In 1963 Tyler and Smith found that this mushroom contains serotonin, 5-HTP and 5-hydroxyindoleacetic acid.

[3] In many field guides it is listed as psychoactive; however, the mushroom does not produce any hallucinogenic effects.

[4] In the Pacific Northwest of the United States, the species may be the most common to appear in lawns.

The following two images are of Panaeolus foenisecii in the wild with two magnifications of the spore print.

This is probably why Panaeolus foenisecii is occasionally listed as a psychoactive species in older literature.