Efforts to decriminalize psychedelics like psilocybin, the psychoactive compound in “magic mushrooms,” are gaining traction throughout the U.S. Psilocybin, exactly like cannabis, is a Schedule I controlled substance under the federal Controlled Substances Act. But despite the government’s disapproval, studies show that psilocybin can be an effective tool in treating anxiety, depression, and others from a family of psychiatric and substance use disorders.