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Microdosing psychedelics - the regular consumption of small amounts of psychedelic substances such as LSD or psilocybin - is a growing trend in popular culture. Recent studies on full-dose psychedelic psychotherapy reveal promising benefits for mental well-being, especially for depression and end-of-life anxiety. While full-dose therapies include perception-distorting properties, microdosing may provide complementary clinical benefits using lower-risk, non-hallucinogenic doses. No experimental study has evaluated psychedelic microdosing, however; this pre-registered study is the first to investigate microdosing psychedelics and mental health. Recruited from online forums, current and former microdosers scored lower on measures of dysfunctional attitudes and negative emotionality and higher on wisdom, open-mindedness, and creativity when compared to non-microdosing controls. These findings provide promising initial evidence that warrants controlled experimental research to directly test safety and clinical efficacy. As microdoses are easier to administer than full-doses, this new paradigm has the exciting potential to shape future psychedelic research.