Major trainer for Oregon’s psilocybin program collapses into bankruptcy

When Synthesis Institutepurchased a $3.6 million tractsouth of Ashland in June 2021, the company hailed it as the future of psychedelic-assisted therapy in Oregon.

Less than two years later, the company is shuttering its operations in the state and leaving students in a financial lurch.

The Netherlands-owned Synthesis Institute was one of the most prominent players in a small group of educators currently training people to deliver psilocybin therapy. Oregon’s legal psilocybin program begins later this year under Measure 109, a voter-approved effort to provide state-regulated therapy using so-called magic mushrooms.

On March 1, however, Synthesis Institute notified its first group of students that it was going to pause its education program indefinitely.

“We know this information is unsettling and raises a lot of questions,” the organization said in an email shared with OPB by students undergoing the training.

Synthesis CEO Rachel Aidan gave a much more detailed accounting of the company’s demise in an email to students Monday. She said the company “reached the end of its financial runway in early 2023″ and filed for bankruptcy in the Netherlands on Feb. 27.

Aidan also said the company tried to seek an acquisition offer in February with an undisclosed company, but that plan fell through March 1, the same day students were notified. People who worked for Synthesis were notified the next day that the company was shutting down, according to Aidan’s email. She did not respond to multiple requests for comment from OPB through calls, emails and social media contacts.

“We are deeply sorry for the stress, anger and confusion that this has caused, and regret the impact that this has had on the entire community… particularly given the financial and emotional investment each student makes to complete the Synthesis training and certification,” Aidan wrote in her Monday email.