Banker Joseph Healy reveals magic mushroom experiment ahead of launch of Malu Health

I’m a career banker. Never in my wildest dreams did I expect to find myself taking psilocybin but after some nerves I did and what I found has led me to wonder if it could be useful to others.

Joseph Healy is co-founder of Judo Bank and Malu Health Group.

I’m a career banker. And never in my wildest dreams did I expect to find myself taking psilocybin – known as “magic mushrooms” – as part of my research ahead of the launch of a new mental health business, Malu Health Group, in June.

I have recently returned from a seven-week tour of mental health clinics, hospitals and several European universities’ psychiatric and neuroscience departments, where the universities are working closely with the mental health community.

The challenges the Australian mental health system faces are evident in all the countries I visited, but what struck me was the degree to which overseas systems embraced different approaches, not always relying solely on the medical model.

The Scandinavian countries and The Netherlands stood out as models of best practice – and it was in Rotterdam that I had arranged to undertake psilocybin treatment at a well-known local clinic.

I studied the use of psychedelics when l undertook an advanced degree in the psychology and neuroscience of mental health at Kings College London, particularly the work of professor David Nutt at Imperial College London, a leading authority of the application of psychedelics.

The use of psilocybin must be carefully administered under qualified professional supervision and done as part of a mental healthcare program, including a series of therapy sessions where the clinician gets to understand the patient and their history.

Although I am told it is rare, there are horror stories of psilocybin triggering anxiety or psychotic episodes in people.

My motivation here was, of course, research, and I had been transparent with my clinicians, telling them that I had been fortunate to avoid adverse mental health conditions through life but was keen to understand better how this treatment could work.

On the day of the treatment, I suddenly became quite nervous, knowing I was going to lose control of my mind and uncertain where that would take me.

Using 50gm of a powerful psilocybin called High Hawaiian, my body metabolised it within 30 minutes, aided by taking the psilocybin truffles in a cup of the worst-tasting lemon and ginger tea.

The typical reaction is to activate the serotonin receptors in parts of the brain such as the prefrontal cortex and amygdala.

These parts of the brain affect mood, cognition and perception.

Hallucinogens also work on parts of the brain that regulate arousal and panic responses.

This triggered an experience unlike anything I have ever encountered, lasting five hours.

It was a mind and body experience in that I had a period of deep breathing reverberating uncontrolled through my body.

I could feel a loss of control over my mind as it went off on a journey of deep dream-like waves, recalling significant events in my life and drifting in and out of multi-coloured geometric shapes and vivid imaginative sequences.

I experienced an encounter with George, the son I tragically lost in 2021. We hugged each other.

The ability to reach deep into the subconscious struck me most.

Having spent the previous days in youth mental clinics in other parts of The Netherlands and Germany, listening to the devastating stories of young people exposed to terrible experiences caused in the main by dysfunctional family settings, I had pleasant recollections of my own family context as a youngster and how lucky I had been to have been brought up in a safe and loving family environment.

As I started regaining control of my mind again, I looked at the two clinicians.

One looked like a wolf and the other a Maori figure in full ceremonial attire with traditional tattooing.

For two days after the treatment, I slept almost 12 hours each day; my body felt exhausted.

I was pleased when my clinicians concluded that I was a “high functioning individual, with a deep wisdom in my subconscious, but I would benefit from trying to be less in control and allow my emotions to be freer”.

The effects of psilocybin are highly variable and depend on the mindset and environment an individual has experienced.

I do feel that for certain people suffering from severe mental health conditions, where medication and other treatments have not worked, psilocybin offers hope and could be life-changing.

Psilocybin treatment is available in Australia and is likely to cost in the region of $25,000, putting it out of range for most people.

My treatment in The Netherlands, where the regulations are less prohibitive, cost around $5000, including six one-hour therapy sessions and five hours of supervision by two clinicians whilst under the influence of psilocybin.

Psilocybin is a controversial drug, and experts remain divided as to its suitability and efficacy as a mainstream medical treatment.

Yet there is growing evidence its use in treating therapy and medication resistant depression, anxiety and substance use disorders can have dramatic benefits.

From my experiences taking the drug, I believe there’s upside in making it cheaper and more accessible in the right settings in Australia – and this is something we are hoping to promote at Malu.

Joseph Healy is co-founder of Judo Bank and Malu Health Group.