The Psychedelic Education Market in 2023 (PRO REPORT)

Note: Some of the information in this report is based on data that is not yet available to the public. Our sources were generous enough to share with us information on the inner workings of many of the top companies within the industry. However, they requested that specific data points be left out for the time being. We are pleased to share our analysis of this information with you, and we plan to release more information as it becomes available. So, make sure to subscribe to our Newsletter to stay up to date on all new data.

This rapid expansion is occurring in response to growth— both real and perceived- in the greater psychedelic and mental health treatment industries. The Neuly EDU Course Directory went from 90 courses listed a few years ago to over 450 today. 

The biggest companies are working to both address current needs and prepare for the needs that will arise as psychedelic treatments expand into the greater medical and wellness markets. Several recent surveys, like this one, have indicated that interest in and support for psychedelic treatments is rising. However, many people believe that these powerful medicines should not exist freely in society. Rather, a majority of supporters want to see a regulated framework for people in need to access these drugs with the support of trained professionals.

Psychedelic Education is a high-risk market with the potential for high rewards for companies that are able to identify and cater to the right market segments. However, different approaches carry with them different risks. 

Companies targeting the legal market are either limited to providing training for ketamine-assisted therapy, or they risk addressing a market that may not be as lucrative as they think. Several companies are already targeting students who wish to cater to the legal psilocybin and MDMA market that is expected to emerge in the US, Canada, and Europe over the next decade. While the emergence of this market is all but a sure thing, the growth rate is not— making it difficult to plan for. Companies operating in this space should be careful not to put all their eggs in one basket but rather identify several needs within the industry and grow in tandem with legal, financial, and scientific developments that influence the growth and direction of the greater market.

Even outside of the developing legal framework, people are seeking professional support for their psychedelic journeys. In fact, as the legal side of the industry pushes to end stigmas and increase the popularity of psychedelic drugs, the underground market is benefiting astronomically. Many above-ground companies are not yet able to sell the products and services that they hope to provide in the future, especially not in major markets such as the US. As a result, there is a significant opportunity in the underground market, which some educational companies are taking advantage of.

Companies providing general training that is more likely to be used in the underground market are abundant, but there are greater legal risks. It’s not surprising that the number one risk is medical malpractice. Adverse reactions to psychedelic treatments and unexpected complications can and do occur. Inadequate training, improper dosing, or failure to screen patients thoroughly can produce severe consequences, which could result in damaging lawsuits. It’s largely a gray area that leaves not only practitioners – but the education companies that trained the practitioners– very exposed to litigation.

Another major risk factor for educators is Cyber Fraud. To meet the growing demand for psychedelic-assisted therapy, there’s been a dramatic rise in the number and type of training and certification programs, the majority of which are being offered online. Online educators are prime targets for cybercrime and data breaches. Even an accidental breach, like a software malfunction or a lost laptop, could result in costly litigation.

As with any emerging industry, the opportunities are significant, but so are the risks. R&A PSYINS, an independent insurance broker focused exclusively on providing insurance coverage to the psychedelic medicinal industry, is seeing greater demand for Professional Liability Insurance/Errors Omissions (E&O) coverage, also known as Malpractice Insurance. This type of policy covers educators from claims arising from alleged professional negligence, misdiagnosis, or improper administration of psychedelic treatments. To protect educational companies from the very real and very costly risks associated with cyber fraud, R&A PSYINS now offers an E&O policy with Cyber Defense coverage specifically for companies that offer online training and certification programs.

This is the major question that an increasing number of people are asking. Timing is the most important factor for success in the industry. The race for psychedelic biotech companies began a few years ago, with the predicted top players already established. Education, however, has come later to the game. 

There were initially several predictions as to the best time to get in. As advancements in the industry have played out over the past few years, it has become abundantly clear which opportunities will prove the most successful long-term. 

