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No members of Panaeolus are used for food, though some are used as a psychedelic drug. Thirteen species of Panaeolus contain the hallucinogen psilocybin including Panaeolus cyanescens and Panaeolus cinctulus. The bluing hallucinogenic members of this genus are sometimes segregated into a separate genus, Copelandia.
Several members of this genus are known to contain psilocin and psilocybin and it is suspected that a number of other members of this genus contain unidentified psychoactive compounds. All members of this genus contain serotonin, urea, and tryptophan.
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