I think extracting psilocybin or psilocin is done using methanol (methyl hydrate) and vacuum filtration. I had an old how to manual for bulk extraction from lc mycelium. I would not be surprised if ethanol works although not all alcohols are equal in terms of solubility for some substances. Methanol is a way more toxic alcohol but easier and cheaper to find versus ethanol which is more expensive when looking for pure solvents although most of us are more familiar with the health effects of ethanol exposure
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