Although the legal psilocybin program in Oregon went into effect this year, it was not a significant focus for many psychedelic companies. The hype of the initial passing of Measure 109 in 2020 caused excitement and intrigue among emerging psychedelic companies. However, many of them quickly realized that it would not be a particularly lucrative opportunity and have thus steered clear of the legal market in Oregon due to its complex regulatory environment. 

Early this year, preparations began to really start building out the key infrastructure needed to support the psychedelic industry— educational resources being a key factor. This timing was determined based on the predicted MAPS timeline for the FDA approval of MDMA-assisted therapy. 

If approved, this new therapy will not simply include the administration of a drug. It would require qualified supervision from two professionals, as well as preparation and integration support. As additional psychedelic drugs are approved, the protocols will likely be similar. So, if psychedelics are to sweep into the mental health treatment space, there is going to be a dire need for educational resources that can prepare therapists, doctors, and guides to work with these unusual substances. Companies on the clinical and drug development side of the industry are well aware of this and are, therefore, investing in the education of qualified individuals. 

MAPS predicts an FDA approval of the therapy in the second half of 2024 and expects to require about 16,000 clinics to meet demand. Each clinic will need a robust staff of professionals trained in the specifics of psychedelic-assisted therapy. Once psilocybin becomes FDA-approved, it will be a similar story. However, clinics and therapists working with MDMA will be more equipped to handle the novel drug entering the market— compared to the current infrastructure available to support MDMA entering the market. 

The best time to get in is now if you aren’t already. Several companies and nonprofits have already carved out a premier spot in the industry for themselves, partnering with companies like MAPS to work in tandem with them to roll out the supply of psychedelic-assisted therapy. 

We’ve got a decent idea of what needs the psychedelic industry will have over the next five years. The more important question is when and where it will be the most lucrative to offer solutions to those needs. 

Identifying the right time and being mindful of the resources needed to be successful long-term are the two most crucial things needed to be successful in this space. 

Some companies and nonprofits are only providing educational courses for individuals who are licensed mental health professionals. The future of this segment is directly dependent on a government-regulated medical psychedelic market. 

As mentioned above, MDMA-assisted therapy is likely to become an FDA-approved medical treatment in the US in 2024. Psilocybin treatment will likely follow suit by the end of the “psychedelic 20s,” as Rick Doblin is calling it. There is also some progress in Canada around these types of treatments. North America is set to be the largest, and fastest-growing market in the psychedelic industry, which comes as no surprise considering that the US, Germany, and Canada have the highest spending on pharmaceuticals per capita.

Both MDMA and psilocybin treatments in North America will require multiple certified mental health professionals, such as therapists or psychiatrists, to be present during the psychedelic treatment. Additionally, for optimal results, psychological support is required before and after the official psychedelic session.

Currently, a small percentage of mental health professionals have the knowledge and skills to support psychedelic experiences. However, with the rising popularity of psychedelics, health professionals are seeking out resources to help them better support their patients. 

Most programs currently available for mental health professionals do not provide an immediate pathway for therapists to start providing psychedelics-assisted therapy within the US, Canada, or Europe. Since the individuals taking these types of courses have government laws and oversight tied to their professional licenses, they must be careful to work within the bounds of the law. Laws allowing psychedelic treatment are currently limited within the Western medical system. However, there are some allowances.

The biggest sub-market within this segment that is currently available would, of course, be ketamine-assisted therapy due to the fact that it is the only widely available psychedelic drug in the legal market. For more information on this specific segment, check out the Ketamine-assisted therapy section below. This section specifically aims to cover the entire market landscape for educational resources targeting certified mental health professionals.

As for MDMA and psilocybin treatment educational courses— they are currently being offered even though students are not able to actively work with these drugs. There are, however, some exceptions. For example, the Canadian non-profit Therapsil has created a network of about 700 psychologists across the country— all certified through its educational program— who are able to help patients gain access to psilocybin treatment with Health Canada approval. 

