All drugs should be legalized. The government needs to stop fighting a losing war against drugs and start helping the people that need it. With this said, legalizing psychedelics and other drugs would allow for them to be monitored which would make them safer.
Similar to legalizing marijuana, dispensaries could open, products taxed, and less of a chance of overdose due to not knowing what you're taking. Legalizing psychedelics and other drugs would also take a burden off of police, jails, and our prison system.
There are costs and benefits to legalizing any drug, including psychedelics. The benefits are that legalizing psychedelics would take much of the industry out of the black market, making them much safer for people. Legal psychedelics might also generate income through taxes that could be used to benefit other parts of society.
Legalization might also mean that the drugs could be regulated in a more effective way, also making them safer. The costs of legalizing psychedelics are that the legalization might make them more acceptable so more people try them and become addicted or experience negative side effects. Psychedelics can be very dangerous substances so greater access is not necessarily a good thing.