Earlier quoted context omitted.
Psilocybin is harder to get research approvals for than many things, but it’s not “completely banned”. There are studies every year being completed with psilocybin, many of which get posted here on HN. There is a growing tension between the extraordinary pop culture claims of psilocybin curing everything (now extending to Alzheimer’s due to this 1 low-quality report from Brazil) and the actual studied effects, though…
In defense of the comment you replied to: Research into treatments with Psilocybin or LSD was in quite a hiatus for decades after the substances were banned in the 1960s or 70s.
Our ability to synthesize new compounds has also exploded since then. Drug companies are looking for the next blockbuster drug. They don’t need to use psilocybin. We can now use powerful computers to come up with countless variations of drugs that activate the receptors involve and study them rapidly. There are hundreds of ligands that interact with the same receptors.