Therapsil helps patients apply for access and then connects them with certified mental health professionals within its network for treatment. All of these professionals have gone through Therapsil’s training program. This is one of the only programs teaching psilocybin-assisted therapy practices that can be utilized in a legal framework within Canada or the US after completing the program. Though MDMA-assisted therapy training is also offered, there is no way for those who complete the course to provide this treatment legally in Canada.

Additional companies are offering mental health professionals training for these types of treatments even though there is no legal market for them yet. These programs are based on a vast body of clinical research. While they do provide a good source of information, they are not currently able to provide any guarantee that their course curriculums will allow students to begin working with MDMA or psilocybin when they do become FDA-approved (or the regulatory equivalent in countries other than the US). In fact, this is one of the major issues within the current market.

Several companies are offering certifications that frankly don’t really mean anything. There are certifications for psychedelic therapy and/ or integration being sold even though they don’t give their holders any tangible advantage other than the knowledge they gain. Obtaining one of these certifications does not mean that the student has the credentials to work with psilocybin or MDMA when it becomes legal. The training requirements for MDMA and psilocybin-assisted therapy will not be known until the treatment is officially FDA-approved. This causes an issue within the broader industry.

Industry experts are predicting a major bottleneck where there is a shortage of qualified health professionals compared to the demand for MDMA-assisted therapy. Several companies are currently offering courses in an attempt to train therapists now so that they can assist with this treatment when it becomes legal. No amount of effort will truly prevent this bottleneck. 

The industry is doing its best to get in front of the anticipated issues. The problem with this, however, is that none of the programs currently available will necessarily meet the criteria that are required for providing treatment— that won’t be known until the treatment is approved by the FDA.

So, the problem is in convincing psychologists to spend thousands of dollars on programs that may not actually allow them to work within the future legal market. This creates a stall on potential customers of psychedelic educational courses because many of those interested in these programs are not willing or able to front the high cost of these programs if there is no guarantee that it will allow them to practice with these medicines. Additionally, many of the potential students for this particular market segment will not risk their professional licenses, so they are not interested in programs that do not offer a legal outcome.

Despite the issues that are currently dampening the demand for this type of education, there is still a need for it. Not all psychological professionals are taking these programs with the desire to dive immediately into a psychedelic practice. In fact, many of the people seeking out these programs are simply interested in learning more about psychedelics because they are seeing a rising demand and need from their patients. 

As for the future of this market, the companies setting up shop right now have an advantage. Several of the programs that have already asserted themselves in the market have been able to make strategic partnerships with drug development companies. These partnerships offer education companies the promise that they will be at the forefront of training the vast majority, if not all, of the therapists who will be used in the rollout of MDMA and psilocybin-assisted therapy. Though some partnerships have been forged, it is still unclear what the requirements— as put forth by the FDA— will be for these training programs. Once again, it is important to note that the lack of any concrete market for these treatments increases the risks of operating in this space. Ketamine-assisted therapy programs are the only courses that are based on the current market and not predictions of what the future opportunities in the market may be. 

Note: Since MDMA and psilocybin are very likely the only two psychedelics that will become broadly available as a medical treatment before 2030, this section only covers these two drugs and, of course, ketamine, which is already legal. In the long-term future, it is possible that other psychedelics will become legal, including LSD, mescaline, 5-MeO-DMT, DMT, and new chemical entities. However, given that all of these drugs are in the early stages of clinical development or trials, there is no foreseeable market in the near future. Education companies targeting mental health professionals should certainly be aware of these compounds. However, it is too early to begin offering courses targeted at these therapies (for this particular market segment).

Another course option for psychedelic education companies is to offer training for anyone— regardless of their professional credentials— who is interested in assisting others during their psychedelic experiences. These courses are often popular among people involved in ‘holistic’ or ‘alternative’ healing practices. Such practices include breathwork, cold therapy, meditation, and somatic healing (to name just a few). These courses are less likely to attract certified mental health professionals, though they may still— depending on the structure and content of the course.

