I have made both.
With cannabis oil, THC is oil soluble, so butter or oil...
With psilocybin it is water soluble, so you can make a tea with a bunch of mushrooms and citric acids, filter, maybe do a second extraction, and reduce the water to 1c or 1/2 c, whatever your recipe calls for
I make Caramel or starburst with THC and make gummies or hard candy with mushrooms