We are witnessing a new age of medicine with the increasing acceptance of people’s right to what goes inside their bodies. Over the past decade, several researches have come out supporting psychedelic-inspired medicines in treating conditions including addiction, depression, and ADHD. Hence, the “shroom boom” is here and is likely to propel psychedelic stocks as an attractive investment option.
The increasing prevalence of depression, anxiety, and other related mental conditions are fueling the industry’s growth. According to Data Bridge Market Research, the industry is set to grow with a compound annual growth rate of 16.3% over the next eight years.
Major players in Big Pharma are making big moves in the sector, and with greater regulatory assent, things will move quickly. Hence, there are massive investment opportunities for investors who can narrow out the companies with the most potential.
Three of the most promising psychedelic stocks include:
- Mind Medicine (OTCMKTS: MMEDF)
- Revive Therapeutics (OTCMKTS: RVVTF)
- Champignon Brands (OTCMKTS: SHRMF)
Psychedelic Stocks to Buy: Mind Medicine (MMEDF)
Mind Medicine is New York City-based neuro-pharmaceutical company that is involved in the research, development, and deployment of psychedelic-inspired medicines. With a market capitalization of over $180 million, it is the first psychedelics company to go public.
Moreover, the NEO stock exchange granted final approval for its listing this year, which is a monumental breakthrough for the industry.
The company has an array of projects in its pipeline at different stages of production. It is working with psychedelic drugs such as LSD, DMT, 18-MC, and MDMA as a potential treatment for various mental ailments. Moreover, it has recently acquired licenses for nine of its trials on MDMA from the Liechti Lab in Switzerland. Additionally, Mind Medicine has recently launched a human safety study in finding a possible solution to the opioid crisis.
With a healthy cash balance of $24 million, the company will continue to innovate pushing MMEDF stock higher up its peers, making it one of the best psychedelic stocks to buy.
Revive Therapeutics (RVVTF)
Revive Therapeutics is a Canadian life sciences company that specializes in the research and development of therapeutics for rare disorders and infections. The stock is up 511% this year on the back of several interesting developments with its Covid-19 drug.
The company is working on repurposing its rheumatoid arthritis drug for treating mild cases of Covid-19. However, the company’s future prospects lie with its psychedelics business which is the primary growth catalyst for RVVTF stock
Revive recently completed the acquisition of Psilocin Pharma Corp, a company that specializes in the development of psilocybin-based therapeutics. Psilocybin is essentially a hallucinogen that activates serotonin receptors which affect mood, perception and cognition.
The company is investing heavily in psilocybin and is investigating different oral dosage forms of the drug. Additionally, it has inked a deal with the Board of Regents of the University of Wisconsin to study psilocybin as a treatment for methamphetamine addicts.
Champignon Brands (SHMRF)
Champignon Brands is a human optimization sciences company that specializes in the development and commercialization of ketamine and psychedelic medicine. It is one of the first companies in the industry to go public completing its $2.85 million IPO this year.
The company is currently involved in expanding its product portfolio through extensive clinical trials and its network of ketamine clinics.
The company recently appointed Dr. Roger McIntyre as its new CEO. McIntyre is an experienced professional in the industry having served as the head of the mood disorders unit at Toronto’s University Health Network. Under his command, the goal is for Champignon to become the world leader in the development of ketamine solutions.
Additionally, this year the company raised $10 million through private placement and a California-based ketamine treatment center. Hence, the company aims to capture a sizeable share of the North American region and maximize stockholder returns from SHMRF stock.
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On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article.