Educational companies offering programs for “psychedelic guide” training are working with a much larger pool of potential students since anyone can take the course without prerequisites. However, this segment does come with its own pitfalls, including more variables in pricing and legal gray areas. 

First, let’s address the legal gray area that companies operating in this segment must navigate. Many companies in this space are very careful to keep their operations within the boundaries of what is legal. However, this segment does exist much further into the gray area than the “Mental Health Professionals” segment outlined above. 

Although the companies providing these courses may (but don’t always) stay above ground, their students are much more likely to provide psychedelic services through the underground market. How students use the information and training that they receive is not the concern of the companies providing the education. However, they should take care not to include teachings that support illegal activity, as that would make them liable. There are, of course, programs that ignore these legal constraints. Education has been going on underground for half a century. Some operators will continue to work within this space even though there are certain benefits to operating above ground.

Note: This shift from below to above ground does not apply to the “mental health professionals” segment because there was previously no way for professionals to practice psychedelic treatment without risking their licenses. Therefore, that segment is entirely new in the sense that it offers training that can be used in a legal medical practice. This segment, however, has a broader focus and application, which allowed it to exist even during psychedelic prohibition (which is now coming to an end). 

The primary advantage for companies or people offering above-ground services is the ability to push public marketing plans. The education services that have existed in the black market in the previous decades were usually exclusively marketed through word of mouth. Now, by moving into the legal market, companies are able to advertise their services to a larger pool of potential students through personal websites and platforms that offer targeted marketing, such as Neuly and Psychedelic Invest. Of course, if companies wish to market publicly, their services need to be legal. Training programs that offer illegal services, such as psychedelic ceremonies within countries where it is illegal, still generally operate underground. One way that many legal companies are getting around this is by offering the hands-on training part of their courses in countries where it is legal.

Several educational companies have taken a hybrid approach to training. The bulk of the course takes place through digital learning. Then, at some point during the course, students and teachers gather in one place to receive hands-on training. For some courses, this may mean a weekend gathering in Canada or the US, where they are still unable to participate in psychedelic experiences actively (this is more common with the Mental Health Professionals Segment). Other training programs include psychedelic retreats in countries such as Costa Rica, Jamaica, or Mexico, where students get to experience the psychedelic for themselves and also practice guiding others through the experience. 

The other issue that companies must address is pricing. While there is a larger pool of potential students— when compared to courses offered to accredited health professionals— these students may not be as likely to pay a high price point. When looking at cost-reward from a student’s point of view, higher prices may not be a viable option when there is less promise of a return on their investment. This is one reason that there is a higher variability in price for courses in this segment. 

There are educational resources available for all different price points, ranging from under $100 to over $10,000. Finding students who are able to pay on the higher end of that spectrum may prove difficult. However, it doesn’t take a high volume of students to make a high profit margin on a course. Depending on the specifics of the course, 10-20 students per cohort may be more than enough to create a financially stable business. 

On the other hand, some educational resources for psychedelic guides offer less hands-on training for a lower price point. These resources may include self-paced digital course material that has no limit on the number of people who can purchase it. 

One of the main benefits of this type of course is the freedom to cover a wider range of topics. Since they are not bound by the legal needs of their customer base, there is more freedom in what they teach. There is a demand in this segment for courses on all psychedelic compounds, including DMT, 5-MeO-DMT, ayahuasca, mescaline, and LSD. Dozens of businesses have popped up over the past few years offering programs specific to these various compounds. Some companies specialize in just one compound, while others offer programming on several or psychedelics in general. 

This is a unique segment in that it has the most broad demographic. This segment exists as a result of the unique nature of psychedelics. Unlike normal mental health drugs, psychedelics are most beneficial when accompanied by psychotherapy. Assistance from qualified professionals before and after psychedelic-assisted therapy is important for the success of treatment. 

