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Science is currently gaining an initial understanding of the acute brain action of psilocybin and related psychedelic drugs, but their potential longer-term effects on the brain are not as well studied nor understood. To address both the acute and long-term effects of psilocybin on the brain, this study acutely measured neuronal activity using a wireless EEG cap during two dosing days (1 mg vs 25 mg) and functional brain imaging to examine the potential long-term effects 1 month after dosing. Psychological measures and behavioural tasks were given throughout the duration of the study (< 6 months). Findings include increased brain complexity during the peak of the trip, increased cognitive flexibility in the long-term, psychological insight as a crucial mediator of long-term outcomes, and long-term changes in resting-state functional connectivity and an emotional faces paradigm.