This post is mostly copy paste, but should have all the major info more or less organized, i tried to get pictures of most species, when in doubt i prefer to not post pictures, so forgive me for the missing ones. I highly recommend you read the forums on the bottom of this post
Parmelia family syn. Xanthoparmelia
They all contain usnic acid, an antimicrobial that has been used as a weight-control medication. Usnic acid is toxic to elk, and in humans it is reported to induce liver toxicity after prolonged oral use and/or very large doses.
Best bet would be to find what the active substances are (can we remove the usnic acid?), and make an extract - "lichen hash". Here's several articles on usnic acid.
Parmelia conspersa
Ginkgo reports that the effects are similar to cannabis, although not quite. Effects lasts maybe two hours, and not very potent.
there are reports that it is highly active and on par with good cannabis
Contains usnic acid, salazinic acid, stictic acid and norstictic acid.
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