Courses for preparation and integration coaches may include training on intention setting, expectation management, risk assessment, and integration post-experience. Most courses in this space do not require students to have any professional accreditation. However, some courses offer material and training tailored to the needs of doctors or therapists who are supporting their patients in preparing for and integrating their psychedelic experience— either through special services or in regular sessions per the needs of their patients.

Some students seeking out these courses are planning to offer specialized services either in combination or separately from a guided psychedelic experience. These courses are generally short-form and entirely digital since there is no need to prepare to guide someone through a psychedelic experience actively. Since these courses don’t actually train students to participate in anything that may be illegal, there are far fewer legal concerns here than any of the other segments. 

This refers to states in the US where psychedelic treatment has been legalized, though it remains illegal federally. Currently, the only market here is for the Oregon psilocybin program. This is not a particularly lucrative market for education companies.

Oregon’s legal psilocybin program requires that guides complete training through a course that has been certified by the government body that oversees the program. Anyone is able to become a guide, given that they complete a course and abide by the rules put forth by the regulatory body. Guides do not need to have a mental health degree or certification, in fact it is prohibited for guides to claim that they are providing a “medical service.” Even guides who are mental health professionals must separate their profession from their work with psychedelics. 

Though psychedelic companies initially thought that Oregon would have lucrative business opportunities, the way that the program is structured has prevented that from happening. A large percentage of psychedelic businesses have remained underground because the licensing fees and other costs to run an operational service center are astronomically high. The cost of the required training courses alone ranges from $4,500 to $15,300, with most courses falling in the range of $7,900 to $10,000.

The demand for these courses is not enough to make it a lucrative opportunity. Although there have been 24 courses approved, only 14 of them are currently being offered. And, one of the big psychedelic education companies— which has generally had success— will be shutting down its Oregon program soon to focus its resources on courses that it offers in other segments. 

The guidelines put in place for the Oregon Psilocybin Program make it difficult for businesses to operate in this space. This is particularly evident when you look at the fact that the program has failed to make good on the promise that it would be funded by licensing fees. Clinics and guides must pay a steep fee to be able to operate within this framework, but there have not been enough of these fees paid to support the program. This means that taxpayer dollars are keeping things running, which will create issues with public support in the future.  But, that is a whole other topic. The point here is that despite its legal framework for psilocybin, Oregon is not a lucrative market for psychedelic education companies. 

Other states, such as Colorado, California, and Massachusetts, may soon offer other opportunities for psychedelic education companies. However, it is difficult to gauge how lucrative they will be. Colorado’s own psilocybin program will be going into effect in just under a year from now. At this time of writing, the exact rules and regulations that will govern this program are unavailable. However, there is one interesting aspect of this state’s program that is of interest.

Colorado’s Natural Medicine Act created a unique gray area market. The initiative made it legal for people to provide psychedelic services as long as they don’t charge for the psychedelic itself. For example, it is legal for someone to charge $2000 for a psilocybin retreat, as long as the mushrooms given to participants are technically free. One dispensary has already garnered attention for offering “consultations” for a fee that includes “free” mushrooms. 

This loophole may have huge implications for education companies and the legal market in general by disincentivizing people to operate within the costly legal framework. There may be even less of a market for psychedelic education in Colorado than in Oregon. Overall, the legal state markets have not proven to provide a viable market for psychedelic education companies. There is a limited demand for services at this time, and companies would be wise to divert their resources elsewhere.

MDMA-assisted therapy is likely going to be legal by the end of 2024, creating big market potential for education. Several companies are already offering courses that train people to work with this particular psychedelic (often referred to as an entheogenic).

Once this therapy is approved and becomes a legal medical treatment, it will require multiple certified mental health professionals to be present during the dosing session. So, courses almost exclusively target those who hold a degree and/or certification in some area of mental health. This could include therapists, psychiatrists, nurses, or social workers.

