Etymology of P. cubensis-
Etymology is an account of the history of a particular word or element of a word (Dictionary.com) This is often useful when trying to decipher the meaning of Latin words. As you probably already know, a great deal of scientific terms are derived from Latin roots. A common misconception that many people have is that 'scientists like to seem sophisticated and esoteric.' However, there is a very good reason behind the Latin usage when naming things scientifically. The reason being is that Latin is a dead language. Therefore, the meanings will remain unchanged. Modern day languages, on the other hand, are still evolving and the meanings of words are subject to change over time.
So, if we breakdown Psilocybe cubensis, we get 'psilos,' which is Greek for "to rub," or "bare." The '-cybe' ending comes from 'kybe' meaning "head" (Online Etymology Dictionary). Putting them together gives us "bare head," which fits the appearance of P. cubensis mushroom caps. The cubensis ending of the species name just means "Cuba," which is where the first P. cubensis mushrooms were collected back in 1904 (Stafford).