Strong evidence suggests yes. Fully legal, well-funded research programs in the mid-20th century found that carefully monitored and controlled use of psilocybin may be beneficial for many psychiatric disorders, personal and spiritual development, and creative enhancement.
However, after psilocybin was banned in 1970, clinical research to evaluate its medical safety and efficacy of psychedelics was effectively halted until the late 90s and early 2000s.
Research Then and Now
Today, there are dozens of studies taking place to evaluate the medical safety and efficacy of psychedelics, including psilocybin, and the potential benefits of psychedelics as a treatment for cluster headache, anxiety, addiction to alcohol and other drugs, depression, obsessive-compulsive disorder, as well as neuroimaging experiments furthering the understanding of its effects on the brain.
The approval process for research with Schedule I drugs is expensive, complex, and hindered by the political influence of the war on drugs. Because of this, research evaluating psilocybin’s beneficial uses does not receive funding from academic or government institutions. Instead, it relies on nonprofit organizations like the Multidisciplinary Association for Psychedelic Studies (MAPS), the Beckley Foundation, and the Heffter Research Institute.