Though several companies are already offering these programs, it is important to note that it is quite possible they have jumped the gun. The exact requirements for MDMA-assisted therapy will not be known to the medical community until the treatment is FDA-approved. So, any student who has already, or is currently, taking an MDMA-assisted therapy training program may be required to take additional training in the future. Given the high price tag attached to these types of courses, this is a significant burden for students. Many professionals who plan to provide MDMA-assisted therapy once it becomes legal are waiting for more concrete guidelines before they spend a significant amount of time and money on courses that may not ultimately fulfill future certification requirements.

This makes targeting this segment difficult at this time. However, there is a push to start training professionals to be able to work with MDMA now so that there is enough supply to meet demand once the treatment becomes legal. No matter what efforts are made, it will take time to roll out MDMA-assisted therapy, and the bottleneck created by a short supply of qualified therapists and proper clinic spaces is unavoidable. 

What some psychedelic education companies have done to address this problem is partner with MAPS PBC— the company responsible for the medicalization of MDMA— to provide educational resources that will properly support the rollout of this novel treatment. Currently, Numinus and Fluence have secured these valuable partnerships. 

There may be further opportunities in this regard for companies that are able to prove that they have the resources and strategy to help with the commercialization of MDMA-assisted therapy. However, these companies must first prove that they are able to operate successfully within the legal psychedelic industry by providing educational services to the mental health professional demographic. This can only be done by offering programs for ketamine-assisted therapy or possibly psilocybin in Canada, where there is at least some (although minimal) access to legal treatment.

This type of treatment is currently legal in most countries across the globe. There are about 2700 ketamine clinics in the US alone because this is the only psychedelic drug that is currently legal on a large scale. Due to this fact, educational resources for therapists who want to incorporate ketamine services into their practice— whether that means directly providing the treatment or supporting it with preparation and integration services— are in high demand.

As ketamine becomes better known for treating conditions such as depression, PTSD, addiction, pain disorders, and anxiety, demand for treatment is rising significantly. There are no education requirements for professionals providing ketamine services (specific to ketamine). However, many people working in the space are seeking out educational resources of their own volition. Ketamine therapy, and any psychedelic for that matter, requires a unique approach that even highly-educated mental health professionals do not learn throughout their schooling.

Since this is the market segment related to a therapy that is widely legal, there is a significant amount of immediate potential. While the needs of the other market segments are speculative, education companies can begin providing courses on ketamine-assisted therapy that address an active market. 

There is a market for courses educating people to work with other psychedelic compounds. However, the pool of potential students is much smaller than there is for MDMA, psilocybin, and ketamine-assisted therapy. The primary reason for this is that there is no legal market for these drugs in the US, Canada, or anywhere in Europe. Though, that doesn’t mean that there isn’t a market for these treatments— both above and below ground.

Within countries where drugs such as LSD, mescaline, DMT, and 5-MeO-DMT are illegal, there is a growing demand for treatment— and a growing supply. Guides are setting up shop in their homes or retreat centers to offer what are usually called psychedelic “ceremonies.” 

There are also quite a few countries where either these psychedelics are legal, or law enforcement simply has no interest in going after people using them. In some countries, when law enforcement does show up, their silence can be bought with a small bribe. The market is growing significantly in these countries as people from the West flock there to access these treatments. Countries participating in this market boom include Costa Rica, Jamaica, Peru, Colombia, Mexico, Ecuador, and Brazil. Ayahuasca, magic mushrooms, 5-MeO-DMT, and San Pedro (mescaline) have become particularly popular in these areas. 

Despite their illegal status, there is a decent-sized market for educational resources regarding these compounds. These courses generally happen completely online or include some in-person training in one of the countries mentioned above. While the students who take these courses are more likely to end up working in the illegal market than some of the other segments mentioned above, many educational companies targeting this market do operate with a completely legal framework.