The fruits of P. cyanescens have been shown to contain many different indole alkaloids including psilocybin, psilocin, and baeocystin. It has also been shown that P. cyanescens mycelium will contain detectable levels of psilocin and psilocybin, but only after the formation of primordia.
Indole content has been shown to be higher in North American specimens of P. Cyanescens than in European ones. This was, however, caused by the fact that Gartz did not analyze the genuine P. Cyanescens but P. Serbica. North American fruiting bodies of P. Cyanescens have been shown to contain between 0.66% and 1.96% total indole content by dry weight. European fruiting bodies have been shown to have between 0.39% and 0.75% total indole content by dry weight. North American specimens of P. Cyanescens are among the most potent of psychedelic mushrooms. Its potency means that it is widely sought after by users of recreational drugs in those areas where it grows naturally.