Taken from Erowid.org
DRYING MUSHROOMS
Fresh
Some people find fresh mushrooms better tasting than dried, and it is also believed that they have higher potency. The current theory is that as mushrooms dry, some of the active compounds oxydize leaving them somewhat less potent. Some also claim that fresh mushrooms produce a more visual experience.
Fresh mushrooms can be stored in tupperware or paper bags in the refridgerator for up to a few weeks.
Drying
* Air Drying : There are many ways to dry mushrooms. The simplest is to lay down clean sheets of newspaper or typing paper on a table or high shelf; preferably somewhere with good air movment. Separate and spread the mushrooms evenly across the paper making sure they do not touch. After 2-3 days, the mushrooms will be mostly dry, having shrunk to a fraction of their original size (fresh mushrooms are approximately 95% water). The color of the mushrooms will also change as they dry.
Once the mushrooms appear completely dry, with the stems no longer breaking apart as they do when they're fresh, preheat your oven to 350 degrees. After 20 minutes, turn the oven off and open the oven door a crack. Let the oven cool for about 5 minutes then place the dried mushrooms in the oven on several layers of newspaper, leaving the door cracked open. After 20 minutes, remove the mushrooms from the oven and let cool in open air for 10 minutes.14
* Silica Gel : Some people use silica gel to help get their mushrooms completely dry. After air drying for several days, putting the mostly dried mushrooms in an air tight container with an open container of silica gel will draw the last moisture out of the mushrooms. Be sure to keep the mushrooms and silica gel from touching.
* Dehydrators : Dehydrators are a simple way to help dry mushrooms. They can be purchased at any home store, and are relatively cheap. The primary benefit of using a dehydrator is if you live in a very damp area where mushrooms don't ever get dry with simple air drying...the dehydrator should work. Otherwise the main difference is that it speeds up the air drying process.
* Warm Oven : For the quickest drying, mushrooms can be put into a cool oven (approx. 90° F) with a fan on if possible. Allow to slowly heat for 2 - 6 hours. Careful not to heat too hot as temperatures higher than 160° F can destroy psilocin. Some believe that this method will reduce the potency of the mushrooms.
* Freeze Drying : This method uses dry ice and a generator to suck out all of the air from the mushrooms. The mushrooms keep their large shape, not shrinking to 10% their fresh size as they will with the rest of the drying methods. Freeze drying does NOT involve putting your mushrooms in the freezer.
Once properly dried, Psilocybian mushrooms should retain their potency indefinitely. One collection of Psilocybe semilanceata from 1861 in England was analyzed and found to be fully potent. More recent experiments have shown mushrooms to remain active for at least 8 years when properly dried and stored.
Once the mushrooms are dry, place them into airtight glass container with a fully sealable lid, and put the container in a dark place. Some psilophiles grind the mushrooms, if you do so, weight the outcome. It is very hard to tell how many mushrooms worth of powder you're taking by just eyeballing a dose. One bonus of grinding your mushrooms is that you can ensure even potency across a large batch. While one P. cubensis mushroom might have a significantly higher potency than another...if you grind them up and mix them together, all measured doses will have the same potency.
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