As the FDA issues guidance on psychedelics, the 46-year-old entrepreneur hopes his financial pledge will inspire others to invest in psilocybin, MDMA and other hallucinogens with potential mental health benefits.

Its a Friday afternoon in mid-June and Blake Mycoskie is floating on a jet ski, off the west coast of Costa Rica, trying to get cell phone service. He was surfing all day at the famous breaks near Ro…