Currently the FDA categorizes psychedelics such as LSD and psilocybin as Schedule I drugs, indicating that these substances have no medical benefits. Despite this classification, a resurgence of research has demonstrated therapeutic benefits of psychedelics for treatment of psychiatric disorders. These exciting findings have resulted in a paradigm shift for treatment-resistant psychiatric conditions, along with increased public interest and efforts to legalize psychedelics for medicinal use. This virtual conversation will bring together scientists working on the therapeutic benefits of psychedelics to describe how they work and potential applications for treatment of psychiatric disorders.