Models for legal, sustainable spiritual communities are also emerging. But people who would like to participate professionally in successful, sustainable psychedelic businesses and programs find themselves facing difficult questions without clear answers.
The second annual reMind Psychedelics Business Forum is meant for those who are asking these questions. “It’s the only dedicated conference that is focused on the business of psychedelics from the perspective of independent entrepreneurs and nonprofits,” says Sara Vaughn, VP Brand Leader for reMind. reMind takes place over two days at the Westgate Resort and Casino in Las Vegas on November 28 and 29.
With legal frameworks being developed at the state level – in Oregon and Colorado today, and more states likely soon – and FDA approval on track for MDMA and psilocybin for certain conditions, new opportunities are emerging. There is a growing need for therapists, guides, clinics and support services, as well as producers and distributors in a psychedelics-related marketplace.
Addressing the Needs of Psychedelic Businesses
But these opportunities come with challenges, notes Josh Hardman, who writes the Psychedelic Alpha newsletter and is a consultant to reMind. He cites aspects of the tax code that keep psychedelic business from claiming standard business deductions, nuanced aspects of the legal guidelines, and the demands of effective harm reduction. “People want to know how to actually deliver psychedelics and stay on the right side of the law, and do it in a way that’s safe, ethical and equitable,” says Hardman.
reMind will focus on practical information from experienced pros, Hardman says, addressing “what is allowed and what isn’t? What’s commercially viable and what isn’t?”
Presentations will focus on practical applications, says Brad Dunn, reMind’s editor. The conference features “founders and operators talking about their hits and misses. They’re willing to share what they have learned.” As an example, he points to the panel, “Ketamine Clinics: A Road Map from Concept to Profitability,” which addresses how clinics can succeed by distinguishing themselves in their marketplace.
Other panels will explore who today’s psychedelic consumer is, how to navigate gifting and the gray market, legal and financial advice for setting up psychedelic businesses, and the role of nonprofits in the psychedelic ecosystem.
Alchemy Community Therapy Center is a nonprofit clinic that provides ketamine-assisted therapy in Oakland. The clinic’s executive director, Deidra Somerville, will speak about their innovative, community-centered approach. Alchemy, says Dunn, “is a model for running a successful nonprofit in the space. It marries a training program with lower priced therapy services to populations that would otherwise not have access.”
What’s Happening in Oregon and Colorado?
Innovative models are emerging rapidly in Oregon and Colorado, where legal frameworks for facilitated psilocybin use are now being implemented. The conference will feature a presentation by Oregon’s first licensed magic mushroom cultivator, Tori Armbrust of Satori Farms PDX. Armbrust will share how she navigated the licensing process and built her early client base, expanding her operation to meet the evolving needs of Oregon’s psychedelic ecosystem.
This attention to services and products, rather than a focus on the biotech side of the psychedelic industry, extends to the conference’s approach to funding. Dunn explains, “We’re bringing together people from philanthropy and the impact investors who want to support the smaller for-profits and nonprofits who are working to make a difference.” The panel “Creative Investing & Fundraising: How to Find The Right Partners to Fund Your Venture” will explore how to pursue non-traditional avenues of fundraising, including grassroots campaigns and family-owned investment funds.
Psychedelic Meet and Greet
The two days are structured to give participants many opportunities to connect with each other and discover shared interests and purpose. “We’ll have a dedicated room for networking, with networking receptions,” says Vaughn. She adds that reMind, which takes place in parallel with the mammoth cannabis conference MJBizCon, will partner on the MJBizCon mobile app, which provides ways for participants to connect with each other.
Among the featured speakers will be attorneys Courtney Barnes, Sean McAllister and Graham Pechenik addressing current legal issues, Sherry Rais of Enthea discussing new employer-benefit programs that cover psychedelic therapies, Sam Chapman of the Healing Advocacy Fund addressing drug policy reform, and Stefany Nieto, the co-founder of the mushroom products company, Gwella.
As the psychedelics field continues to rapidly grow and change, the path forward is being marked by enterprising entrepreneurs, notes Vaughn. She adds that “the time is pertinent to learn about what opportunities will become available and reMind provides an ideal entry point for those interested in participating in psychedelics.”
Learn more about reMind here.
Lucid News readers receive a 15% discount off reMind tickets with the promo code REMLUCIDNEWS.