The group is now trying to conduct a clinical trial to test psilocybin as a treatment.
Psilocybin itself is not addictive, although they recommend that its availability should continue to be limited.
Clinical studies using psilocybin and other hallucinogens were halted when recreational use of the drugs took off.
In 1960, the personality psychologist Timothy Leary helped start the Harvard Psilocybin Project, which consisted mostly of self-experimentation.
Forbes has learned that in March 1997, Ceglia pled guilty to felony possession of a controlled substance called psilocybin.
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In 1962, amid wide publicity, the Harvard Psilocybin Project was shut down.
Earlier research at Imperial College London showed that injections of psilocybin could calm a region of the brain which is overactive in depression.
He said finding a company to provide a clinical-grade psilocybin had "yet proved impossible" as none was prepared to "go through the regulatory hoops".
Prof David Nutt says he has funding to research the use of the chemical psilocybin - found in fungi known as "magic mushrooms" to treat depression.
The felony conviction which happened in Panola County, Texas was for possession of psilocybin in an amount equal to or more than 400 grams.
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On one of two occasions, he gave 36 volunteers who had never taken hallucinogenic drugs either psilocybin or Ritalin, swapping the drugs on the second occasion.
It, and its close chemical relative psilocybin, isolated from hallucinogenic mushrooms, were reported as having potential for treating anxiety disorders, OCD, depression, bereavement and even sexual dysfunction.
But the active ingredients psilocin and psilocybin are considered Class A. So if mushrooms are prepared in any way, it is deemed to be a preparation of class A drugs and therefore unlawful.
In a video on the institute's website, Sakuda described the surge of emotion and newfound perspective that she experienced on psilocybin, and which had such an impact on the final years of her life.
Psilocybin has shown promise in treating forms of OCD that are resistant to other therapies, in relieving cluster headaches (a common form of chronic headache) and in alleviating the anxiety experienced by terminally ill cancer patients.
Two-thirds of the participants, who were mostly middle-aged college graduates, ranked being given psilocybin as either the best or in the top five best experiences of their lives on a par with the birth of a first child.
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