Patents play a crucial role in the psychedelic space, particularly in drug discovery and the development of novel compounds. Today's guest Graham Pechenik, founder of Calyx Law, explains that patents can cover various aspects of a drug, including different forms, formulations, delivery methods, indications, and dosing regimens. For example, a patent on psilocybin may cover a crystalline solid form or different formulations for intravenous or subcutaneous administration. As the psychedelic space continues to evolve, the role of patents will become even more critical. Graham predicts that there will be a growing focus on drug discovery and the development of novel compounds to address the limitations of existing psychedelics. Companies will seek patents for these inventions to attract investment and build successful businesses in the psychedelic space.